It looks like more homes will be sold this year than the previous year. This was not the case last year. We’ll probably end up with an increase of 5-7% in number of homes sold.
Good News! Plus, closing prices continue to rise! Let’s look at the numbers. Here’s a snapshot of Coral Ridge Statistics for the Third Quarter – 2024[1]:
Waterfront Homes (Q3)
| Number of Sales | Avg Sales Price | Avg Median Price | Sales Price per sq. foot | |
| 2024 | 4 | $4,425,000 | $4,200,000 | $986 |
| 2023 | 8 | $3,986,875 | $3,147,500 | $906 |
| % Change | -50% | +11% | +33% | +9% |
Dry Lot Homes (Q3)
| Number of Sales | Avg Sales Price | Avg Median Price | Sales Price per sq. foot | |
| 2024 | 16 | $1,889,000 | $1,642,500 | $719 |
| 2023 | 8 | $1,603,442 | $1,420,000 | $591 |
| % Change | +100% | +18% | +16% | +22% |
In the third quarter Waterfront sales volume was down by half, however prices jumped 11%. Dry lot home activity doubled, plus prices jumped 18%.
Let’s consider the activity Year-To-Date thru October:
Year-To-Date (End of October 2024)
| Number of Sales | Avg Sales Price | Avg Median Price | Sales Price per sq. foot | |
| Dry Lot | 40 | $2,139,717 | $1,672,500 | $735 |
| % Change from 2023 | +14% | +52% | +25% | +21% |
| Waterfront | 16 | $4,193,594 | $3,925,000 | $1,046 |
| % Change from 2023 | -6% | +12% | +40% | +11% |
Thru the end of October, 56 homes have sold in Coral Ridge. We are about even compared to this time last year. But, last year at this time we down by 30% so we are trending upward this year. Last year 66 homes were sold the entire year. I believe we will beat that. As I write this in mid-November, 63 homes have sold.
Available inventory has increased throughout the year, as well. This should help the sales rate increase into next year. Typically, more homes get listed at the beginning of the year.
Check out the inventory numbers for Mid-November below.
Current Inventory (Mid-November)
| Number of Listings | Avg List Price | Avg Median Price | List price per square foot | Days on Market Avg. | |
| Waterfront | 27 | $7,343,074 | $5,995,00 | $1,455 | 127 |
| Dry Lot Home | 24 | $2,765,208 | $1,837,500 | $829 | 89 |
What is your prediction home sales in 2025? Since we have more inventory, I believe we have a good chance for more home sales in 2025, although not sure if the pricing can continue to increase. That depends on the quality of the product and number of newer homes available. 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®