What’s selling in Coral Springs? Look at this April 2012 Home Sales Market report
Coral Springs single family home sales stayed constant this month with 88 homes sold compared to March sales of 89 homes sold; reflecting stability. Continued bustling homes sales is always welcome when you’re trying to sell your home in Coral Springs.
Of these Coral Springs homes listed for sale below, Sellers who completed a short sale were over 28% which is above last months Short Sales of 25%. Another large drop of REO/Bank owned sales this month down to less than 8% which is another drop from last month’s 12%. This continued pattern of Short Sales staying constant with REO’s declining indicates that Banks are looking more favorable at Short Sales. This is a good thing for the neighborhood.
Distressed property sales came out pretty much identical to last month’s distressed property sales at roughly 36% with simply a shifting of the type of distressed property: A reduction in homes that have been foreclosed on and an increase in sales of those homes which are trying to avoid being foreclosed upon.
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. If you’re not sure what that may be, please contact me.
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.
April’s Absorption Rate continue to signal good news for Sellers when you want to sell your home in Coral Springs
During April, the rate dropped to 3.53 from March’s rate of of 3.57 which is a drop from February’s rate of 4.83. Who’s jumping up and down after hearing this news?! If you’re selling your home in Coral Springs, you’re doing the jumping! What this tells us it that based on the current available homes for sale, it will take 3.53 months to get them sold; less time to get your home sold than last month and this pushes home sales prices higher.
There are neighborhoods in Coral Springs where the Absorption Rate is even lower. Do you want to know at what rate your neighborhood’s homes are selling?
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 5 months, it’s a “Sellers Market”. 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?
The Wyndham Lakes area had the most overall homes sold this month of 9 to include; Coral Shores, Coventry Cove,Coventry Place, Golden Bay, Pelican West, The Island and Pelican Isle. Then below are the bulk of the sales where neighborhoods had sales of 2 or more. (this doesn’t show the neighborhoods that sold 1 home such as Mariners Cove and Whispering Woods, for example)
Brookside 2 Butler Farms 3 Chevy Chase 2 Coral Creek 3 Coral Springs II/Village Green 2
Crossings 3 Cypress Lakes 2 Cypress Run 4 Deer Run Springs 2 Eagle Trace 4 to include: Eagle Point, Ascot Villas & Greens.
Glenwood 2 Heron Bay 3 to include: The Greens, Villa Sorrento & Mizner Village.
Kensington 3 to include: Knightsbridge and Gardens. Maplewood 4 Pine Ridge 2 Ramblewood 4
Shadow wood 2 The Preserve/Woodside Estates 3 Turtle Run 2 Westchester 2 The Windings 3
For those of you selling your home in Coral Springs, you’ll see below that homes that were sold during April were heavily in the popular price point of $200,000 to $249,999 and up even higher to the $250,000 to $299,999 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.
More good news for Coral Springs home Sellers is that the median price increased AGAIN to $269,750 up from $258,000 in March and up from February’s median price of $220,500. 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.
Price Range Quantity
$149,999 or under 3
$150,000 -$199,999 17
$200,000 -$249,999 22
$250,000 -$299,999 20
$300,000 -$349,999 11
$350,000 -$399,999 10
$400,000 -$449,999 3
$450,000 -$499,999 0
$500,000 -$549,999 1
$550,000 -$599,999 0
$600,000 -$699,999 0
$700,000 -$799,999 1
$800,000 -$899,999 0
$900,000 -$999,999 0
$1,000,000 or over 0
Take a look at the chart below as it really can shed some light on the importance of getting your home priced right to sell quickly. During April, many Seller had time to wait and held out longer in hopes of selling at their list price. This months activity was not the usual activity as you don’t routinely see higher List Price to Sale Price ratios out 4 months.
Days on The Market before Selling
0-30 Days 31-60 Days 61-90 Days 91-120 Days 120+ Days
No. of Listings 37 16 13 5 17
Breakdown % 42.05% 18.18% 14.77% 5.68% 19.32%
Avg % SP/LP 95.55% 93.82% 92.83% 97.21% 97.95%
* This row indicates what percentage of the list price that the home sold (sales price) for during April 2012.
This month shows that a large percentage of homes sold within the first 0-30 days yet typically it would be at a higher percentage of the 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.