Fort Lauderdale Real Estate Blog

Looking 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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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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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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The  Fort Lauderdale Real Estate Market report for July 2009 shows some slight decreases from last month for total number of closed sales and pending sales for both single family homes for sale in Fort Lauderdale and condos and townhomes for sale in Fort Lauderdale .

Closed Sales for Fort Lauderdale Condos and townhomes were down 4% in July as compared to June, however, closed sales are up 35% from July 2008 numbers.  39% of these closed sales were Condo foreclosures in Fort Lauderdale, up from 34% in June.

The Average sales price for condo/townhomes in July was up 3% from June and down 39% from same time last year.

Median sales price in July was up 4% from June and down 46% from July 2008.

Pending Condominium Sales down 2% in July as compared with June, however, up 147% from July 2008.

Available inventory for condominiums/ townhomes in July was down 3% from June and down 29% from July 2008.  Months of Available inventory in July remained at 14 months and 27% of this number represents Fort Lauderdale condo foreclosures and Fort Lauderdale condo short sales.

Single Family Closed Sales were down just 1% in July as compared to June and up 22% from July 2008.  37% of single family closed sales in July were bank foreclosures in Fort Lauderdale as compared to 29% in June.

Average Sales Price for Single Family homes was down just 4% from the previous month and down 30% from same period last year.  Short Sales and bank foreclosures continue to affect average sales price.

Median Sales Price up 4% in July and down 27% from July 2008.

Pending Sales for homes in July down 11% as compared to June, however up 128% from July 2008.

Available inventory for Single Family homes down 5% in July from June and down 42% from July 2008.  Months of Available inventory for homes remains at 10 months and 35% of this figure represents home foreclosures and home short sales.

Despite the slight declines in July for pending and closed sales, available inventory continues to shrink and overall, the real estate market for the past 6 months has steadily shown signs of a modest rebound.

Interest rates are still relatively low and the tax credit for first time home buyers will end December 1st.

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

Buyers can always begin their search online for homes, condos and townhomes by searching the Fort Lauderdale MLS for available properties for sale including short sales and foreclosures.

Fort Lauderale Real Estate Market Report - June 2009

Fort Lauderdale Real Estate Market Report - August 2009

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The Fort Lauderdale Real Estate market for June 2009 continues to report positive numbers over same period last year, less inventory on the market for sale, however a slight decrease in pending sales and closed sales for Homes for sale in Fort Lauderdale and Condos for sale in Fort Lauderdale.

Single Family Closed sales were down just 3% in June as compared with last month, however, sales were up 21% over same period last year.   29% of homes sold in June were bank foreclosures in Fort Lauderdale as compared to 44% last month.  MLS doesn’t report closings for Fort Lauderdale Short Sales at this time.

The Average Sales Price for single family homes was up 11% over June and down 30% from same time last year.  Fort Lauderdale REO bank foreclosures and Short Sales in Fort Lauderdale continue to contribute to this decline.

Single family median sales price in June was off 17% from last month, and down 29% from June 2008.

Pending Sales for single family homes down 3% over last month, however, rose 88% from June 2008.

Available inventory for single family homes down 5% as compared to last month and down 40% from same period last year.  There is presently 10 months of available inventory, down 51% from June 2008.  40% of this inventory is classified as foreclosures and short sales.

Closed sales for Fort Lauderdale Condos were down 8% in June as compared to the previous month, however, up 22% from June 2008.  34% of these sales were condo foreclosures in Fort Lauderdale as compared to 36% last month.

The average sales price for condos was down 8% over May and down 38% from June 2008.

Median sales price remained the same month over month and down 45% from same time last year.

Pending sales for condos in June were down 5%, however spiked up 96% from June 2008.

Available inventory for condos in June down 3% from May and down 27% from June 2008.  There is presently 14 months of available inventory.  36% of this inventory is classified as condo foreclosures and condo short sales.

While June numbers report slight decreases after 4 straight months of positive trends, I think the overall picture is still good news for the real estate market.

Interest rates are still relatively low and time is running out for the tax credit for first time home buyers.

For more information about buying or selling, contact me today at 954-850-2397.

Buyers can begin searching homes and condos for sale by viewing the Fort Lauderdale MLS for available property listings including short sales and foreclosures.

May 2009 Fort Lauderdale Real Estate Market Trend Continues.

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source: Realtor Association of Greater Fort Lauderdale

For the 4th straight month, Home Sales in Fort Lauderdale continue in positive territory.

May 2009 figures report double digit positive percentages for both Single Family Home sales and Condo Sales.

Pending sales for both categories up double digit percentages as well, while total inventory for Single Family and Condo sales continues to shrink.

Closed sales for Single Family Homes for sale in Fort Lauderdale  rose 21% in May from the previous month and were up 65% from this time in 2008.  44% of homes sold in May were Fort Lauderdale Foreclosures.

The Single Family Average Sales Price in May was down 10% from last month and down 32% from last year.  Again, Fort Lauderdale REO Bank Foreclosures and Short Sales in Fort Lauderdale contributed to this decline.

The Single Family Median Sales Price off 15% from April and off 39% from same period last year.

Pending Sales for Single Family homes increased 12% over April and up 107% from same time last year.

Inventory for Single Family homes decreased 7% from previous month and decreased 38% from last year.

Closed sales for Condos in Fort Lauderdale up 21% in May and up 65% from last year.

Average Sales Price in May for condos down 10% over last month and down 32% from same time last year.

Median Sales Price for condos dropped 15% from April and down 39% from same period last year.

Pending Sales for condos in May up 16% over last month and up 112% from last year.

Inventory for Condos decreased 5%  in May and is down 27% from last year.

With 4 straight months of numbers in positive territory for the Fort Lauderdale Real Estate market continues to signal the bottom may have been reached.  There will still be short sales and bank foreclosures for awhile and buyers and investors continue to snatch these properties up.

Interest rates are still relatively low and the tax credit is still attractive for first time buyers.

For more information about buying or selling, contact me at 954-850-2397.

Buyers can begin their home search by viewing the Fort Lauderdale MLS for available property listings for sale including short sales and foreclosures.

April 2009 Fort Lauderdale Real Estate Market Continues Upward Trend

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First quarter figures for Listing & Sales activity at Symphony Condo in downtown Fort Lauderdale, located at 600 & 610 W Las Olas Blvd report a total of 10 New Listings; 3 listed as short sales and none were listed as REO Bank Foreclosures.  The percentage of condos for sale at Symphony is just 10%.

Peding Sales at Symphony January - March 2009

There were no pending sales in January or February and 3 pending sales for March.

• 1216-N, 2 bed/2 baths List Price $290,000
• 301-S, 2 bed/ 2 baths, List Price $269,000
• 1815-N, 2 bed/ 2 bath, List Price $231,900

Recent Sales at Symphony January - March 2009

There were 5 Closed Sales between January and March:

• 1708-S, 2 bed/2.5 bath, List Price $499,900 - Sales Price $485,000 (97%) Short Sale
• 2102-S, 2 bed/ 2 bath, List Price $349,900 -Sales Price $333,000 (95%) (Foreclosure)
• 903-S, 2 bed/ 2 bath, List Price $379,000 - Sales Price $350,000 92%)
• 905-S, 2 bed/ 2 bath, List Price $350,000 - Sales Price $260,000 (74%) Short Sale
• 721-N, 2 bed/ 2bath, List Price $289,000 - Sales Price $240,000 (83%)

Average Days on Market 134.

For more information about buying condos for sale at Symphony or for a market analysis for selling a condo at Symphony, contact me today at 954-850-2397.

Recent Statistics for property values for Fort Lauderdale homes and condos for sale

View Fort Lauderdale MLS - available property listings for sale.

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February Listing & Sales statistics for the Coral Ridge neighborhood report 17 new listings added for a total of 127 homes for sale in Coral Ridge.  This is a 23% reduction in inventory over last month with just 4% of homes listed for sale.

2 Short Sales were added in February while there we no REO bank foreclosures added.

Coral Ridge Homes Sold in February 2009

There were 7 homes sold in February

• 3080 NE 45th Street, waterfront-pool. Listed Price $1,795,000.  Sold Price $1,400,000.  Selling Price per sq ft - $381.
• 2616 NE 17th Street, pool.  Listed Price $1,690,000.  Sold Price $1,325,000. Selling price per sq. ft -  $338.
• 2800 NE 20th Court, pool. Listed Price $1,300,000.  Sold Price $$1,325,000.  Selling price per sq ft -  $333.
• 3011 NE 41st Street, waterfront - pool.  Listed Price $1,195,000.  Sold Price $$1,065,000.  Selling price per sq. ft - $454.
• 1818 Coral Ridge Drive, pool. Listed Price $949,000.  Sold Price $825,000.  Selling price per sq. ft - $199.
• 2614 NE 15th St, pool. ListedPrice $849,000. Sold Price $$810,000.  Selling price per sq ft - $298.
• 2510 NE 47th Street, pool.  Listed Price $795,000.  Sold Price $750,000.  Selling price per sq. ft - 305.

Average Days on Market - 113.

Coral Ridge Pending Sales in February 2009

There was 1 home place under contract in February.

• 2873 NE 24th Street, waterfront-pool.  Listed Price $1Million

For more information about buying or selling a home in Coral Ridge, contact me today at 954-850-2397.

Search available Fort Lauderdale MLS Property Listings including Fort Lauderdale Foreclosures and Fort Lauderdale Short Sales

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Source: Fort Lauderdale MLS. Information believed accurate but not warranted.   Average days on market could vary if property was previously listed.

WaterGarden Condo Listing & Sales activity report 6 new listings in February bringing the total number of condos for sale at WaterGarden to 28 out of 315 (8%).  None of the new listings were short sales or REO foreclosures.

Pending Sales at 347 N New River Drive - WaterGarden

1 condo, unit 1108 (skyview) at WaterGarden was placed under contract in February.  The Listed Price for this condo - $349,000.

Closed Sales at WaterGarden Condo, Fort Lauderdale

2 sales at WaterGarden in February:

Unit 1410 (Moonglow) - Listed Price: $499,000 - Sold Price: $478,000. (95%)

Unit 3011 (Stardust) - Listed Price: $485,000 - Sold Price: $460,000 (95%)

For more information about buying condos for sale at WaterGarden or for a market analaysis for selling a condo at WaterGarden, contact me today at 954-850-2397.

Recent Statistics for property values for Fort Lauderdale homes and condos

Search Fort Lauderdale MLS listings for homes and condos for sale including Fort Lauderdale Foreclosures and Fort Lauderdale Short Sales.

WaterGarden Condo Listing & Sales Activity - January 2009

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February Home Sales figures for Fort Lauderdale Real Estate report very positive news for home sales, pending sales and inventory levels for both single family and condominiums.

Single Family home sales are up 5% from last month and up 47% from same time last year.

Average sales price is up 3% from last month, however, it is down (-42%) from February 2008, no doubt due to the number of short sales and foreclosures.

Single Family Pending Sales are up 36% from January and up 128% from same period last year.  This is incredible!

Single Family Inventory is down (-4%) from January and down (-22%) from February 2008.  Awesome!

Fort Lauderdale Condos  - February condo sales are up 16% from last month and up 24% from February 2008.

Average Sales Price for Condos is up 14% from January, however, it is down (-32%) from February 2008.

Condo Pending Sales are up 33% over last month and up 97% from same period last year.  Again, fantastic news!

Condo Inventory is down (-2%) from last month and down (-18%) from February 2008.

In December I posted Have we reached the bottom in the Fort Lauderdale Real Estate Market? 

There are many opinions on this and many are conflicting.  If you remember, I quoted Suze Orman, “It is only when prices start to go up that we’ve reached a bottom.”

I will be watching the next few months closely to see if figures, specifically pending sales continue on an upward trend.

If you have been on the fence about buying, it may be time to consider that interest rates are attractively low and home prices for the most part have rolled back to 2004 levels.

If you are interested in homes for sale in Fort Lauderdale or considering selling your home, contact me today at 954-850-2397.

You can search Fort Lauderdale MLS available property listings including Fort Lauderdale Foreclosures and Fort Lauderdale Short Sales.

If you are an agent in another area noticing similar trends for your market, please post a link to your blog post in comments.

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