The pace of sales is basically the same as this time last year – fairly slow. However, the sales prices have really jumped!! Take this info with a grain of salt though. Because the number of sales is small, a couple of high priced sales can have a large impact on the stats. There are more than 50 homes for sale, so low inventory is not the issue.
Here’s a snapshot of Coral Ridge statistics for the first Quarter 2024[1]:
Waterfront Homes Q1
| Number of Sales | Avg Sales Price | Avg Median Price | Sales Price per sq. foot | |
| 2024 | 3 | $5,216,667 | $5,500,000 | $1,035 |
| 2023 | 3 | $3,808,333 | $4,125,000 | $919 |
| % Change | – | +37% | +33% | +13% |
Dry Lot Homes Q1
| Number of Sales | Avg Sales Price | Avg Median Price | Sales Price per sq. foot | |
| 2024 | 10 | $2,403,967 | $2,134,837 | $715 |
| 2023 | 11 | $1,298,818 | $1,335,000 | $625 |
| % Change | -9% | +85% | +60% | +14% |
Looking back to 2023, total sales are basically flat. And remember, last year was a drop off from 2022. But, the average sales price for a waterfront home was up 37%. And the average square foot waterfront price increased 13%. Dry lot home sales prices were up 85%!
Remember, sales volume has decreased the last couple of years while prices have increased. More of the newer or renovated homes are being sold commanding a higher price.
So how are we doing since the end of the quarter? Here’s a look at where we are as I write this article.
Year-To-Date (Mid-May)
| Number of Sales | Avg Sales Price | Avg Median Price | Sales Price per sq. foot | |
| Dry Lot | 16 | $2,392,667 | $2,200,000 | $738 |
| % Change from 2023 | -36% | +78% | +73% | +21% |
| Waterfront | 7 | $4,467,500 | $5,200,000 | $995 |
| % Change from 2023 | +40% | +30% | +33% | +30% |
We started 2024 slowly in Coral Ridge and continue to move slowly. But the closing prices have increased tremendously! Inventory continues to increase. Inventory is about 10 months’ worth at the current sales rate. Earlier this year, we were at 7.6 months’ worth. At this time last year, inventory was only about 3 months’ worth.
Check out the inventory numbers for Mid-May below.
Current Inventory (Mid-May)
| Number of Listings | Avg List Price | Avg Median Price | List price per square foot | Days on Market Avg. | |
| Waterfront | 25 | $6,802,448 | $6,000,000 | $1,368 | 120 |
| Dry Lot Home | 26 | $2,391,962 | $1,862,000 | $891 | 84 |
Inventory continues to climb indicating prices have increased. Buyers now have more to choose from thus extending the buying process. Last newsletter I predicted that the sales rate would pick up by the summer. Looks like the increase in pricing may prevent that from happening. But, there are currently 12 homes under contract! Could be a sign of positive momentum. As I said previously, closing prices would not dip with the inventory increase. So far so good. 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®
