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Coral Ridge Real Estate Trends Inventory Rising, Pricing Steady

As we head into the end of the year, we know there will be less homes sold in Coral Ridge as compared to last year.  Good News, though.  Closing prices have not dropped to match the drop in number of sales.  This area really holds its value!

 

Although sales volume is off by one-third, prices are fairly flat.  Let’s look at the numbers. Here’s a snapshot of Coral Ridge Statistics for the Third Quarter – 2023[1]:

 

Waterfront Homes (Q3)

 Number of SalesAvg Sales PriceAvg Median PriceSales Price per sq. foot
20238$3,986,875$3,147,500$906
20222$4,000,000$4,000,000$1,083
% Change+300%+0%-21%-16%

 

 

Dry Lot Homes (Q3)

 Number of SalesAvg Sales PriceAvg Median PriceSales Price per sq. foot
20238$1,603,442$1,420,000$591
202212$1,502,676$1,312,500$601
% Change-33%+7%+8%-2%

 

Waterfront sales volume has jumped up this past quarter with similar pricing to last year.  Dry lot home sales are down one-third while pricing increased 7%.

 

 

Year-To-Date (End of October 2023)

 Number of SalesAvg Sales PriceAvg Median PriceSales Price per sq. foot
Dry Lot35$1,405,415$1,335,000$606
% Change from 2022-31%-5%+7%-1%
Waterfront17$3,729,488$2,800,000$944
% Change from 2022-29%-1%-18%-4%

 

Thru the end of October, 52 homes have sold in Coral Ridge.  We are down about 30% compared to this time last year.  Last year 91 homes were sold the entire year, so we know we’ll end up short of that.  At this pace we’ll drop 20% in number of sales.

 

Available inventory has increased throughout the year, though.  This should help the sales rate increase over the next 6 months.  More homes are coming on the market than at the beginning of the year.

 

Check out the inventory numbers for Mid-November below.

 

Current Inventory (Mid-November)

Number of ListingsAvg List PriceAvg Median PriceList price per square footDays on Market Avg.
Waterfront20$6,005,900$5,675,000$1,253128
Dry Lot Home17$3,582,706$3,245,000$90495

 

What is your prediction home sales in 2024?  Since we have more inventory, I believe we have a good chance for more home sales in 2024, plus a modest increase in pricing.  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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