Coral Springs, Florida, is a master-planned community gem with gorgeous scenery and incredible homes, from upscale single-family properties to mansions with all the amenities. The nearby Everglades and Francis S. Taylor Wildlife Management Area lends a stunning landscape and hiking trails to explore, while cultural centers, shopping centers, and excellent restaurants are within easy reach.
The area draws attention from those who want to live near the water with a slower pace of life. Coral Springs real estate is especially desirable not just for the location but for everything it can offer its residents. Though it has a population of over 130,000, it still has a small-town feel, with each neighborhood having a sense of community and a unique charm. Just 35 minutes from Fort Lauderdale, it’s near everything you could want while still being secluded, and strict building codes mean nothing ever feels overbuilt. Overall, Coral Springs houses for sale are perfect for almost everyone, especially young families and professionals looking for a calm Florida city near the water.
Whether you are buying or selling Coral Springs real estate, it’s a good idea to get an idea of the current state of the market before moving forward. Read on for a guide to what’s happening with Coral Springs houses for sale right now and how you can best prepare.
Inventory is still low but returning
Photo courtesy of Mahriah Tucker Real Estate
During the heart of the pandemic, Coral Springs houses for sale were nearly impossible to find. Everyone wanted to move to the area, and because of a stream of out-of-state buyers, there simply was not enough real estate to go around. As we return to a new normal and see record highs for inflation and mortgage rates soaring, inventory is starting to return. As of June 2022, Broward County’s inventory had increased for the second month in a row. Plus, the number of active listings in June 2022 was 22.5% higher than in June 2021.
This is good news for buyers who have previously struggled with even viewing a property, let alone placing an offer. Many buyers in 2020 and 2021 ended up buying property sight-unseen not just due to social distancing and fear of getting sick, but because by the time they would have scheduled a showing, the home was already sold. A little more inventory will give buyers some breathing room.
Prices are still very high
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This is good news for sellers, but bad news for buyers of Coral Springs houses for sale. Despite a slow return of inventory, prices show no sign of slowing. A US News article from March of 2022 noted that overall, Florida real estate jumped over 20% in price annually. The median sale price for single-family homes in Broward County as of June 2022 was $590,000, up 18.4% from 2021.
There are a few reasons that prices are still high for Coral Springs real estate and will likely stay that way throughout the end of this year and into the future. The need for homes, and those looking to purchase them, hasn’t subsided. The relaxed, beachy vibes of a Florida lifestyle appeal to many buyers. Plus, with more companies than ever going fully remote, employees can work from anywhere. Coral Springs real estate, with plenty of space and room for a home office, makes a lot of sense.
Unlike in 2008, the high prices we are seeing for Florida and Coral Springs real estate aren’t because of an artificially inflated bubble. No predatory lending techniques got us here — just a need for housing that the market simply couldn’t meet. With no bubble to burst, prices won’t be dropping like a stone anytime soon.
Mortgage rates are high
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Those who put off looking at Coral Springs real estate because of the lack of inventory are probably not happy right now because mortgage rates are climbing. In June 2022, rates hit a 14-year high, which isn’t great news. Rates are continuing to rise because of inflation, and right now, there is no clear path to fix it.
That said, it’s not the end of the world for most buyers or sellers. The fact remains that if you are looking at Coral Springs houses for sale, the change in mortgage rates probably won’t stop you from doing so. Those looking at high-end or luxury homes aren’t seeing the hard hit that their rates are taking nearly as much as those who are buying a house for the first time or just starting out.
Some experts claim this will swing to a buyer’s market, where there is more inventory than buyers, which would cause prices to drop. However, that is unlikely, given the high desirability of the area and demand for homes. Instead, it’s expected that the market will balance out more.
Unlikely to get much over asking, though
From January to February 15, 2022, it is believed that over 5,500 homes sold for at least $100,000 over the asking price across the United States due to the high demand for houses and low inventory. That number is downright staggering when you think about the jump that asking prices took for Coral Springs real estate in the last few years.
Going forward, though, we are expected to see less of this. With the market normalizing slightly, it only makes sense that these over-the-top offers are going to start falling off.
Need help with your home?
If you’re a current owner of gorgeous Coral Springs real estate or you’re looking to relocate, reach out to Mahriah Tucker for all your real estate concerns. With excellent customer service and expertise in the South Florida real estate scene, you can count on her to find success. Whether you’re listing your home and need the best or if you’re hoping to buy and need guidance, Mahriah’s extensive experience working in the real estate world can help make it a reality. There’s no one better in South Florida to get you where you need to be.
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