If you’re considering buying or selling a home in Coral Springs, staying informed about the latest market trends is essential. Here’s a detailed breakdown of the Coral Springs housing market for September 2024, offering valuable insights into single-family homes and townhouses/condos.

Single-Family Homes

Sales Activity

In September 2024, Coral Springs saw an increase in closed sales for single-family homes, with 61 homes sold compared to 49 in September 2023—a 24.5% increase. This momentum is evident in year-to-date figures as well, where sales remained steady, slightly decreasing by 0.8%.

Prices on the Rise

The median sales price for single-family homes in Coral Springs stayed at $700,000, showing no change from September 2023. However, the year-to-date median price increased by 5.3%, from $665,000 to $700,000. This rise reflects a continuing demand for single-family homes in Coral Springs.

Market Dynamics

Inventory levels have increased significantly, with a 78% rise in the number of homes for sale compared to last year. Currently, the market has a 3.3-month supply of inventory, up from 1.8 months—a sign that buyers have more choices, possibly easing competition. The average time to contract also more than doubled, going from 24 days in 2023 to 53 days in 2024, reflecting a shift towards a more balanced market.

Other Key Metrics

• Average Sales Price: Increased by 2.3% to $734,769.
• Dollar Volume: Up by 27.3%, indicating higher overall market activity.
• Percent of Original List Price Received: Declined slightly to 96%, down by 1.3%.

Townhouses and Condos

Sales and Prices

The townhouse/condo market also experienced changes. Closed sales for these property types rose by 20%, with 30 sales in September 2024 compared to 25 the previous year. However, the median sales price for condos and townhomes decreased by 18% year-over-year to $229,500. Despite this, the year-to-date average sales price increased by 8.5%, indicating some variability in pricing across different months.

Inventory Surge

Inventory for condos and townhouses rose dramatically, with a 142.9% increase, bringing the months' supply of inventory to 7.0 months—up from just 2.4 months in September 2023. This expanded inventory could signal more options and possibly less pressure for buyers in this segment.

Additional Condo Market Insights

• Average Sales Price: Decreased by 5.8% to $277,600.
• Dollar Volume: Increased by 13%, suggesting robust activity even with the median price dip.
• Percent of Original List Price Received: Up slightly to 97.4%, indicating that well-priced condos are still attracting buyers.

Coral Springs Housing Market Update – September 2024

What Does This Mean for Buyers and Sellers?

For buyers, the increased inventory and the balanced days on market offer more flexibility in choosing the right home. Single-family homes are holding their value, and with the higher inventory, there may be less pressure on buyers to make quick decisions.

For sellers, especially in the single-family home market, maintaining a competitive listing price will be key. While prices remain stable, the longer median time to contract suggests buyers are taking more time to evaluate their options.

Final Thoughts

The Coral Springs real estate market is showing signs of balance as inventory levels increase and pricing growth steadies. Whether you're buying, selling, or just keeping an eye on the market, these trends reflect a healthy, evolving housing market in Coral Springs.