Selling a home in Coral Springs – What sold in your neighborhood during October 2011?
Coral Springs single family home sales decreased this month again by almost 4% to 74 homes sold; not a large decrease as compared to last months yet it’s going the wrong way. We’ll hope for an increase in real estate sales next month. Of these Coral Springs homes listed for sale below, over 27% of them sold as a Short Sale, which is an Increase from last month sales of 20%. Whereas, just over 19% of the homes sold were sold as REO/Bank owned which is an decrease from last month. Almost 46% of homes sold in Coral Springs were distressed properties during October 2011 and increase from last month; those homes that have been foreclosed on and those homes which are trying to avoid being foreclosed upon. This continues to indicate that distressed property home sales are competing ever more with non-distressed Sellers selling their homes in Coral Springs which continues to reflect on home selling prices. This month however has indicated an increase in Short Sales; perhaps Lenders are seeing the benefit of approving Short Sales opposed to foreclosing on homeowners. As previously reported, distressed properties will continue to be a major force of selling competition here in the South Florida Real Estate market for quite some time. To compete with the distressed market, pricing is key as it is one of the things that Sellers can control.
The inventory of homes rose this month slightly; 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. Supply and demand theory.
For those of you selling a home in Coral Springs, you’ll see below that homes that were sold during October had sales this month decreasing from last months. However, we see Coral Springs home sales increasing strongly in the price point of $300,000 – $349,999 taking away sales from the heavily populated $200,000 – $249,999 price point of last month.. Sales in the higher price points continued to increase in October expanding into even higher price points which is good news for those who have been trying to sell their homes.
The median price is $298,000 which is up from last month. Yes! 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 3
$150,000 -$199,999 10
$200,000 -$249,999 13
$250,000 -$299,999 14
$300,000 -$349,999 22
$350,000 -$399,999 4
$400,000 -$449,999 2
$450,000 -$499,999 1
$500,000 -$549,999 2
$550,000 -$599,999 0
$600,000 -$699,999 1
$700,000 -$799,999 1
$800,000 -$899,999 1
$900,000 -$999,999 0
$1,000,000 or over 0
Total Homes Sold in Coral Springs – 74
Number of days that homes were on the Market:
0-30 Days 31-60 Days 61-90 Days 91-120 Days 120+ Days
No. of Listings 27 11 7 9 20
Breakdown % 36.49% 14.86% 9.46% 12.16% 27.03%
*Avg % SP/LP 96.18% 97.93% 95.53% 97.33% 95.8%
* This row indicates what percentage of the list price that the home sold for during August. Listing a home to sell at the right price to begin with 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 larger percentage sold in 0-60 days.