We enjoyed a slight increase in total number of sales for Coral Ridge in 2024. This is a nice signal since the previous 2 years experienced a decrease in number of sales. Closing prices leveled off for waterfront while values increased significantly for dry lot homes. It was the opposite the previous year, waterfront sales prices jumped while dry lot home values were flat. Let’s check the stats.
Here’s a snapshot of Coral Ridge statistics for Year-End 2024[1]:
Waterfront Homes
| Number of Sales | Avg Sales Price | Avg Median Price | Sales Price per sq. foot | |
| 2024 | 21 | $3,840,833 | $3,225,000 | $1,009 |
| 2023 | 25 | $3,951,052 | $3,550,000 | $996 |
| % Change | -16% | -3% | -9% | +1% |
Dry Lot Homes
| Number of Sales | Avg Sales Price | Avg Median Price | Sales Price per sq. foot | |
| 2024 | 51 | $1,959,484 | $1,515,000 | $709 |
| 2023 | 41 | $1,499,501 | $1,345,000 | $621 |
| % Change | +24% | +31% | +13% | +14% |
The total sales volume increased 9% in 2024. Dry lot home sales were up 24%, with the average sales price up 31%! Waterfront sales were down 16%, with the average sales price down 3%. Interesting that the average square foot waterfront price was flat, while square foot prices increased 14% for dry lot homes.
So how are we doing this year?
Year-To-Date (late-January 2024)
| Number of Sales | Avg Sales Price | Avg Median Price | Sales Price per sq. foot | |
| Dry Lot | 4 | $1,758,750 | $1,530,000 | $746 |
| % Change from 2024 | +400% | -41% | -49% | -5% |
| Waterfront | 2 | $3,991,500 | $3,991,500 | $888 |
| % Change from 2024 | 0% | +17% | +17% | +4% |
We’ve started the new year with good activity in Coral Ridge. Six homes have sold in the first 4 weeks of 2024, which is basically the same pace as the previous year. There is plenty of inventory available. We have basically the same amount available as last year at this time. At the current sales pace, inventory is about 8 months’ worth. At this time last year, inventory was also about 8 months’ worth.
Check out the inventory numbers for late-January below.
Current Inventory (late-January)
| Number of Listings | Avg List Price | Avg Median Price | List price per square foot | Days on Market Avg. | |
| Waterfront | 24 | $7,629,083 | $6,074,500 | $1,461 | 142 |
| Dry Lot Home | 25 | $2,862,083 | $2,347,500 | $856 | 109 |
Inventory is significant, giving buyers plenty of options. Interest rates are showing signs of coming down. Do you think our sales pace will beat 2024? 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®