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Coral Springs FL Real Estate Market Report May 2014

Staying on top of your local Real Estate market will always prove to be valuable in preparation for when its time for you to sell your home or buy a home here in Coral Springs, Florida. Here I’ll discuss the local Coral Springs Real Estate market to include, home sale prices, their comparison to prior months, how long it takes for homes to sell, home inventory levels and how that may benefit you depending upon whether you’re a home Seller or a home Buyer, along with where the Real Estate market is heading. So just how is the Coral Springs Real Estate market doing?

Coral Springs FL Real Estate Market Report May 2014

Coral Springs FL Real Estate Market Single Family Home Prices; market summary for May 2014, in comparison:

 

 

   Market               Mar            April         May                  May

  Statistics          2014              2014          2014                       2013

 

Median Price

$307,000

$335,000

$331,000

prior

year →

$310,895

Homes Sold

82

93

121

prior

year →

118

Days on the Market

44 days

42 days

24 days

prior

year →

26 days

Absorption

Rate *

4.69%

4.29%

3.67%

prior

year →

2.09%

Seller or

Buyers

Market **

Seller’s

Market

Seller’s

Market

Seller’s

Market

prior

year →

Seller’s

Market

Distressed

Properties ***

15.96%

24%

11.57%

prior

year →

27%

 

What does it all mean to you? What are Coral Springs FL Real Estate trends? Where is our Real Estate Market headed?

 

This month we saw over 30% more homes sold in Coral Springs than had been reported sold during April.  This is brisk home selling activity when homes are being scooped up by Buyers wanting to live in Coral Springs.  Because the inventory of homes is only at just over a supply of 3 months, we continue to be in a Seller’s Market. A Seller’s market, as it implies, favors home Sellers. When a home comes to market, priced well and presented well, it is going to be an immediate draw to a Buyer which can routinely lead to multiple Buyers having an interest in the home. This supply of homes describes Absorption* rates; how many homes are available for sale to meet the demand of Buyers as indicated in prior month sales. Currently, demand exceeds supply which we know can drive up selling prices. Absorption rates will determine whether we’re in a Seller’s, Buyer’s or Balanced/Stable market** . Less than 6 months of inventory is a Seller’s Market. 6 months of inventory is a Balanced/Stable market and over 6 months supply of homes reflects a Buyer’s market. The absorption rate I report here is for all of Coral Springs, however, keep in mind that absorption rates can vary by neighborhood.  When selling a home, it’s important to know your neighborhood absorption rate.  Call me and I can tell you your local neighborhood rate.

 

Real Estate prices are showing steady increases and it’s not predicted that we are reaching “bubble-like” levels as seen in 2006, yet they are reaching better levels of value.  This is also reflected in the decline of Short Sales, as less and less homeowners are experiencing negative values, which is discussed below.

 

Distressed Property Sales *** (includes Short Sales and Lender/Bank owned) during May showed a decline to just under 12% as compared to April’s reported distressed property home sales  at 24%:

    • Almost 8% of market sales were Short Sales; decreasing from April at almost 13%.   

    • Just over 4% were REO/Bank Owned homes; also decreasing from April at over 11%.

 

A few things can be happening here in regards to distressed properties. The Short Sales that closed during May were homes that likely went under contract anywhere from December 2013 through February 2014, allowing for a minimum of 3 months Short Sale approval processing time.  Short Sales will likely stay at these decreased levels as we see that home prices have increased enabling homeowners to sell their homes at a profit opposed to at a loss.  We also likely have Lenders/Banks not so readily approving Short Sales with the anticipation of home values increasing, so they too can lessen their losses on any Short Sales that they may approve. Many Short Sales contracts that were submitted to them for approval could have experienced counter offers coming from the Lenders/Banks in anticipation of increasing values. Those Buyers who had hoped to purchase a Short Sale at a discount to market value will have rejected the Lenders/Banks counter offer of a higher price, thus reflecting a decrease in May Short Sale closings.

 

This indication of rising values will also affect those homeowners that are in some stage of foreclosure.  We are seeing homeowners where a foreclosure notice has been filed to have been going through the process now for 4 and 5 years. Although in combination with other reasons, the hopes by Lenders/Banks of future increased values contributes to the delay of foreclosing.

 

In addition, with the Mortgage Forgiveness Debt Relief Act of 2007 not being extended from it’s expiration in December 2013, many homeowners do not like the uncertainty or any possibility in having to pay taxes on the forgiven balance of their mortgage that wouldn’t be covered when they sell their home as a Short Sale. Not knowing that there may be other options to avoid paying taxes, they avoid a Short Sale.

 

 

What Coral Springs neighborhoods are selling?

 

The subdivisions of Coral Creek,Coral Springs Country Club, Cypress Glen, Cypress Run, Eagle Trace, Heron Bay, Hidden Hammock Estates, Kensington, Maplewood, North Springs, Oakwood, Ramblewood, Shadow wood, Turtle Run and Wyndham Lakes had home sales in the largest of numbers during May 2014 with Wyndham Lakes neighborhoods topping out this month with having sold 11 homes!

 

Coral Springs Luxury subdivisions of Eagle Trace, Heron Bay, Hidden Hammock Estates, The Isles, Running Brook Hills, Venetian Isles and Whispering Woods sold luxury homes in their neighborhoods.

 

Do you want to find out more about your neighborhood and it’s homes sales? Call me at 954-464-100 or email me: LynnP@ImagineYourHouse.com

 

Below you’ll see at what price homes are selling for here in Coral Springs. Not only does this let you know the most common price range for homes selling in Coral Springs, but it also lets you know optimum points in which to price your home for sale.  Why are price points important, you ask?  Paying attention to the price points allows you the most success to sell your home.  Where does your home fit in, do you know? First you’re asking, “how much is my home worth” and just how do we do it?

 

Price Range        Quantity

 

$139,999 -$199,999            6

$200,000 -$249,999 14

$250,000 -$299,999 17

$300,000 -$399,999 61

$400,000 -$499,999           17

$500,000 -$749,999            6

$750,000 -$1million+         0

 

More about home selling in Coral Springs

 

Do you want an accurate Real Estate value of your home in Coral Springs? I won’t tell you what you want to hear, but rather what you can sell your home for in today’s South Florida Real Estate Market. My recommended price will be based upon my Real Estate experience and skill in setting accurate home selling prices so you can actually sell your home. Many Realtors will “buy” your listing by simply agreeing with you for whatever you’d like to sell your home for, which will do you more harm than good as there will be a later point in which you will need to reduce your price in order to sell your home; this method routinely brings a lower sales price.  Pricing your home high and then having to reduce the price because your home isn’t selling will result in you receiving less money for your home, than had you priced it right to begin with.  I can tell you why this is true.  Call me or email me to find out your home’s value in Coral Springs Florida.

 

As your trusted, local Coral Springs Real Estate Agent, I’d be glad to help you sell your home in Coral Springs. Or if you simply have questions about the home selling process and Real Estate in Coral Springs, please feel free to call me or email. Call me at 954-464-1100 or email me at LynnP@ImagineYourHouse.com.

 

Coral Springs FL Real Estate Market Report for May 2014 written by Coral Springs Realtor Lynn Pineda with Keller Williams Realty on June 28, 2014. Based upon local MLS Statistical findings and accuracy is not guaranteed. Coral Springs REALTOR® provided.


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