Shrinking inventory, increased closed sales and higher pending sales are gratifying news for April’s Fort Lauderdale Real Estate Market Report. The median and average sales price, however, are both down for Single Family homes this month. The condo average sales price is up while the median sales price for a condo is down.
Inventory levels for single family homes are at a 9 months supply while condo inventory levels are now at 8 months supply. A typical balanced market is when inventory level is at a 6-8 months supply of properties for sale.
Closed Sales for Single Family homes in April were up 14% from last month and up 1% from same period last year. Of these sales, 27% were REO bank foreclosures up 4% from last month.
The Average Sales Price for a home in April was down 18% from March and down 9% from April 2009.
Median Sales Price also down 2% from last month and down 5% from last year.
Pending Sales (homes under contract) up 5% from last month and up 2% from same time last year.
Inventory for homes in April was down 2% from last month and down 31% from April 2009.
Closed Sales for Fort Lauderdale Condos were up 14% in April over last month and up 1% from last year. Of these sales, 30% were REO Bank Foreclosures, down 3% March.
The Average Sales Price for a condo in April was up 2% from previous month and up 10% from April 2009.
Median Sales Price for a condo down 3% from last month and down 6% from last year.
Pending Condo Sales (under contract) are up 6% in April over last month and up 37% from April 2009.
For more information about buying or selling real estate in Fort Lauderdale, contact me today at 954.850.2397.
Home buyers can begin your home search by viewing Fort Lauderdale MLS available property listings for sale sorted by price and location.
Fort Lauderdale Market Report – March 2010.
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