Fort Lauderdale Real Estate Blog

October 23, 2010

Fort Lauderdale Condos | Market Update – 3rd Quarter 2010

Filed under: Florida real estate,Fort Lauderdale Condos,Market Report,Real Estate News,South Florida Real Estate — Tags: , , , , , , , — john sabia @ 8:23 pm

Fort Lauderdale Condos

Fort Lauderdale Real Estate – Third Quarter Market Trends for Fort Lauderdale Beach, Northeast and Southeast condominiums.

In September, inventory for Fort Lauderdale Condos for sale increased by 1% month over month and were down -7.6% from  January this year.  New Listings were up 8% in September; however they were down -24.4% as compared to January.  Closed Sales were down -20.3% from the previous month and were also down -2.5% as compared to January.  Pending Condo Sales were up 8.3% from August and were down -20.4% from January.

For Sale/ Sold/ Pending/ New Listing - Condominiums/Townhomes

    1 Month   9 Months    
  Sep 10 Aug 10 % Change Sep 10 Jan 10 % Change
For Sale 1900 1881 1% 1900 2056 -7.6%
New Listing 338 313 8% 338 447 -24.4%
Sold 118 148 -20.3% 118 121 -2.5%
Pending 195 180 8.3% 195 245 -20.4%

Of these figures, Inventory for Fort Lauderdale Condo Foreclosures was up 7.8% in September from August with a total of 110 properties classified as bank owned (5%).  As compared to January, REO inventory was also up 64.2%.  Closed Sales categorized  as foreclosures remained the same month over month and were up 20% as compared to January.

Condo Short Sales Inventory was down -0.9% in September from August with 321 properties (16%); however, inventory was up 7% as compared to January.  Closed short sales were down -12.5% in September from August and up 21.7% as compared to January.

The Average Price per square foot for a condo in September was $178.00, down -13.7% month over month and down -24.4% as compared to January.


The Average Days on the Market was down -24.3% in September and down -22.9% as compared to January.  Sales Price versus List Price differential ranges from 84% – 91%.


The Average Closed  Sales Price for condominiums in September was $224.00; down -14.8% from previous month and down -19.1% from January.  The Median Sales Price in September was $166.00; down 8.3% from August and down -7.8% as compared to January.


In September, there were 16.1 months of available condo inventory, up 26.7% from previous month and down -5.2% from January.

As we head into the winter season combined with the weak US dollar, I suspect we will see an influx of foreign investors and 2nd home buyers looking to take advantage of attractively priced condominiums on the sand or near the beach that on average are approximately 40-50% less than they were during the boom years.

The graph below illustrates Average Price For Sale and Average Price of Closed Sales from September 2002 to present day.  As you can see, we are basically back to 2003 prices.  I think we may very well be seeing a leveling off.


Fort Lauderdale Waterfront Homes | Market Report – 3rd Quarter 2010

Fort Lauderdale Homes For Sale | Market Report – 3rd Quarter 2010

For more information about Buying  or Selling Fort Lauderdale Condos, contact me today at 954.850.2397.

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October 17, 2010

Fort Lauderdale Homes For Sale | Market Report – 3rd Quarter 2010

Filed under: Florida real estate,Just Listed,Just Sold,Market Report,Real Estate News,South Florida Real Estate,short sales — Tags: , , , , — john sabia @ 12:58 pm

Fort Lauderdale Homes For Sale

Third Quarter Market trends for non-waterfront Fort Lauderdale Homes For Sale in Northeast and Southeast Fort Lauderdale; and Fort Lauderdale Beach communities.

Inventory in September increased by 2.5% from August and was up 4.7% from January of this year.  New Listing inventory increased 7.8% month over month and was up 9.5% as compared to January.  Pending homes (under contract)  increased 1.4% from August to September; however, they were down 6.4% as compared to January.   Closed Sales were up 27.7% month over month and were up 53.8% as compared to January!

For Sale/ Sold/ Pending/ New Listing - Non Waterfront

    1 Month   9 Months    
  Aug 10 Sep 10 % Change Jan 10 Sep 10 % Change
For Sale 520 533 2.5% 509 533 4.7%
New Listing 128 138 7.5% 126 138 9.5%
Sold 47 60 27.7% 39 60 53.8
Pending 72 73 1.4% 78 73 -6.4%

Of these figures, inventory for home foreclosures for sale was down 7.9% in September from  August with a total of 35 properties classified as bank foreclosures. However, inventory is up 59.1% as compared to January.  Closed Sales classified as reo bank owned were up 27.3% in September from August and were up 40% as compared to January.

Inventory for Short Sales was up 16.1% in September from August with a total of 108 properties; and up 10.2% as compared to January.  Closed Sales classified as short sales were down 25% in September from August; and were down 25% as compared to January.

The Average Price per square foot for a non-waterfront home in September was $191.00, up 8.6% from August; and up 21% as compared to January 2010.

In September, the Average Days on the Market for a non-waterfront home was 98 days; up 24.1% from August and was down 14% as compared to January.  Sales Price versus Listing Price differential ranged from 89 – 98%.

The Average Closed Sales Price for a non-waterfront home in September was $351.00; up 38.7% from August and was 36% as compared to Janaury.  Median Sales Price in September was $232.00; up 24.1% from August and up 36.5% as compared to January 2010.

In September, there were 8.9 months of non-waterfront  homes for sale, down 19.7% from August; and down 31.9% as compared to January.  Pundits agree that a normal balanced market with regards to inventory is when there are 6-8 months of inventory.

Fort Lauderdale Waterfront Homes | Market Report – 3rd Quarter 2010

Fort Lauderdale Condos | Market Report – 3rd Quarter 2010

For more information about buying or selling homes for sale in Fort Lauderdale, contact me today at 954.850.2397.

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September 10, 2010

Fort Lauderdale Real Estate | Market Report – August 2010

Filed under: Fort Lauderdale Condos,Fort Lauderdale Real Estate News,Market Report,Real Estate News,South Florida Real Estate — Tags: , , , , , — john sabia @ 4:10 pm

As we begin the final month of the third quarter, looking ahead to the autumn and winter months, real estate activity has begun to pick up again.  There are some good signs worth pointing out when reviewing the Fort Lauderdale Real Estate Market Report for August.

The Average Sales Price has increased for both single family homes and condo sales from last month.  The Median Sales Price increased by double digits for home sales, however it decreased slightly for condo sales.

Pending Sales (under contract) in August were up for both homes and condos.

New Inventory increased slightly for both homes and condos.  Presently there is a 10 month supply of single-family homes for sale and a 12 month supply of condominium listings.

New single-family homes on the market increased by 2% over last moth and 7% from August 2009.

New Condo properties on the market increased by 3% from July, however, down 2% from same time last year.

Total Inventory for both homes and condos totaled 5,983 new listings; up just 4% from last month and down 2% from August 2009.

Closed sales for single-family homes were down 12% from last month and down 21% from last year.  Of these sales, twenty-six percent were REO Bank Foreclosures; up 8% from last month and down 40% from August 2009.

The Average Sales Price for a home in August was $293,128; up 7% from July and up 10% from same time last year.

Median Sales Price jumped 13% from last month to $220,000 and up 1% from August 2009.

Pending Homes (under contract) totaled 1,080; up 6% from last month and down 17% from August 2009.

Available inventory totaled 6,268 homes for sale; up 1% from last month and down 11% from August 2009.  Thirty-five percent are bank owned.

Closed Sales for Condos totaled 753 in August; down 10% from July and down 15% from August 2009.  Condo Foreclosures accounted for thirty-seven percent (37%); up 9% from previous month and down 31% from same period last year.

Average Sales Price in August for a condo was $126,882; up 1% from July and down 9% from August 2009.

Median Sales Price was $72,200; down 7% from previous month and down 13% from August 2009.

Pending Sales for condos totaled 1,276; up 12% from July and down 9% from same time last year.

Available condo inventory totaled 8,674 listings for sale; up 1% from last month and down 21% from August 2009.  Thirty-six percent are bank owned.

Northeast & South East Fort Lauderdale – Waterfront Single Family

 

 Single Family Non-Waterfront

 

Northeast & Southeast Fort Lauderdale – All Condominiums

 

Fore more information about buying or selling real estate in Fort Lauderdale, contact me today at 954.850.2397.

Buyers can begin their home search by viewing available Fort Lauderdale MLS listings.

Fort Lauderdale Real Estate Market Report – July 2010.

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August 17, 2010

Fort Lauderdale Real Estate | Market Report – July 20120

Filed under: Florida real estate,Fort Lauderdale Real Estate News,Market Report,Real Estate News,South Florida Real Estate — Tags: , , , , , , , , — john sabia @ 2:16 pm

As summer begins to wind down and kids are getting ready to return to school, much of the focus is on the upcoming mid-term elections in November.  With regards to real estate, the July Fort Lauderdale Real Estate Market Report is pretty much unchanged from last month.

The positives are closed sales for single family homes were up 2% from last month.  Available inventory for single family homes remained unchanged for 3 straight months (at eight months) and available condo inventory shrunk by one month to nine months.

July numbers for New Listing Inventory report and increase of 6% over last month with 1,707 new single family homes on the market and up 14% from July 2009.

New condo inventory totaled 1,969 new condo listings; up 3% from last month and up 6% from same period last year.

Total Inventory for both single family and condos totaled 5,766 new listings; up 2% from last month and up 3% from July 2009.

Closed sales in July totaled 738, up 2% from June and down 1% from same time last year.  Twenty-four percent of the sales were classified as REO Bank Foreclosures, down 4% from last month and down 35% from July 2009.

The Average Sales Price for a single family home in July was $274,363, down 12% from last month and unchanged from July 2009.

Median Sales Price in July dropped 9% from the previous month to $195,000, down 11% from same period last year.

Homes under Contract (Pending Sales) totaled 1,019 in July, down 1% from last month and down 12% from July 2009.

Available Inventory in July for single family homes was 6,195 properties, up 5% from  June and down 12% from July 2009.

Closed Sales for Fort Lauderdale condos totaled 836 in July; down 9% from the previous month and up 10% from July 2009.  Foreclosures accounted for thirty-four percent (34%) of these sales, up 10% from June and up 13% from same period last year.

The July Average Sales Price for condos was $125,158; down 3% from June and down 3% from July 2009.

The Condo Median Sales Price in June remained unchanged from the previous 2 months at $78,000, however, down 6% from July 2009.

Pending Inventory for condos in July totaled 1,138 condos under contract; down 6% from June and the same for July 2009.

Available July condo inventory shows a total of 8,598 condos for sale; up 2% from June and down 22% from July 2009.  Thirty-four percent (34%) are classified as bank foreclosures; up 6% from June and up 26% from July 2009.

Trends for Northeast and Southeast Fort Lauderdale in the following zip codes:

Single Family – Waterfront

 Single Family Non-Waterfront:

 All Condos Waterfront AND Non-Waterfront

For more information about selling or buying real estate in Fort Lauderdale, contact me today at 954.850.2397.

Buyers can begin their home search by viewing available Fort Lauderdale MLS listings.

Fort Lauderdale Real Estate Market Report – June 2010.

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July 23, 2010

Fort Lauderdale Real Estate | Market Report – June 2010

Filed under: Florida real estate,Fort Lauderdale Condos,Fort Lauderdale Real Estate News,Market Report,Real Estate News,South Florida Real Estate,foreclosure properties — Tags: , , , , , , , — john sabia @ 5:29 pm

As it is typical with the summer months, the real estate market tends to slow down as kids are out of school and families go on vacation.  There are positives and negatives in reviewing the June Fort Lauderdale Real Estate Market Report.

While new inventory is down, total inventory is up and months of supply is unchanged.  While Average Sales Price is up, Median Sales price is down.  While total number of sales are down slightly, the percentage of REO bank foreclosure sales are up significantly.   Although there are some negatives, the positives are well, positive.

June New Listing Inventory reports 1,613 new single family homes were added to the inventory levels, down 10% from May and down 1% from June 2009.

Condo New Listing Inventory reports 1,910 new condo listings added in June, down 7% from last month and down 2% from last year.

Total Inventory for all property types in June totaled 5,658, down 7% from May and down 4% from same period last year.

Total number of Closed Sales for single family homes in June was 717.  Sales were down slightly at -4% from May and down 4% from June 2009.   REO Bank Foreclosures accounted for 25% of sales, up 14% from last month and down 14% from same time last year.

Average Sales Price for single family homes in June was $311, 094, up 9% from May ($286,496), and up 9% from June 2009 ($286,556).

Median Sales price (single family) was $215,000, down 2% from June ($220,000) and up 2% from same period last year.

Pending Sales for single family in June totaled 1,025, down 19% from last month and down 21% from June 2009.

June inventory reports 5,896 available homes for sale, up 3% from May and down 21% from June 2009.  Thirty-three (33%) are classified as bank foreclosures.

Closed Sales for Fort Lauderdale Condos totaled 914 in June, down 5% from May and up 15% from June 2009.  Foreclosures accounted 31% of these sales, up 3% from lat month and down 9% from same time last year.

Average Sales Price for Condos in June was $128,835, up 4% from last month ($123,392) and up 3% from June 2009 ($125,329).

Median Sales Price (condos) was $78,000, down 3% from June ($80,000) and down 3% from same time last year.

Pending Condo Sales in June totaled 1,215, down 17% from last month and down 2% from June 2009.

Inventory reports 8,427 available condos for sale, up 1% from May and down 26% from June 2009.  Thirty-two percent (32%) classified as bank foreclosures, down 33% from last month and down 11% from June 2009.

For more information about selling or buying real estate in Fort Lauderdale, contact me today at 954.850.2397.

Buyers can begin their home search by viewing Fort Lauderdale MLS available property listings.

Fort Lauderdale Real Estate Market – May 2010

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June 24, 2010

Fort Lauderdale Condos | WaterGarden Condo

Filed under: Fort Lauderdale Condos,Fort Lauderdale Real Estate News,Just Sold,Real Estate News,South Florida Real Estate,watergarden condo — Tags: , , , , — john sabia @ 3:51 pm

WaterGarden condo - Fort LauderdaleClients of mine hit the jackpot earlier this year purchasing this exceptional buy in downtown Fort Lauderdale at WaterGarden condo on a lower floor with a river view.

This transaction was neither a short sale nor a bank foreclosure, rather a realistic seller who understood the market.

This 1 bedroom- 1 bath Sungarden floor plan totals 820 square feet features floor to ceiling windows, granite counters and stainless appliances.

This condo offered for sale at $249,000 -  closed in January 2010 at $182,000.

Situated on the Nu River in downtown Fort Lauderdale, WaterGarden Condo  offers resort living with close proximity to restaurants and boutique shopts on Las Olas Boulevard.

WaterGarden Las Olas floor plans consist of 1, 2 and 3 bedroom condos and prices start from the low $200′s.

For more information about Fort Lauderdale Condos for sale whether you are buying or selling, contact John Sabia today at 954.850.2397.

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June 21, 2010

Fort Lauderdale Real Estate | Market Report – May 2010

Filed under: Fort Lauderdale Real Estate News,Market Report,Real Estate News,South Florida Real Estate — Tags: , , , , , , , — john sabia @ 3:10 pm

Median Sales Price and number of months of inventory are the numbers to look at for May’s Fort Lauderdale Real Estate Market Report.  In both Single Family homes and condominiums, the median sales price is up 10% from last month and the inventory levels are at 8 and 9 months of supply respectively.  Inventory levels are considered that of a typical balanced real estate market when supply is at 6-8 months.

New Listing Inventory in May reports 1,784 homes came on the market, up 7% from April and up 7% from May 2009.  There were 2,062 condominiums new to the market in May; up 3% from last month and up 1% from May 2009.  Total new Inventory for all property types in May equals 6,076.

Single Family closed Sales in May totaled 746.   This number is up 15% from April and down 4% from May 2009.  Twenty-two percent of these sales were classified as REO bank foreclosures, down 19% from last month.

Average Sales Price for a home in May was $286,496; up 10% from last month and up 11% from same period last year.

Median Sales Price for a home in May was $80,000; up 10% from April and unchanged from May 2009.

Pending Sales (homes under contract) totaled 1,268; up 4% from April and down 6% from May 2009.

Inventory in May reports there are 5,704 homes currently for sale; down 1% from April  and down 27% from May 2009.  Of this May figure, 51% are classified as foreclosures.

Closed Sales for Fort Lauderdale Condos in May totaled 967.  This number is down 6% from April and up 12% from same period last year.  Thirty percent are considered reo bank foreclosures.

Average Sales Price for condos in May was $123,392; down 6% from April and down 10% from May 2009.

Median Sales Price in May was $80,000; up 10% from last month and unchanged from same period last year.

Pending Condo Sales in May totaled 1,459; down 6% from last month and up 11% from May 2009.

Condominium Inventory in May reports there are 8,323 condos/townhomes presently for sale; down 2% from last month and down 29% from May 2009.   Of this May figure, 48% are considered reo bank foreclosures.

For more information about buying or selling real estate in Fort Lauderdale, contact me today at 954.850.2397.

Home buyers can begin their home search by viewing Fort Lauderdale MLS available property listings for sale by price and location.

Fort Lauderdale Market Report – April 2010.

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May 28, 2010

Fort Lauderdale Real Estate | Market Report – April 2010

Filed under: Florida real estate,Fort Lauderdale Real Estate News,Market Report,Real Estate News,South Florida Real Estate — Tags: , , , , , , , — john sabia @ 4:46 pm

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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May 5, 2010

Fort Lauderdale Real Estate | Market Report – March 2010

Filed under: Florida real estate,Fort Lauderdale Real Estate News,Market Report,Real Estate News,South Florida Real Estate — Tags: , , , , , — john sabia @ 9:23 pm

The March 2010 Market Report reveals positive numbers for  the Fort Lauderdale Real Estate Market .

Inventory levels are shrinking, Average Sales Price and Median Sales Price are both up and number of closed sales in both single family and condos are up. With the positive increases in closed sales, surprising, the percentage of these sales that are short sales and reo bank foreclosures is down.

Inventory for both single family homes and condo/townhomes  is slightly up from what is considered to be a normal balanced market of 6-8 months.Single family home sales in March were up 6% as compared to February and up 10% from same period last year.  26% of these sales were classified as REO Bank Foreclosures.

The Average Sales Price for a home in March was up 18% from the previous month and up 3% from this time last year.The Median Sales Price for a single family home was up 10% from February, however, down 7% from March 2009.

Pending home sales were down 1% from February and up 25% from last year.Inventory for homes is down 2% from last month and down 36% from March 2009. Number of months of supply of homes for sale dropped 1 month to 10 months in March, down 42% from this time last year when there was an 18 months supply of homes for sale.

Closed Sales in March for Fort Lauderdale Condos and townhomes were up 16% from February and up 59% from same period last year.  Of these sales, 31% represented Condo Foreclosures.

The Average Sale Price for a condo in March was up 2% versus February and down 7% from March 2009.

The Median Sales Price was up 6% from last month and down 14% from same time last year.

Pending Sales for Condos in March were down 3% from February and up 63% from March 2009.Condo Inventory dropped 1 month in March to 10 months supply and down 58% from last year when there was a 23 month supply of condos for sale.

For more information about buying or selling real estate in Fort Lauderdale, contact me today at 954.850.2397.

Begin your home buying search by viewing Fort Lauderdale MLS available property listings for sale sorted by price and location.

Fort Lauderdale Real Estate Market Report -April 2010.

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November 17, 2009

Fort Lauderdale Real Estate | Market Report – October 2009

Filed under: Florida real estate,Fort Lauderdale Condos,Fort Lauderdale Real Estate News,Market Report,Real Estate News,South Florida Real Estate — Tags: , , , , — john sabia @ 6:19 pm

Fort LauderdaleLooking at the Fort Lauderdale Real Estate Market Report for October 2009, there is a continued trend for leveling off to a more balanced market.  Closed Sales for both Single Family homes and Condominiums are in the positive territory; REO Bank foreclosures and Fort Lauderdale Short Sales contributing to approximately 1/3 of the overall sales.  Inventory for single family homes is back to levels associated with a normal real estate market while condominium inventory is slightly above a normal market level.

Closings for Single Family Homes in October were up 6% compared to last month and up 36% from same period last year.  Of the total closings, 33% were classified as REO Bank foreclosures in Fort Lauderdale.

The Average Sales Price for a Single Family Home in October dropped slightly by 1% as compared to September and down 25% from October 2008.

The Median Sales Price in October for a Single Family Home was up 5% from last month and down 16% from same period last year.

Pending Sales in October dropped just 4% from September and up 59% from October 2008.

Single Family Available Inventory down 5% from last month and down 46% from same period last year.  Number of Months of available inventory dropped 1 month to 7 months in October, down 61% from same time last year when there was 18 months of available inventory.  REO bank foreclosures and short sales make up 1/3 of available inventory.

Closed Sales in October for Fort Lauderdale Condos and townhouses dropped just 3% as compared to September and up 66% from same period last year.  Of these closed sales, 37% represented Fort Lauderdale Condo Foreclosures.

The Average Sales Price for a Condo in October was up 3% from last month and down just 11% from October 2008.

Median Sales Price was up 6% in October over September and down 28% from same period last year.

Pending Condo Sales were up 1% from last month and up 110% from October 2008!!!

Available Condo inventory dropped 3% in October from September level and down 35% from same period last year.  At present there is an 11 month supply of condominium inventory, down from 12 months in September.  This time last year there was a 28 month supply of condos on the market, which represents a reduction of 61%.  Of the present Condo inventory, 1/3 of these properties are either short sales or bank foreclosures.

With inventory levels decreasing and total number of sales increasing, it sure looks as though a balancing out in the market place is taking place.  We are leaps and bounds ahead of where we were this time last year.  Interest rates are still very competitive and the tax credit has been extended into 2010 for First Time homebuyers.

For more information about buying or selling real estate in Fort Lauderdale, contact me today at 954-850-2397.

Begin your home buying search by viewing Fort Lauderdale MLS available property listings for sale sorted by price and location including short sales and foreclosures.

Fort Lauderdale Real Estate Market Report – September 2009

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