Coral Springs Real Estate Single Family Market Update – June 2024

If you're considering selling your home in Coral Springs FL, now might be an opportune moment to make your move. Here’s a detailed look at the current market trends to help you make an informed decision:

Market Overview

Closed Sales:

• June 2024: 67 sales (14.1% decrease from June 2023)
• Year-to-Date 2024: 339 sales (1.5% decrease from 2023)

While the number of closed sales has seen a slight decrease year-over-year, indicating a more competitive market, there’s more to consider.

Median Sales Price:

• June 2024: $724,900 (2.8% increase from June 2023)
• Year-to-Date 2024: $690,000 (6.2% increase from 2023)

Average Sales Price:

• June 2024: $759,650 (7.0% increase from June 2023)
• Year-to-Date 2024: $717,603 (5.3% increase from 2023)

The rise in median and average sales prices suggests that homes in Coral Springs are appreciating, making it a potentially lucrative time to sell.

Dollar Volume:

• June 2024: $50,896,562 (8.1% decrease from June 2023)
• Year-to-Date 2024: $243,267,259 (3.8% increase from 2023)

Despite a drop in the dollar volume of closed sales for June, the overall year-to-date figures show a positive trend, indicating a stable market with high-value transactions.

Percent of Original List Price Received:

• June 2024: 96.0% (1.5% decrease from June 2023)
• Year-to-Date 2024: 95.9% (no change)

Sellers are receiving slightly less than their original asking prices, suggesting a small adjustment in pricing might be needed to attract buyers.

Median Time to Contract:

• June 2024: 33 days (17.9% increase from June 2023)
• Year-to-Date 2024: 39 days (15.2% decrease from 2023)

Homes are taking a bit longer to go under contract, but the year-to-date figure shows a quicker turnaround compared to the previous year.

Pending Sales:

• June 2024: 56 (27.3% decrease from June 2023)
• Year-to-Date 2024: 380 (2.8% decrease from 2023)

A decrease in pending sales might reflect a more cautious buyer market, but this also presents an opportunity for sellers with well-priced and well-presented homes.

New Coral Springs Home For Sale Listings:

• June 2024: 85 (4.5% decrease from June 2023)
• Year-to-Date 2024: 549 (25.3% increase from 2023)

The increase in new listings year-to-date indicates that more homes are entering the market, providing more choices for buyers.

Inventory of Homes for Sale:

• June 2024: 167 homes (89.8% increase from June 2023)

The significant rise in inventory means more competition, which could influence your selling strategy.

Months Supply of Inventory:

• June 2024: 3.1 months (93.8% increase from June 2023)

A higher supply of inventory indicates a shift towards a more balanced market, but still below the 6-month threshold that typically signals a buyer’s market.

Why Now Might Be the Right Time to Sell your Home in Coral Springs Florida:

1. Appreciating Home Values: With median and average sales prices on the rise, you could potentially secure a higher sale price for your home.
2. Stable Dollar Volume: The overall increase in dollar volume year-to-date suggests a strong market for high-value transactions.
3. Strategic Pricing: With slightly reduced percentages of the original list price received, a competitive and well-researched pricing strategy can attract serious buyers.
4. Higher Inventory: Although inventory is up, it’s still relatively low, meaning there’s less competition than in a typical buyer’s market.
5. Decreased Time on Market: Homes are selling faster year-to-date compared to last year, which means you could close the sale quicker.

If you’re contemplating selling, don’t hesitate to reach out for a personal, no-obligation home valuation. Contact The Padron Team at (954) 937-1100 or email padron@homesforsaleteam.realestate to get expert advice tailored to your property and situation.