{Parrot Realty}
By Michael Citron
What Happened to Coral Springs in 2023?
Despite facing challenges such as record-high interest rates and economic fluctuations, Coral Springs proved to be a resilient city in the South Florida Real Estate market. Let’s delve into the key insights that defined the real estate market in Coral Springs.
Average Days on the Market
The average days on the market for single-family properties in Coral Springs witnessed a notable change in 2023. Homes took an average of 40 days to go under contract, marking a 47% increase from the 23 days in 2022. This shift can be attributed to higher interest rates and increased inventory, making buyers more cautious and discerning.
Median Sales Price
The median sales price for single-family homes in Coral Springs increased by 3%, reaching $660,000 in 2023 compared to $640,500 in 2022. Despite the challenges posed by rising interest rates, homeowners’ insurance hikes, and increased property taxes, Coral Springs showcased a healthy appreciation.
Sales Performance
Coral Springs experienced a 17% decrease in single-family home sales, with 895 transactions in 2023 compared to 1,072 in 2022. Factors such as fluctuating interest rates and evolving buyer preferences led to a shift in sales dynamics. Some chose to stay put or explore renting options amidst changes in price points and increased monthly payments.
List of Sales Price Ratio
The list-to-sales price ratio in 2023 is 98% as opposed to 2022 which saw 100% of homes selling at asking prices. This shift, while seemingly small, translated to tens of thousands of dollars.
Cash Sales and Future Predictions
Cash sales in 2023 accounted for 18.7%, marking a slight decrease from 20.3% in 2022. Despite record-high interest rates and economic uncertainties, Coral Springs maintained a stable amount of cash purchases, showcasing the market’s resilience. Looking ahead to 2024, our prediction is one of optimism. Anticipating a decrease in interest rates, we foresee an increase in median sales prices, a closer list of sales price ratios, and a boost in real estate transactions.
As the #1 Realtor in Parkland, #4 Coral Springs Listing Agent, and among the Top 5 Realtors in Broward County, we represented more than 10% of sellers in the City of Parkland and sold their homes for 98% of the original list price, 2% higher than the average Parkland realtor. We sold $140 Million in real estate transactions and helped 154 families in their real estate journey.
Here are My 5 Predictions for The 2024 Real Estate Market
Prediction 1: Will There Be More Housing Inventory?
The ebb and flow of housing inventory is a crucial factor influencing the real estate market. Anticipating a temporary increase in inventory as sellers react to lowering interest rates, we might witness a surge in homes hitting the market. However, the demand is expected to outpace supply, ultimately maintaining a competitive market.
Prediction 2: Will Home Prices Go Down?
Contrary to fears of a decline, the prediction is for home prices to remain stable and even experience a modest, healthy increase. With interest rates at roughly 6.5%, the prospect of the Federal Reserve lowering rates further might entice both buyers and sellers into the market, contributing to an increase in property values.
Prediction 3: Will 2024 be a Buyer or Seller’s Market?
The market is leaning towards a seller’s advantage, and this trend is expected to strengthen throughout the year. Despite lower inventory levels compared to pre-pandemic times, the possibility of further dwindling supply may intensify competition among buyers, making it more challenging for those on the lookout.
Prediction 4: Should I buy now or keep waiting?
The age-old question of whether it’s the right time to buy persists. As predictions indicate a decrease in inventory and an increase in demand, prospective buyers are advised to act sooner rather than later. The market dynamics, including lower interest rates, may result in increased competition, making it imperative for buyers to seize opportunities promptly.
Prediction 5: Will The Market Crash?
Dispelling concerns of a housing crash, the real estate market in South Florida appears resilient. The presence of substantial equity among property owners, coupled with a robust job market, minimizes the risk of forced sales or foreclosures. While the commercial real estate sector may face challenges, the overall housing market is expected to remain stable.
If you’d like to contact me directly and book a buyer or seller consultation, please feel free to schedule an appointment with me at https://www.calendly.com/parrotrealty. You can also reach me by phone at 954-609-0591 or email me at Michael@ParklandParrot.com.
Buy & Sell With Confidence!
Michael Citron – Owner & Realtor of Parrot Realty
Michael Citron – Parrot Realty.
