Selling a home in Coral Springs? Did you hear what sold at the beginning of the new year in January 2012?
Coral Springs single family home sales Decreased this month by almost 33% to 53 homes sold; quite a decrease yet in line from a year ago 2011 as January typically is not a strong month for home sales. Of these Coral Springs homes listed for sale below, almost 27% of them sold as a Short Sale, which is a increase from last month Short sales of 23%. Whereas, about 8% of the homes sold were REO/Bank owned which is another decrease from last month’s 13% which signifies the impact the onslaught of robo signing foreclosures had on the current distressed property owner as Lenders are now making sure their I’s are dotted and their T”s are crossed due to the fraudulent foreclosing of the past. This has decreased REO/Bank owned homes on the market for sale thus affecting number of sales. However, I don’t expect this to be the case for months on end as the inventory levels of REO/Bank owned will likely increase again as Lenders ramp up foreclosures over this year.
Increasing this month, almost 42% of homes sold in Coral Springs were distressed properties during January 2012; those homes that have been foreclosed on and those homes which are trying to avoid being foreclosed upon. If you’re selling a home in Coral Springs, you can continue to expect to be competing with the distressed property reflecting on home selling prices.
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: Selling your home in Coral Springs – what it takes.
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 month, Sellers will be pleased with a stable January Absorption Rate at 5.77. This indicates that based on the current available homes for sale, it will take 5.77 months to get them sold. 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. 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?
If you’re selling your home in Coral Springs or considering selling your home, take a look at what neighborhoods had home sales. The neighborhoods of Heron Bay sold 4 homes this month, Eagle Trace communities of Fairways, Georgetown, and Hamptons had 3 home sales along with the neighborhoods of Ramblewood South, The Crossings and The Preserve/Woodside Estates. Lastly, Cypress Glen, Cypress Run, Kensington, Pine Ridge and Turtle Run all sold 2 homes. There were other neighborhoods in Coral Springs that had 1 home sold each.
For those of you selling a home in Coral Springs, you’ll see below that homes that were sold during January had sales this month decreasing from last months however and the concentration of home sales fell to the lower price points of $150,000 – $190,999 not showing any breakout points this month. Next month, perhaps!
The median price is $222,500 which is down from last month’s $250,000. 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. The usually heavily populated range of $200,000 – $249,999 was continued this month and included a high selling concentration in the $150,000-$199,999 range. Where do you think your home’s value is? If you want to know, please contact me for a complimentary valuation of your home.
Price Range Quantity
$149,999 or under 7
$150,000 -$199,999 14
$200,000 -$249,999 9
$250,000 -$299,999 12
$300,000 -$349,999 4
$350,000 -$399,999 3
$400,000 -$449,999 2
$450,000 -$499,999 1
$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 1
$1,000,000 or over 0
Days on the Market
0-30 Days 31-60 Days 61-90 Days 91-120 Days 120+ Days
No. of Listings 17 9 8 5 14
Breakdown % 32.08% 16.98% 15.09% 9.43% 26.42%
Avg % SP/LP* 97.14% 95.58% 96.86% 93.42% 94.66%
* This row indicates what percentage of the list price that the home sold for during January. Listing a home to sell at the right price to begin with can bring a quicker sale as shown in days 0 – 30. 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% sold at 97.14% 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.