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Coral Ridge Real Estate Same Story — Volume Down

The Sales Numbers for 2023 are still down compared to last year. The number of homes sold has decreased significantly as compared to last year.  Sales prices have fallen just a bit though.  As usual, the list prices of current inventory are still rising. Overall, number of homes sold is down 33% for the year. Let’s check the stats.

 

Here’s a snapshot of Coral Ridge Statistics thru end of August – 2023[1]:

 

Waterfront Homes (July & August)

 Number of SalesAvg Sales PriceAvg Median PriceSales Price per sq. foot
202315$3,626,753$2,800,000$936
202224$3,775,063$3,400,000$983
% Change-38%-4%-18%-5%

 

 

Dry Lot Homes (July & August)

 Number of SalesAvg Sales PriceAvg Median PriceSales Price per sq. foot
20237$1,665,000$1,440,000$597
202210$1,558,211$1,312,500$608
% Change-30%+7%+10%-2%

 

The sales volume is still down considerably from last year.  Waterfront is down 38% and dry lot homes are down 30%.  Number of sales continues to decrease this year just like they decreased last year.

 

Last year the sales prices were still rising.  Not this year. Waterfront home prices dropped 4% with the square footage prices dropping 5%.  Dry lot home prices increased 7%, but the square foot dropped 2%.

 

Year-To-Date (End of August 2023)

 Number of SalesAvg Sales PriceAvg Median PriceSales Price per sq. foot
Dry Lot34$1,412,265$1,340,000$608
% Change from 2022-31%-5%+7%+3%
Waterfront15$3,626,753$2,800,000$936
% Change from 2022-38%-4%-18%-5%

 

Thru the end of August this year, 49 homes have been sold in Coral Ridge.  We are down 33% compared to this time last year. This puts us on pace for 73 sales for the year. At this time last year, 73 homes had sold.  Last year 91 homes were sold the entire year.  At this pace we’ll drop 20% in number of sales. In several previous articles, I’ve noted that the sales rate would be slowed by lack of inventory to sell.

 

Now, we currently have about 5 months’ worth of inventory versus 3 months at this time last year.  At one-point last year we had less than 2 months’ worth of inventory. I expect the sales pace to pick up if more homes become available.  We know we’ll be getting our northern visitors soon.

 

Check out the inventory numbers for mid September below.

 

Current Inventory (Mid September)

Number of ListingsAvg List PriceAvg Median PriceList price per square footDays on Market Avg.
Waterfront18$6,711,055$5,970,000$1,315181
Dry Lot Home11$3,023,818$2,950,000$842127

 

What is your prediction for our home sales in the second half of the year?  If we get more inventory, will the sales pace pickup?  Will prices start to rise again?  Let me know your thoughts. I can be contacted at 954-830-2242 or Chris@WilliamsGroupFTL.com

 

If you have questions about your home’s value and marketability, be sure to consult a qualified local Realtor.

 

Chris Williams is a Fort Lauderdale Native and has lived in Coral Ridge for more than 50 years. Chris has been a Realtor ® with RE/MAX Preferred in Coral Ridge since 2006.

[1] Broward, Palm Beaches & St. Lucie Realtors®

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