In addition to the Market Reports that I blog for Fort Lauderdale Real Estate, I have decided to dig deeper into the numbers and provide detailed market reports and trends for specific neighborhoods.
As real estate is local, there can be vast differences from one neighborhood versus another as well as significant differences from the larger more general area.
Whether you are buying or selling, understanding market trends will benefit you greatly.
I will attempt to provide these on a quarterly basis. The first of these quarterly reports is Lauderdale By the Sea area.
Lauderdale By the Sea Real Estate Market Trends
Waterfront homes: From January through June, available waterfront homes for sale in Lauderdale by the Sea has been about 30+ homes for sale. In June and later months, there has been an increase of available homes for sale. Closed Sales: 3 homes sold from January thru March. 7 homes sold from April thru June. Pending Sales: A total of 6 homes went under contract from January thru March and another 6 from April thru June.
Average Price Per Square Foot
Average Days on the market had significantly reduced from almost 2 years to under a year for the first six months. In the same time period, homes have sold from 75% to 90% of List price.
While the average List Price of a home has remained constant, the Average Sales Price has steadily increased.
The Median Price of sold homes has increased steadily over the first 6 months of the year.
Months of Inventory for the first 6 months fluctuated with a significant dip in May.
Lauderdale by the Sea waterfront Foreclosures are not a significant issue.
Waterfront Short Sales in Lauderdale by the Sea are not significant.
Non Waterfront Single Family Homes: Homes for sale in Lauderdale by the sea from January thru June have decreased. Closed Sales: 6 homes sold from January thru March. 8 homes sold from April thru June. Pending Sales:12 homes went under contract from January thru March and 5 homes went pending from April thru June.
Average Price Per Square Feet.
The Average time on the Market for a home from January thru May was 4-5 months. I’m not sure what happened in June. Homes sold for 90% of the asking price.
The Average List Price has remained consistent for the first 6 months, the Average Sales Price has fluctuated up and down.
Median Sales Price has fluctuated.
Months of Inventory decreased during the first 3 months; however, it has continued to increase significantly since May.
Lauderdale By the Sea Foreclosures are not a significant issue.
Lauderdale by the Sea Short Sales are not a significant issue.
For more information about buying or selling a home in Lauderdale by the Sea, contact me at 954.850.2397. Buyers can begin their home search by viewing Fort Lauderdale MLS listed properties with photos and detailed brochures.
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source: all reports presented are based on data supplied by the Realtor Association of Greater Fort Lauderdale. Neither the Association, their members nor their MLSs guarantee or are in anyway responsible for its accuracy. Data maintained by the Association or their MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
