Home Sales in Coral Springs – View July 2012 Market Report
It has been another hot Summer and you’ve likely spent a lot of time in your flip flops enjoying family fun and summer vacations. Now might be the time for you to consider selling your home here in Coral Springs. If you are, go ahead and read the most recent Coral Springs Real Estate Market Report below to see what’s happening.
If you’re thinking about selling your home in Coral Springs, I’m happy to report that the home selling market in Coral Springs continues to sparkle. Even though July’s single family home sales in Coral Springs dropped by about 15% to having sold 93 homes from June’s 110 home sold; it’s still welcoming news for home sellers.
What is the Distressed Market doing in Coral Springs? Just under 37% of the sales in July were from Distressed Sales; either a Short Sale or Bank Owned Foreclosure. Short Sales came in at less than 21% and REO/Bank Owned/Foreclosures came in a under 17%; a decrease in Short Sales and an increase in Foreclosures compared to June’s rate yet overall relatively the same. Another month of hard times being felt by many Coral Springs residents whether you’re wanting to sell home as a Short Sale in Coral Springs or whether a Foreclosure simply could not be avoided.
More homes for Buyers to select from will keep prices down for Sellers and less homes available for Buyers will let home prices rise. This result is reflected in the Absorption Rate.
What is the Coral Springs Absorption rate for July? Just take a close look at the faces of homeowners who are selling their homes and you’ll know why they’re smiling! During July the rate was 2.81% continuing to reflect a Sellers Market. Buyer’s need homes to buy! This low rate tells us that it’s taking about 2.81 months to get a home sold in Coral Springs. Buyers need homes to sell, why not let it be your home if you’re selling your home in Coral Springs!
Absorption Rates can vary by Neighborhood. Call me and we can go over the absorption rate for your neighborhood.
As I’ve said before, Sellers want a lower Absorption Rate like this, indicating a greater demand for homes as this shows that there are less homes available for Buyers. Typically, whenever you see a supply of homes that is less than 6 months, it’s a “Sellers Market”. Continued lower Absorption rates can affect future increases in home prices. We are experiencing a Sellers Market in Coral Springs. Prices increased again this month. (Read further)
Buyers will always beg for a higher Absorption Rate as this means they have more to select from providing Buyers with an increase in opportunities for reduced prices.
Do you live in any of the Coral Springs Florida neighborhoods below?
Ramblewood lead the leaderboard during July with 9 homeowners having their homes sold!
Below is how the remaining neighborhoods fared:
Brookside 2 Butler Farms to include Hidden Hammocks 4 Coquina Cove 2
Coral Creek 3 to include Parkwood and Grand Reserve Coral Springs Country Club 5
Cypress Glen 2 Cypress Run 4 The Dells 3
Eagle Trace 4 to include Eagle Point, The Fairways and Georgetown
Heron Bay 7 to include The Falls, Villa Sorrento, Tuscany and Long Cove
Kensington 3 to include Classics, Green and Sanctuary Maplewood 4 North Springs 6
Oakwood 2 Ramblewood 9 Turtle Run 3 West Glen 2
Wydham Lakes 3 to include Pelican Trail West, The Island and Coral Shores
When you are selling your home in Coral Springs, price points that indicate where homes have sold can be a very effective guide in setting a price for your home. Why you ask? Well, if you price your home within a certain price point, you will be able to see how many Buyers are attracted to the price point which affects the outcome of you selling your home. Where do you think your home’s value is? If you want to know, please contact me for a complimentary valuation of your home. And don’t forget that Pricing your home right at the onset is so important.
The MEDIAN PRICE in July increased 6% to $265,000! The median price reflects 50% of homes sold below this price and 50% sold above this price.
Again, remember that 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.
Price Range Quantity
$149,999 or under 4
$150,000 -$199,999 17
$200,000 -$249,999 18
$250,000 -$299,999 24
$300,000 -$349,999 12
$350,000 -$399,999 8
$400,000 -$449,999 3
$450,000 -$499,999 1
$500,000 -$549,999 1
$550,000 -$599,999 1
$600,000 -$699,999 1
$700,000 -$799,999 0
$800,000 -$899,999 2
$900,000 -$999,999 0
$1,000,000 or over 1
Total Homes Sold in 93
When you look at the Chart below, you’ll see that the majority of homes sold in Coral Springs this month sold within 30 days and within 96.74% of their list price which indicates homes in this group were likely priced right.
Days on The Market before Selling
0-30 Days 31-60 Days 61-90 Days 91-120 Days 120+ Days
No. of Listings 32 27 12 7 15
Breakdown % 34.41% 29.03% 12.9% 7.53% 16.13%
Avg % SP/LP* 96.74% 94.47% 90.94% 94.12% 96.79%
* This row indicates what percentage of the list price that the home sold (sales price) for during June 2012.
As your local Coral Springs REALTOR®, I’d be glad to help you determine the best price to help you sell your home fast here in Coral Springs. Or if you simply have questions about the selling process, please feel free to call me or email. Or if you want to know your home’s value, just call me or email me. Call me at 954-464-1100 or email me at LynnP@ImagineYourHouse.com. Talk to you soon.
