Hey Coral Springs! – Do you want to know what neighborhoods are selling in Coral Springs? What sold in November 2011?
Coral Springs single family home sales decreased this month again by 18% to 61 homes sold; a large decrease as compared to last months. You will typically see a decrease in people selling and buying homes during the last two months of the year as seemingly it’s all about the holidays and spending time with family and friends; homes can wait! Of these Coral Springs homes listed for sale below, almost 27% of them sold as a Short Sale, which is in line from last month sales of 27%. Whereas, almost 23% of the homes sold were sold as REO/Bank owned which increased up from last month’s 19%.
Almost 50% of homes sold in Coral Springs were distressed properties during November 2011, an increase from last month; those homes that have been foreclosed on and those homes which are trying to avoid being foreclosed upon. As I’ve stated in many many prior market reports, this continues to show us that distressed property home sales are competing ever more with non-distressed Sellers selling their homes in Coral Springs which continues to reflect on home selling prices. As I reported last month and now again this month with a rise in Short Sale closings; perhaps Lenders are continuing to see the benefit of approving Short Sales opposed to foreclosing on homeowners. It is going to be some time before the South Florida market sees much of a change with distressed properties as they will continue to be a major force of selling competition here in the South Florida Real Estate market. To compete with the distressed market, there are many things that a Coral Springs Seller can do to make their home stand out from the competition. Check out: Sellers can control.
The inventory of homes rose this month again showing 6.3 months of inventory; a decrease or increase in inventory tells us whether or not there are more homes available for Buyers, more homes for Buyers to select from will keep prices down for Sellers. However, due to the holidays during November and December, this can be reflective of this increase in inventory.
For those of you selling a home in Coral Springs, you’ll see below that homes that were sold during November had sales this month decreasing from last months. The concentration of home sales fell to the lower price points of $200,000 – $249,999 and $149,999 or under. Not as many home sales broke out to the $300,000-$349,999 price point this month as they had in October where 22 homes were sold.
The median price is $220,000 down from last month’s $298,000. We’re hoping this is again reflective of the holiday months.
Keep in mind, when pricing your home for sale, 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. We continue to see a break out above the usually heavily populated range of $200,000 – $249,999.
Price Range Quantity
$149,999 or under 7
$150,000 -$199,999 13
$200,000 -$249,999 19
$250,000 -$299,999 5
$300,000 -$349,999 8
$350,000 -$399,999 4
$400,000 -$449,999 1
$450,000 -$499,999 4
$500,000 -$549,999 0
$550,000 -$599,999 0
$600,000 -$699,999 0
$700,000 -$799,999 0
$800,000 -$899,999 0
$900,000 -$999,999 0
$1,000,000 or over 0
Total Homes Sold in Coral Springs – 61
Number of Days that Homes were on the Market for Sale:
0-30 days 31-60 days 61-90 days 91-120 days 120+ days
No. of Listings 20 10 8 7 16
Breakdown % 32.79% 16.39% 13.11% 11.48% 26.23%
*Ave % SP/LP 97.13% 94.10% 97.81% 94.82% 96.33%
* This row indicates what percentage of the list price that the home sold for during November. Listing a home to sell at the right price to begin with can bring a quicker sale as shown in days 0 -60, as you see, will achieve a higher percentage of your list price whereas if you were willing to wait out 120+ days ending this month, you’ll achieve a bit closer to your list price. Do you have the luxury of time?
This month shows that homes must have been priced right as a largest percentage sold within 0-60 days, almost 33% did.
As your local Coral Springs, I’d be glad to help you determine the best price to help you sell your home here in Coral Springs. Or if you simply have questions about the selling procee, please feel free to call me or email.
