Coral Spring Market Report October 2023
Statistics for the real estate market in Coral Springs, Florida for the month of October 2023:
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Let's first look at the inventory levels for homes for sale in Coral Springs. The current number of months supply of inventory stands at 1.92 months. That means that if no other properties were listed, all listings would be sold in 1.92months, making this a sellers' market. This also represents an increase of 0.5 percent from last month and a decrease of 6.3 percent compared to the same month last year. It is important to understand that higher inventory levels favor buyers and tend to put downward pressure on prices, while lower inventory levels tend to be beneficial for sellers and put upward pressure on prices. We must always remember that there are other factors at play that must be examined in order to determine what to expect in the future.
Now let's look at the sold listing numbers.First, let's talk about the List-To-Sold Price percentage. In Coral Springs, properties are selling at a rate of 98.3percent of their listing price.
Next, let's look at how quickly listings are selling in Coral Springs. We do that by looking at the Median Days on Market. The median days on market in Coral Springs is 17, a decrease of 19 percent from last month. This gives owners a rough idea of how quickly they could expect their home to sell if they listed their property and it was marketed effectively by an experienced Realtor. It also shows buyers how strong they need to make their offers to be competitive in this market.
And now, finally, let's look at what is happening with home prices in Coral Springs. For that, we look at the Median Sales Price, which comes in at $630000, an increase of 8.9 percent from last month. It’s important to keep in mind that this is just a median value, and an individual property market value trend may vary depending on various factors.
See October Market Report for Coral Springs in PDF format attached: Coral_Springs_Residential_Market_Trends_October_2023_1.pdf