Monday, April 30, 2018 / by Andy Mandel
Today I’m bringing you an update on how our market has done so far this year.
Today I’m going to give you your 2018 Q1 market update.
For single-family homes, we had 946 come onto the market. That’s actually up 4.6% from Q1 2017. As far as the number of closed sales, we only had 422 in the first three months of this year. That’s down 9% from last year. More homes finally coming to the market is a very good thing, but the number of sales are down.
Inventory is creeping up, which will affect pricing. In Parkland, the median price in Q1 was $620,000, which is a 3.5% increase. For a single-family home in Coral Springs, it was $390,000—a 5.4% increase. In Coconut Springs, that number was $345,000, which is up 6.97% from last year.
Based on these numbers, here is what I think will happen with more homes coming onto the market but fewer homes selling: If they don’t go down outright, prices will at least stop rising at their current rate. If you’re thinking about buying a home, now is a good time.
In a balanced market, there is a six-month supply of homes available. For the last two years or so, we’ve been at just about three months’ worth of inventory. That number has crept up in the first quarter of this year to about 3.65 months' worth. It’s definitely still a seller’s market.
We’ll also probably see prices come down a little bit, or at least appreciation will slow down. Buyers are starting to get priced out of a lot of these neighborhoods, which also explains why we’re seeing fewer homes sell.
Conditions for buyers is starting to improve, but if you’re a seller, here’s what it means for you:
It is a fantastic time to put your home on the market. There are still a lot of buyers out there and you can still get a record price for your home, especially if you’re moving up in price. There is a lot more inventory in the higher price range, and you get a lot more pricing power.
If you have any questions or are looking to buy or sell a home, feel free to reach out to us. We’d be glad to help you.