The Sales Numbers for the second quarter of 2024 are basically the same as last year. Twenty-Two homes sold in the first 6 months both this year and last year. Final sales prices have skyrocketed though! 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 Quarter 2 – 2024[1]:
Waterfront Homes (Q2)
| Number of Sales | Avg Sales Price | Avg Median Price | Sales Price per sq. foot | |
| 2024 | 8 | $3,893,438 | $3,012,500 | $1,067 |
| 2023 | 6 | $3,346,883 | $2,685,650 | $1,008 |
| % Change | +33% | +16% | +12% | +6% |
Dry Lot Homes (Q2)
| Number of Sales | Avg Sales Price | Avg Median Price | Sales Price per sq. foot | |
| 2024 | 14 | $2,237,500 | $1,750,000 | $769 |
| 2023 | 16 | $1,379,688 | $1,293,750 | $600 |
| % Change | -13% | +62% | +35% | +28% |
The sales volume is the same as last year. Two more waterfront homes sold versus two less dry lot homes sold. In the past, # of sales had been slowing. Is the sales pace possibly picking back up?
Sales prices were rising in 2022 but slowed in 2023. Now this year the sales prices have jumped up again! Waterfront home prices increased 16% with the square footage prices increasing 6%. Dry lot home prices popped up 62%! And the square foot price jumped 28%.
Year-To-Date (End of June 2024)
| Number of Sales | Avg Sales Price | Avg Median Price | Sales Price per sq. foot | |
| Dry Lot | 24 | $2,306,861 | $1,750,000 | $745 |
| % Change from 2023 | -11% | +71% | +33% | +22% |
| Waterfront | 11 | $4,254,318 | $4,500,000 | $1,057 |
| % Change from 2023 | +22% | +22% | +61% | +8% |
Halfway thru this year 35 homes have been sold in Coral Ridge (one less than this time last year). This puts us on pace for 70 sales for the year. At this time last year, the sales rate had dropped 40%! Now we are leveling off. Can we increase the momentum in the second half? Last year 66 homes were sold. At this pace we’ll just beat that number. Previously we believed that the slower pace was due to lack of inventory.
Now, we currently have about 8 months’ worth of inventory versus 6 months at this time last year. At one-point in 2022 we had less than 2 months’ worth of inventory. The sales pace has picked up. There are still plenty of people trying to move into Coral Ridge at all price levels.
Check out the inventory numbers for mid-July below.
Current Inventory (Mid-July)
| Number of Listings | Avg List Price | Avg Median Price | List price per square foot | Days on Market Avg. | |
| Waterfront | 26 | $7,077,384 | $6,620,000 | $1,390 | 143 |
| Dry Lot Home | 22 | $2,335,636 | $1,837,500 | $787 | 89 |
What is your prediction for our home sales in the second half of the year? Now that we have a lot more inventory, will the sales pace continue to pickup? Will prices continue on a meteoric rise? I see the pace continuing to rise. Let me know your thoughts. I can be contacted at 954-830-2242 or Chris@WilliamsGroupFTL.com
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®
