Coral Springs FL Real Estate Market Report Jan 2014
Coral Springs Real Estate Market Report for January 2014 provided by Lynn Pineda, your local Coral Springs Realtor in South Florida with Keller Williams Partners Realty.
So just how did the Coral Springs Real Estate Market end in January 2014? If it’s time for you to sell a home, read more below about recent Coral Springs Real Estate home sales and how it will affect selling your home.
January 2013 to January 2014 comparison
Before we jump into reporting on January 2014 homes sales in Coral Springs, I thought I’d let you know how it compares to a year ago, January 2013. A year ago January, the median sales price was $278,000. Below you’ll see that today’s median sales price has increased to over 11%, while the median days on the market decreased from 45 days being reported a year ago. Our local Coral Springs Real Estate values are heading in the right direction as the trend continues, yet we are seeing some stabilization within the market. Find out more below.
Coral Springs Single Family Home Prices
Home prices and activity slowed a bit in Coral Springs Florida during January where home sales decreased along with home sale prices.
Coral Springs Real Estate Report Market Summary
Single Family home sales recorded a 36% drop during January to having sold 67 homes compared to December sales of 105 homes sold.
The median sale price during January also decreased to $309,150 which is just shy of an 8% drop from December’s median price of $335,000; December’s reported Coral Springs home sales.
The number of days that homes remained on the market before selling were up to a median of 38 days compared to December at 24 days; which is still considered a brisk pace.
Distressed Property Sales remained constant at almost 24%, just up from December with the breakdown shown below:
Over 17% of market sales were Short Sales; increasing from December
Almost 6% were REO/Bank Owned homes; decreasing from December
The foreclosure process in Florida is seeing homes easily extend out several years before any attempt is seen by the Lenders to foreclose, likely in hopes of the local Real Estate market strengthening their prices so they can therefore, lessen their losses when they do foreclose.
During January, the Absorption Rates which show the available inventory of homes, now shows a rate of 4.88% which is a increase from 3% in December. The increase in the Absorption rate is signaling a move towards some stability in the Real Estate Market, however we’re still experiencing a Seller’s Market. (If you’re considering selling your home, there is no time like the present). An Absorption Rate is always good for you to know, as a Home Seller. This rate will tell you that if you list your home for sale with the current inventory level, the inventory of homes will all be sold in roughly 4.88 months. Coral Springs is a sought after southeast Florida city where many choose to settle for it’s community, business environment and top notch schools. The time couldn’t be any better to sell a home in Coral Springs so, if you want to sell your home in Coral Springs, call me and I can tell you how I’ll get your home sold for top dollar and fast! When you see the market moving towards being more stable, this reduces the number of Buyers that will be competing for your home when you get ready to sell it. You remain in a favorable position when competition for homes available for sale is brisk. When the market turns to excess inventory, the price you sell your home for can be affected adversely. Don’t wait to sell your home when it moves in to a Buyer’s market and their demands increase such as wanting more from you as a Seller and their willingness to pay top dollar for your home can wane.
Please know that Absorption Rates vary by neighborhoods. I’d be happy to go over your neighborhood’s specific absorption rate so, you know what to expect when you’re ready to get your home sold. Feel free to call me at 954-464-100 or email me: LynnP@ImagineYourHouse.com
Do you live in any of the Coral Springs Florida neighborhoods below?
The subdivisions of Coral Springs University,Cypress Glen, Cypress Run,Coral Springs Country Club, Eagle Trace, Kensington, Maplewood, North Springs, Shadow wood and West Glen had home sales in the largest of numbers during January 2014 with Kensington topping out with selling 5 homes sold!
Coral Springs Luxury subdivisions of Coral Springs Hills, Eagle Trace, Heron Bay and Whispering Woods sold luxury homes in their communities.
If you don’t see your subdivision listed here and want to find out more about selling a home in your neighborhood, feel free to call me at 954-464-100 or email me: LynnP@ImagineYourHouse.com
How much is my home worth? As you can imagine, this is probably one of the first questions that I routinely receive from a homeowner who is thinking about selling a home in Coral Springs or anywhere for that matter. Price points will be considered when setting a price to sell a home in Coral Springs. These price points can tell you where there are a lot of Buyers looking in a particular range and are willing to pay that price thereby, increasing the chance of your home being sold. For example, if your home’s value was near the $400,000 price point and you were to price your home at $399,999 or just below, you’d have a much greater chance of reaching more Buyers compared to pricing your home immediately at $400,000 or just above. Pricing at the right price point can bring on multiple offers driving up the ultimate sale price of your home. Perhaps this can help you to understand that initial list price that makes all the difference in what you will sell your home for. Thinking you can always reduce it later if your home doesn’t sell, statistically will result in a lower sales price and take longer to sell. I can speak to you further on this point, just call me. Not sure of where you should price your home; If you want to know, please contact me for a complimentary valuation of your home. As I say, again and again: Don’t price your home to negotiate
Price Range Quantity
$200,000 -$249,999 10
$250,000 -$299,999 17
$300,000 -$399,999 26
$400,000 -$499,999 7
More about home selling in Coral Springs
To find out your home’s value and to request a Market Analysis for your home in Coral Springs, call me, email me or click here: Find out my Home’s Value in Coral Springs Florida
As your local Coral Springs Real Estate Agent, I’d be glad to help you sell your home in Coral Springs. Or if you simply have questions about the selling process and home prices in Coral Springs, please feel free to call me or email. Call me at 954-464-1100 or email me at LynnP@ImagineYourHouse.com.
Written by Coral Springs Realtor, Lynn Pineda February 28, 2014. Based upon local MLS Statistical findings and accuracy is not guaranteed.