The real estate market across the country, including South Florida like the Coral Springs real estate market, experienced a rise in sales of existing homes in March. The National Association of REALTORS® reports that in all four U.S. regions sales were up from last month as well as up from sales closed during the same time last year.
Sales Numbers for March
The number of completed transactions across the country rose 5.1 percent to 5.33 million in March from last month’s 5.07 million. These sales accounted for closed deals on condos, co-ops, townhomes, and single-family homes.
Results for all housing types when calculating the median existing-home price for March came in at $222,700. This is an increase of 5.7 percent from March 2015, which averaged out at $210,700. March’s climb is part of the steady rise the real estate market has been experiencing and marks the 49th month in a row for year-over-year gains.
In the South, existing-home sales increased 2.7 percent in March to an annual rate of 2.25 million. This drove the rise in sales to 2.3 percent above the 2015 numbers for March, and the median sales price up 4.6 percent to $194,400 when compared to one year ago.
Most Sales Happening in Mid-Priced Market
The best moving existing home sales are coming from the mid-priced market with buyer demand remaining strong for home inventories in that range. Softer sales are being experienced in higher and lower ends of the real estate market in most regions of the country. Experts attribute this to an inability to afford these homes and a lack of supply.
Homes at the upper-end of the spectrum may be suffering from a lack of buyers because of January’s stock mark fall that experienced a decline of about 5.5 percent in the Dow Jones industrial average while the Nasdaq dropped almost 8 percent. Buyers may still be a bit spooked.
Predictions Relatively on Mark
As expected by analysts, this year is proving to be what was originally anticipated – a slow but steady rebound for real estate markets in many different regions of the U.S.
Although February’s report showed hesitation in sales, it has been attributed to lack of inventories in some areas and inconsistencies in others.
Total housing inventory at the end of March increased 5.9 percent to 1.98 million existing homes available for sale, but is still 1.5 percent lower than a year ago (2.01 million). Unsold inventory is at a 4.5-month supply at the current sales pace, up from 4.4 months in February.
However, as more and more homes for sale in Coral Springs and other cities increase, those homes are being snatched up relatively quickly by the steady stream of interested home buyers.
Interest buyers looking for the right homes for sale in Coral Springs should stop by the Coral Springs real estate page on the Berkshire Hathaway HomeServices Florida Realty website or give one of our experienced realtors in the Coral Springs area a call.
