The Fort Lauderdale Real Estate market report- August 2009 reports positive numbers for closed sales and pending sales for both single family and condominium/ townhomes and a decline in inventory. Short Sales and bank foreclosures still make up a large percentage of closed sales.
Closed Sales for Single Family homes were up 11% in August as compared to July and up 28% from same time last year. 43% of these sales were classified as REO bank foreclosures in Fort Lauderdale.
The Average Sales Price for Single Family homes in August was down 3% from July and down 29% from August 2008.
The Median Sales Price in August remained the same as July and was down 26% from same period last year.
Pending Sales for Single Family homes were up 12% from last month and up 49% from August 2008.
Available Inventory for Single Family homes decreased 7% in August as compared to July and down 45% from August 2009. Supply of inventory decreased in August to 8 months from 10 months in July and down 57% from August 2008. Thirty-Five percent of available inventory are classified as either home foreclosures or short sales.
Closed Sales for Fort Lauderdale Condos and townhomes were up 16% in August as compared to July and up 28% from August 2008. Of these closed sales in August, 54% were classified as Fort Lauderdale condo foreclosures.
The Average Sales Price for Condos in August was up 8% from last month and down 24% from August 2008.
The Median Sales Price remained the same in August as compared to July and down 26% from same period last year.
Pending Condominium Sales were up 16% in August over July and up 83% from August 2008.
Available Inventory for Condos/Townhomes in August were down 5% from July and down 32% from same period last year. Supply of Condo/Townhome inventory is at 14 months, just up 2 months from July and down 57% from August 2008.
Overall, the real estate market appears to continue to show good signs of recovering. We have many more months of positive numbers than negative and supply of homes for sale is significantly down from 1st quarter 2009.
Interest rates are still attractive and the first time homebuyer tax credit for first time home buyers is expiring December 1st. Efforts are underway to extend the tax credit.
For more information about buying or selling residential real estate in Fort Lauderdale, Florida, contact me today at 954-850-2397.
Buyers can begin their home search online by searching Fort Lauderdale MLS available property listings for sale including short sales and foreclosures as well as tips and useful information for buying a home in Fort Lauderdale.
Fort Lauderdale Real Estate Market Report – July 2009
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