Thursday, October 11, 2018 / by Andy Mandel
It’s time for another market update for the third quarter of 2018. For the purpose of this blog, we’re only going to be talking about single-family homes in the city of Coral Springs today.
When compared to the third quarter of 2017, the number of homes we saw come on the market in the third quarter of 2018 is up 9.2%. At the same time, the number of closed sales is down by 3.7% during that time frame.
The median price now sits at $410,000, which is up 5.81% from the $387,500 mark it was at during third quarter of 2017. The average days on market is down to 24 days. Homes are still selling quickly, there are just fewer of them selling overall.
In a balanced market, we will see about six months’ worth of inventory. This means that if no more homes hit the market, it would take six months for all the homes on the market to sell. We’re currently seeing a supply of 3.19 months, putting us firmly in a seller’s market. We’ve seen around the same supply of homes for almost three years now.
In a seller’s market, there’s a lot of competition for homes. However, with more buyers hitting the market these days, there are a few more options out there for homebuyers.
What does this mean for you as a homebuyer or seller? If you're a seller, your competition has increased, so it’s very important to price your home correctly if you want to get buyers’ attention. For buyers, there’s a bit more out there to choose from, but you have to be ready to buy the right home once it hits the market because homes are still selling very quickly.
If you have any other questions about your specific market or if you own a townhome or condo in the area and you want to know more about that specific market, feel free to give us a call or send us an email. We’d be happy to help.