Coral Springs Market Report for Single Family homes sold in June 2012
Take a seat, get comfortable and read below to find out more about what is happening in Coral Springs' home real estate market. If you're selling your home in Coral Springs, you'll find this very valuable.
School's out and the the home selling market in Coral Springs is bustling. Just look at what happened in June with Coral Springs single family home sales, June sales jumped up 37.50% to 110 homes sold compared to May sales of 80 homes sold which is up too from April's sales. Homes are selling in Coral Springs.
Of these Coral Springs homes that sold below, Sellers who completed a short sale were over 27% which is a increase from last months Short Sales of 22%. REO/Bank owned/Foreclosures sales decreased this month to just under 13% from last month's rate at 18%. This makes it that about a third of the recorded sales were distressed sales this month: those whose homes have been foreclosed on and those that are trying to avoid being foreclosed upon.
As I remind you each month, 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.
Another good month for those selling your home in Coral Springs as the June Absorption Rate came in at 2.48%
Where have the Absorption Rates been over the last several months? May was at 3.59%,April was at 3.53%, March was at 3.57% and February was at 4.83%. If you're selling your home in Coral Springs, you continue to be thrilled with this trend of less supply to move home selling prices higher. A lower Absorption rate is welcoming for anyone selling their home in Coral Springs as it tells homeowners that it will take 2.48 months to get their home sold; Buyers are lining up.
Call me and we can go over the absorption rate for your neighborhood.
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 6 months, it's a "Sellers Market". Continued lower Absorption rates can affect future increases in home prices. We are experiencing a Sellers Market in Coral Springs. Sellers are getting up off their couches to get their homes listed for sale.
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.
Who are the fortunate Sellers in Coral Springs Florida ?
We had several neighorhoods with heavy selling during June and this month if you were selling your home in North Springs, you were happy with 8 homeowners getting a "SOLD" sign in their front yard.
Below is how the remaining neighborhoods fared:
Carriage Point Estates/Royal Land 3 Coral Springs Country Club 5 Coral Springs 6
Coral Springs Lakes 2 Coral Springs University 2 Cypress Glen 6 Cypress Run 5
Eagle Trace 5 to include Eagle Creek, Eagle Landing, The Fairways and The Hamptons
Forest Hills 2 Heron Bay 3 to include Enclave, Mizner Village and The Falls
Kensington 3 Maplewood 3 to include Maplewood Isles and Maplewood Villas North Springs 8
Oakwood 2 Pine Ridge 5 Ramblewood 7 Shadowwood 3 Turtle Run 2 West Glen Manor 2
Venetian Isles/West Shore 2 Westchester 4 Wood Lake 3
When you are selling your home in Coral Springs, price points that indicate where homes have sold can be a very effective guide in setting a price for your home. Why you ask? Well, if you price your home within a certain price point, you will be able to see how many Buyers are attracted to the price point which affects the outcome of you selling your home. Where do you think your home's value is? If you want to know, please contact me for a complimentary valuation of your home. Pricing your home right at the onset is so important.
During June, Coral Springs home Sellers saw that the median price decreased by just over 4% to $250,000 from $260,500 in May. The median price reflects 50% of homes sold below this price and 50% sold above this price.
Again, remember that 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 12
$150,000 -$199,999 15
$200,000 -$249,999 27
$250,000 -$299,999 18
$300,000 -$349,999 16
$350,000 -$399,999 13
$400,000 -$449,999 4
$450,000 -$499,999 3
$500,000 -$549,999 0
$550,000 -$599,999 0
$600,000 -$699,999 1
$700,000 -$799,999 0
$800,000 -$899,999 1
$900,000 -$999,999 0
$1,000,000 or over 0
The Chart below shows that the majority of homes sold in Coral Springs this month sold within 30 days and within 97.56% of their list price which indicates homes in this group were likely priced right.
Days on The Market before Selling
0-30 Days 31-60 Days 61-90 Days 91-120 Days 120+ Days
No. of Listings 57 20 7 9 17
Breakdown % 51.82% 18.18% 6.36% 8.18% 15.45%
*Avg % SP/LP 97.56% 96.47% 98.25% 97.05% 96.6%
* This row indicates what percentage of the list price that the home sold (sales price) for during June 2012.
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.
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