The Sales Numbers year-to-date for 2024 are basically the same as last year. Fifty-One homes have sold thru mid-September. Sales prices continue to skyrocket! Last year at this time sales prices had fallen off a little after rising considerably for quite a while. And list prices of current inventory are still climbing. Let’s check the stats.
Here’s a snapshot of Coral Ridge Statistics for partial Q3 (end of August) – 2024[1]:
Waterfront Homes (July & August)
| Number of Sales | Avg Sales Price | Avg Median Price | Sales Price per sq. foot | |
| 2024 | 2 | $4,200,000 | $4,200,000 | $1,026 |
| 2023 | 6 | $3,815,833 | $3,147,500 | $872 |
| % Change | -67% | +10% | +33% | +18% |
Dry Lot Homes (July & August)
| Number of Sales | Avg Sales Price | Avg Median Price | Sales Price per sq. foot | |
| 2024 | 11 | $1,934,909 | $1,612,000 | $730 |
| 2023 | 7 | $1,665,000 | $1,440,000 | $597 |
| % Change | +57% | +16% | +13% | +22% |
The total sales volume is the same as last year. Four less waterfront homes sold in July & August but four more dry lot homes sold. In 2022, # of sales had been slowing. Since last year the sales pace has remained the same. Is the sales pace possibly bottoming out? Sales prices were rising in 2022 but slowed in 2023. Now this year the sales prices have jumped up again!
Take a look at the Year-To-Date #s:
Year-To-Date (Mid-September 2024)
| Number of Sales | Avg Sales Price | Avg Median Price | Sales Price per sq. foot | |
| Dry Lot | 36 | $2,181,908 | $1,672,500 | $739 |
| % Change from 2023 | +5% | +54% | +25% | +22% |
| Waterfront | 15 | $4,306,500 | $4,500,000 | $1,067 |
| % Change from 2023 | -12% | +15% | +61% | +20% |
Midway thru September, 51 homes have been sold in Coral Ridge (same at time last year). This puts us on pace for 72 sales for the year. (66 total sold last year). Can we increase the momentum in the last quarter? Sales prices have really jumped again! Up 54% for a dry lot home ($2,181,908)! Average waterfront sale at $4,306,500! Square foot prices have increased 22% and 20% respectively!
Now, we currently have about 6 months’ worth of inventory, which was the same level as last year. At one-point in 2022 we had less than 2 months’ worth of inventory. We still see plenty of people trying to move into Coral Ridge at all price levels.
Check out the inventory numbers for mid-September below.
Current Inventory (Mid-September)
| Number of Listings | Avg List Price | Avg Median Price | List price per square foot | Days on Market Avg. | |
| Waterfront | 23 | $7,320,845 | $6,870,000 | $1,413 | 176 |
| Dry Lot Home | 18 | $2,573,222 | $1,850,000 | $795 | 104 |
What is your prediction for our home sales for the rest of the year? Will prices continue a meteoric rise? I think the pace rise in the last quarter. 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®
