The Fort Lauderdale Real Estate market report – September 2009: shows a minimal decrease in closed sales for single family homes and condos as compared to August and a continued decline in inventory for both categories. REO Bank foreclosures and Fort Lauderdale Short Sales still contribute to the overall number of closed sales.
Single-Family home closings in September were down just 3% as compared to closings in August and 40% from September 2008. Of the total closings, twenty-nine percent were classified as REO Bank Foreclosures in Fort Lauderdale.
Single-Family Average Sales Price in September slightly increased by 1% over last month and down 22% from same period last year.
Single-Family Median Sales Price in September decreased by 8% over last month and down 23% from September 2008.
Pending Single-Family homes declined 10% over last month; however jumped 39% from same period last year. Available Single-Family homes inventory decreased in September by 3% as compared to August and down 45% from last year.
The supply of available homes for sale remained the same as compared to August, however down 61% from September 2008. REO Foreclosures made up 34% of single-family inventory in September.
Closed Sales for Fort Lauderdale Condos and townhomes in September were down just 3% as compared to August and rose 69% from September 2008. Thirty-one percent of closings were Fort Lauderdale Condo bank foreclosures.
The Condominium Average Sales Price in September was down 4% as compared to last month and down 28% from September 2008.
The Condominium Median Sales Price in September was also down 4% from August and down 37% from same time last year.
Pending closings for Condos/townhomes in September down 7% from previous month and up 116% from September 2008!
Available inventory for condos & townhomes in September was down 5% from last month and down 34% from last year. Inventory supply for condos and townhouses indicate there are 12 months of supply unchanged from last month however, drastically reduced from 30 months at this time last year. Of this inventory, 30% is classified as REO Bank condo foreclosures.
The Fort Lauderdale Real Estate market continues to show signs of stabilizing and slowly recovering. There are rumors of another waive of foreclosures and some pundits have expressed the possibility of another 30% drop in prices for South Florida which I do not think is likely to occur.
First time home-buyers may have good news. It appears there is a good possibility the first time homebuyer tax credit may be extended into 2010.
For more information about buying or selling real estate in Fort Lauderdale, Florida contact me today at 954-850-2397.
Home Buyers can begin their home search online by searching Fort Lauderdale MLS available property listings for sale including short sales and foreclosures.
Fort Lauderdale Real Estate Market Report – August 2009Return to
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