Selling a home in Coral Springs? For the month ending Dec 2011, here’s what sold in your neighborhood
Coral Springs single family home sales Increased this month by just under 30% to 79 homes sold; a very nice increase as compared to last months. Typical holiday slow downs sure didn’t play out this month with that kind of increase; playing a huge part to this increase in home sales is due to lingering Short Sales and Foreclosures that gained Lender approval and closed during December. Many Lenders will do their best to get this bad debt off their records at a years end hoping to start off better for the new year. Of these Coral Springs homes listed for sale below, almost 23% of them sold as a Short Sale, which is a slight reduction from last month sales of 27%. Whereas, almost 13% of the homes sold were REO/Bank owned which decreased from last month’s 23%
Almost 36% of homes sold in Coral Springs were distressed properties during December 2011; 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 if you’re selling home in Coral Springs which continues to reflect on home selling prices. Even though this month was reflective of Lenders wanting the bad Short Sale debt off their records, lets continue to hope that Lenders continue 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. It is likely that the foreclosure of homes will ramp back up as had been recently reported.
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 dropped this month showing 5.7 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. This drop in inventory had a direct impact from homes being delayed in being listed for sale until after the holidays. This drop in inventory is a good thing for Sellers as it shows the Absorption Rate at 4.16 months. Sellers want a lower Absorption Rate as this shows that there are less homes available for Buyer. 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.
What neighborhoods in Coral Springs Florida had the most sales?
Coming in with 2 homes sold each were; Coquina Cove, Cypress Run, Glenwood, Hidden Hammocks, Kensington Suoth, Royal Land, The Clusters and Turtle Run.
Didn’t see your neighborhood listed here? Perhaps your home is in a neighborhood were 1 homes were sold. Feel free to call me if you want to know what sold in your neighborhood?
For those of you selling a home in Coral Springs, you’ll see below that homes that were sold during December had sales this month increasing from last months however, the concentration of home sales fell to the lower price points of $150,000 – $190,999 yet expanded sales increased into higher price points – good!
The median price is $250,000 UP from last month’s $220,000. The median price reflects 50% of homes sold below this price and 50% sold above this price.
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 4
$150,000 -$199,999 18
$200,000 -$249,999 15
$250,000 -$299,999 17
$300,000 -$349,999 15
$350,000 -$399,999 7
$400,000 -$449,999 2
$450,000 -$499,999 0
$500,000 -$549,999 1
$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 1
TOTAL HOMES SOLD 79
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 26 15 18 3 18
Breakdown % 32.5% 18.75% 22.5 3.75% 22.5%
*Ave % SP/LP 97.6% 93.39% 94.77% 96.25% 97.58%
* 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 large percentage sold within 0-30 days; a Sellers goal as almost 33% did at 97.6% of their list price.
As your local Coral Springs REALTOR®, 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 process, please feel free to call me or email.