Dating back to 1949, Coral Ridge, which is Fort Lauderdale’s oldest developed neighborhood, is rightly touted as the affluent center of the city and one of Florida’s most exclusive addresses. Coral Ridge is known for its luxury real estate, large lots, beautiful waterfront views, and highly-rated schools, among other accolades.
Over the last decade, the Coral Ridge real estate market has undergone several changes. So, what trends and patterns are we noticing currently in luxury real estate, and what can we expect for the coming months and years? Below, we’ve answered all your most pressing questions. Let’s take a look.
Coral Ridge Real Estate Market Forecast 2023
First, let’s take a deep dive into the market trends we’re noticing in Coral Ridge and forecast the patterns we expect to continue into the year.
Home Values Decreasing
If we look at the average sale price of all homes on the market that sold since 2022, we see that the figures for single-family homes have dropped by 6.6%. The average sale price of condos in Coral Ridge dropped 44.4% over the same period. As of April 2023, the median sale price for a home here stood at $1.28 million, with the majority of homes selling in the range of $1.25 million to $5 million. This puts the price per square foot at $607 for homes and $485 for condos.
Rising Interest Rates
As of mid-May 2023, the national average for a 30-year fixed mortgage has remained relatively stable at 6.91%. This figure is noticeably higher than it was in mid-2022, but interest rates, on the whole, have skyrocketed across the country since then. However, in Coral Ridge, interest rates are lower than the national average. On average, we see 30-year fixed-rate refinance mortgages sitting at somewhere between 5.56% and 6.87% in the area.
Investing Indicators Will Favor Landlords
Since we are noticing that net migration in Coral Ridge is up in 2023 and the number of days that rental condos stay on the market is dropping, we expect that landlords are in a good position to invest currently. This is despite the fact that the average rent in Coral Ridge sits well above the national average at $1,770, compared to $1,160 across the U.S.
Positive Net Population Migration
As mentioned above, we are seeing many more people moving into Coral Ridge (and Fort Lauderdale in general) than there are people moving out. This trend has been consistent since at least 2019, and we expect even more new residents to join the market here throughout the rest of 2023.
Coral Ridge Foreclosure Statistics 2023
As of early 2023, about 20 properties in the Coral Ridge real estate market are either in foreclosure or pre-foreclosure. This figure aligns with the average number of foreclosures we’re familiar with in the area.
Coral Ridge Home Price Trends 2023
Looking back at the patterns in sale prices for Coral Ridge homes in 2023, we have seen the market remain relatively consistent. The distribution of home prices stayed wide, ranging from $850,000 to $17 million in the luxury market, with a median price set at about $3.8 million.
Nearly 60% of properties in the area were single-family houses, with the remainder evenly split between condos and townhomes. We saw the highest home prices in mid-May 2022 and February 2023 and the lowest in summer 2022 and April 2023.
Coral Ridge Real Estate Market: Should You Invest?
As of May 2023, the Coral Ridge real estate market appears to be in a good position to invest, as long as you’re prudent with the kinds of properties you’re interested in. Condos seem to attract a healthy proportion of interest, especially compared to single-family homes.
Although single-family home sale prices have dropped slightly since February 2023, we haven’t noticed a significant drop off in buyer demand. Over the last two years, the price per square foot of Coral Ridge homes has remained stable, and there’s no reason to believe that buyer interest in oceanside property in Coral Ridge will decline any time soon.
Expert tips for buying and selling Coral Ridge homes in today’s market
Before we close out our guide to the housing market in Coral Ridge, FL, we’d like to provide readers with a few last-minute tips on how to navigate the luxury real estate market here. You can make the most of your purchase or sale by:
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Researching the average number of days properties in your neighborhood or street have stayed on the market. Across the city, homes stay up for sale about 40 days longer than condos, with a range of 14 to 101 days.
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Investigating the sale-to-list percentage data: single-family homes sell at about 4.85% below the list price, whereas condos sell just about at the list price.
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Looking at the market in neighboring areas like Las Olas Isles and Riverside Park, which have median list prices of $3.25 million and $1.19 million, respectively. These neighborhoods have similar luxury real estate listings available but with different types of home inventory, buyer demand, nearby amenities, and location perks.
Call the best, Sheryl Hodor - 954-294-2244
With that, we’ve come to the end of our deep dive into the Coral Ridge real estate market in 2023. In general, we’ve seen that Coral Ridge real estate was remarkably resilient in the wake of the pandemic, and buyer demand for high-end waterfront property hardly wavered. More and more motivated buyers are moving to the area, bolstering our prediction that investment in the area will continue to be a great idea further into 2023 and beyond.
If you have any questions or comments about any homes for sale in Coral Ridge or want to know more about investing in luxury homes or condos in the area, reach out today. Contact Sheryl Hodor for more information.
