Selling a home in Coral Springs? Did you hear what sold during February 2012?
Coral Springs single family home sales Increased this month by over 11% to 59 homes sold; always a welcome sign when you’re trying to sell your home.
Of these Coral Springs homes listed for sale below, we’re seeing another month of increases in Sellers who completed a short sell. Over 32% of homes sold were sold as a Short Sale which is an increase from last month Short sales of 27%. Whereas, over 22% of the homes sold were REO/Bank owned which is a large increase going back up from last month’s 8%. Does this mean Banks have started to move homes that have been hanging in foreclosure limbo for so long now due to the onslaught of robo signing foreclosures. Have all of the “I”‘s and “T”‘s now been dotted and crossed? As I noted in last months market report, that foreclosures are likely to increase again – it has begun.
Increasing this month and up again from last months 42%, 54% of homes sold in Coral Springs were distressed properties during February 2012; those homes that have been foreclosed on and those homes
which are trying to avoid being foreclosed upon. If you’re selling your 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. During February, the Absorption Rate fell to 4.83 which is a drop from January’s rate of 5.77. Good news is you’re selling your home! This indicates that based on the current available homes for sale, it will take 4.83 months to get them sold; it will take less time to get your home 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. Continued lower Absorption rates can affect future increases in home prices. 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 during February 2012:
Ramblewood rocked it this month with 7 homes sold in their neighborhoods.
The neighborhoods of the Coral Springs Country club area sold 4 homes this month, Coral Springs University
and Cypress Run sold 3 homes each. Eagle Trace communities of Georgetown and Hamptons had 2 home sales along with the neighborhoods of Cypress Glen, Forest Hills, Glenwood, Hidden Hammocks – Estates & Oakbook, Shadow wood, West Glen – Manor & Village and lastly, Woodside Estates/Preserve, There were other neighborhoods in Coral Springs that had 1 home sold each.
For those of you selling your home in Coral Springs, you’ll see below that homes that were sold during February had sales this month increasing from last months with the concentration of home sales jumping back up to the often popular
price point of $200,000 to $249,999. However, the median price $220,500 is down again slightly (about 1%) from last month’s $222,500. 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 some breakout into higher price ranges.
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 10
$150,000 -$199,999 12
$200,000 -$249,999 16
$250,000 -$299,999 11
$300,000 -$349,999 6
$350,000 -$399,999 3
$400,000 -$449,999 0
$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 0
$1,000,000 or over 0
Total 59
I love this chart below as it really can shed some light on the importance of getting your home priced right to sell quickly.
Days on The Market before Selling
0-30 Days 31-60 Days 61-90 Days 91-120 Days 120+ Day
No. of Listings 26 8 5 4 16
Breakdown % 44.07% 13.56% 8.47% 6.78% 27.12%
Avg % SP/LP 97.55% 90.9% 92.44% 90.93% 98.09%
* This row indicates what percentage of the list price that the home sold for during February 2012. Listing a home to sell at the right price to begin with can bring a quicker sale as shown in days 0 – 30. If you don’t have the luxury of time, make sure you get your home priced right.
This month shows that homes must have been priced right as a large percentage sold within 0-30 days; a Sellers goal as over 44% sold at 97.55% 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. 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.
