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Coral Ridge Real Estate – Sluggish Start to 2024

Before reviewing current activity in the beginning of 2024, let’s take a look at the overall picture from last year.  Frankly, we ended 2023 on a whimper. Number of annual sales transactions decreased significantly. This was the same story as the previous year.  However, we were enjoying big price gains a year ago.  Not so much for 2023 though. Dry lot home values were flat, and waterfront had a decent gain of 8%. Let’s check the stats for last year.

Here’s a snapshot of Coral Ridge statistics for Year-End 2023[1]:

Waterfront Homes

 Number of SalesAvg Sales PriceAvg Median PriceSales Price per sq. foot
202325$3,951,052$3,550,000$996
202233$3,663,394$3,500,000$968
% Change-25%+8%+1%+3%

Dry Lot Homes

 Number of SalesAvg Sales PriceAvg Median PriceSales Price per sq. foot
202341$1,499,501$1,345,000$621
202258$1,518,187$1,250,000$609
% Change-29%-1%+8%+2%

Looking back to 2022, the total sales volume decreased 36%.  Dry lot home sales were down 44%, with the average sales price up 29%!  Waterfront sales were down 25%, with the average sales price increasing 24%.  Interesting that the average square foot waterfront price increased 51%.  Then in 2023 total sales volume dropped another 27%.  Dry lot home sales slipped 29% with avg. price off 1%.  2023 Waterfront sales volume decreased 25% but the avg. sales price increased 8%.

So, even when sales volume has decreased the last couple of years, the prices have increased.  Coral Ridge does a good job of holding value.

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

So how are we doing this year?

 Year-To-Date (February 2024)

 Number of SalesAvg Sales PriceAvg Median PriceSales Price per sq. foot
Dry Lot5$1,659,500$1,425,000$661
% Change from 2023+25%+16%-4%+7%
Waterfront1$4,500,000$4,500,000$1,002
% Change from 2023-50%+33%+33%+18%

We started 2024 slowly in Coral Ridge.  Only 6 homes sold in the first 2 months.  There is plenty of inventory out there, though. Inventory has increased since the last report. Inventory is about 7.6 months’ worth at the current sales rate.  At this time last year, inventory was a paltry 2 months’ worth.

Check out the inventory numbers for end of February below.

Current Inventory (End of February)

Number of ListingsAvg List PriceAvg Median PriceList price per square footDays on Market Avg.
Waterfront25$5,782,800$5,500,000$1,324124
Dry Lot Home21$2,687,714$2,199,000$89875

Inventory continues to climb indicating buyers are beginning to take their time to look at everything! Inflation and interest rates have not helped either.  I believe the sales rate will pick up between now and summer. Do you think closing prices will dip with the increase in inventory?  I don’t see that happening. Let me know what you think. I can be contacted at 954-830-2242 or at Chris@HomesInCoralRidge.com

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

Chris Williams is a Fort Lauderdale Native and has lived in Coral Ridge for more than 50 years. Chris is the President of the Coral Ridge Association.   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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