Fort Lauderdale Real Estate Blog

November 17, 2011

Fort Lauderdale Ranks 5th on Realtor.com

Filed under: Florida real estate,Fort Lauderdale Real Estate News,South Florida Real Estate — Tags: , , , , , , , — john sabia @ 6:25 pm

Fort Lauderdale ranks #5 on Realtor.com’s Top Ten Early Turnaround Town Report.

In addition to Fort Lauderdale, six other Florida Markets (Miami, Orlando, Fort Myers – Cape Coral, Sarasota and Lakeland-Winter Haven) dominate the Top Ten list based on Third Quarter 2011 data.

All these markets have experienced significant reduction in inventory, median price appreciation, and the length of time a property sits on market for sale.

In addition, Florida has a lower unemployment rate and the warm climate makes it an ideal location for a vacation-second home.

With the  decline in the US dollar, Florida has seen a steady flow of Foreign buyers taking advantage of both their currency purchase power and the depressed real estate market scooping up properties at much lower prices.

The Fort Lauderdale Real Estate Market inventory has reduced by as much as 38% and real estate prices are trending upward after falling as much as 50% since 2005.

In summary, the real estate market seems to be in a recovery mode.  Buyers who are the fence about buying or are convinced prices will continue to fall, may want to reconsider.  Interest rates are at historic lows and now may be the perfect time to jump in.

Besides, the weather is great!

October 20, 2011

Fort Lauderdale Condos | Year To Date Market Report

Filed under: Florida real estate,Fort Lauderdale Condos,Fort Lauderdale Real Estate News,Fort Lauderdale Townhomes,Market Report,South Florida Real Estate,foreclosure properties — Tags: , , , , , , , , , , — john sabia @ 3:51 pm

Condos in Fort Lauderdale

Inventory for available Fort Lauderdale Condos For Sale including townhouses were down 29.4% year-to-date.  Closed Sales for condos were down 1.3% and pending sales down 29.3%.

Condos For Sale, Sold & Pending

For Sale / Sold / Pending

Average Price per square foot ranged from $178.00 – $208.00; up 2.4% year to date.

Average price per sq ft Condos

Average Price per Sq Ft

Average Days on the market for a condo has shrunk 18% to just under 4 months.  Sales Price versus Listed Price has remained consistent and ranged from 88% – 92%.

Average Days on Market & Sales price vs List Price %

Days on Market & Sales Price vs List Price

The Average List Price for a condominium/ townhouse ranged from $492,000 – $525,000; up 6.7% year to date.  The Average Closed Sales Price ranged from $214,000 – $275,000; up 5.6%.  The Median Sales Price for a condominium ranged from $150,000 – $193,000 and year to date is up 14.7%.

The Condominium Average Price for Sale/ Sold

Average Price For Sale / Sold

Median Sales Price for a condo

Median Sales Price

Months of Inventory based on closed sales were down 28.5% with a 7.7 months supply of condos/ townhomes for sale.

Months of Condo Inventory

Months of Inventory

Fort Lauderdale Condo Foreclosures decreased from under 6% of inventory down to under 3% of inventory; -67%.   Condo Short Sales in Fort Lauderdale made up approximately 10-13% of inventory and have decreased by 46.5% year-to-date.

Condo Foreclosures

Condo Foreclosures

Condo Short Sales

Condo Short Sales

Comparing August 2011 vs August 2010

  • Inventory is down 36.4%
  • Closed Sales are up 12.6%
  • Median Sales Price down 6.6%
  • Months of Inventory down 43.5%

In summary, the condo market continues to improve as inventory has decreased significantly from January.  Closed sales had trended upward in the 2nd quarter, however, they have since slowed down.   Inventory is on the climb again barely under 8 months.

Sellers need to focus on the list price as competition is growing each month.  Buyers continue to have a choice of properties to choose from, however, the sales versus listed price is within 10-20%.

Until next month….

Note: The above commentary is the personal opinion of the author only and should not be construed as “financial advice”.  The market changes from day to day.  Always consult with a professional realtor® before making any decisions about Real Estate.

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Fort Lauderdale Home Sales | Market Update Year to date

Filed under: Florida real estate,Fort Lauderdale Real Estate News,Market Report,foreclosure properties,short sales — Tags: , , , , , , , , , , , — john sabia @ 2:45 pm

Homes For Sale in Fort Lauderdale

Inventory for available Fort Lauderdale Homes for sale has decreased by 27.3% year-to-date.  Closed single family home sales are up 9.3% and pending sales are up 29.4% for same period.

Non waterfront Homes for sale, pending and closed

For Sale / Sold / Pending

Average Price per square foot has ranged from $147 to $188; up 10.6% year-to-date.

Average price per square foot - non waterfront homes

Average Price per Sq Foot

Average Days on the Market has decreased by 2.2% to just under 3 months.  Sales Price versus Listed Price is up 1.1% at 92%.

Average Days on market

Days on Mkt - Sold/ List Price %

The Average List Price for a non-waterfront home ranged from $465,000  – $520,000; up 11.8% year-to-date.  The Average Closed Price ranged from $252,000 – $350,000 year-to-date; up 23%.  The Median Sales Price ranged from $170,000 – $279,000; up 52.9% year-to-date.

Average Price For Sale / Sold

Average Price For Sale / Sold

Median Sales Price

Median Sales Price

Total Months of Inventory is down 33.5% with a 6.2 months supply of available homes for sale.  A normal balanced market is 6-8 months supply of homes for sale.

Months of available Inventory

Months of Inventory

Inventory for Home foreclosures in Fort Lauderdale were less than 5% and decreased 51.7% year to date.  Fort Lauderdale Short Sales were approximately 20% of inventory and have decreased by 34.3%.

Home Foreclosures

Home Foreclosures

Home Short Sales

Short Sales

Comparing August 2011 vs August 20110

  • Inventory is down 30%
  • Closed Sales are up 25%
  • Median Sales Price is up 40.7%
  • Months of Inventory down -44%

In summary the trend for Fort Lauderdale homes is very good.  Sales continue to be strong while distressed properties are not significant.  The Median Sales Price has increased sharply and months of available inventory are within the normal range.

Sellers need to be mindful of pricing a home competitively and buyers who are on the fence may want to consider whether it is time to jump into the market.

Until next month…

Note: The above commentary is the personal opinion of the author only and should not be construed as “financial advice”.  The market changes from day to day.  Always consult with a professional realtor® before making any decisions about Real Estate.

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August 31, 2011

Canadians Continue to Invest In South Florida Real Estate Market

Filed under: Fort Lauderdale Real Estate News — Tags: , , , , , , , , , — john sabia @ 4:29 pm

While the Average price of a Canadian home has doubled over the past 15 years, prices in South Florida – and much of the United States – have dropped as much as 50% since the 2004-2006 peak years.

In Canada, the average price of a home sold for just over $339,000 in 2010, up from $151,000 in 1995 according to an article earlier this year in the Montreal Gazette.  Price appreciation has resulted in significant increases in equity in Canadian homes.  This has made South Florida’s fire sale a great temptation for Canadian home buyers.

Canadians, by far, make up the largest percentage of international buyers and investors in the Sunshine State,” reports Patricia Fitzerald, president of trade group Florida Realtors.  Fitzerald accompanied Florida Governor, Rick Scott to Canada in June in an attempt to convince Canadian investors to come to Florida.  Thirty-six percent of all international real estate sales in Florida go to Canadians.

Fitzerald described the trip as a “trade mission,” stating that it offered “a prime opportunity to demonstrate the benefits of doing business – and living – in Florida.”  Scott added that many Canadian companies see Florida as having a “favorable business climate” and emphasized his own administrations “commitment to cut taxes” as one of the reasons many international buyers invest here.”

The primary reason for Canadians to purchase properties in Florida is the buying power.  The decline in the local real estate market combined with the buying power of the Canadian Dollar offers Canadians an opportunity not seen in past years.  Plus, the proximity and the warm climate make it an ideal winter vacation place.

With the rise in their home equity, many Canadians have chosen to refinance their existing home to access capital and then purchase their Florida property with cash, avoiding the need for financing.

For more information about buying or selling real estate in Fort Lauderdale, contact John Sabia to day at 954.850.2397.

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May 12, 2011

Fort Lauderdale Real Estate – Market Report | January to March 2011

Filed under: Florida real estate,Fort Lauderdale Condos,Fort Lauderdale Real Estate News,Market Report — Tags: , , , , , , , , — john sabia @ 6:17 pm

First quarter Market Report for Fort Lauderdale Real Estate show continued improvement for the Fort Lauderdale Beach, Northeast and Southeast areas for both single family and condominium/townhouse properties.

Inventory was down, Sales were up and pending sales were also up.  The number of properties for sale has trended down across the graph and there are almost 1,000 fewer properties for sale in March 2011 than there were in January 2010.

For Sale, Sold, Pending and New Listing Graph

Number of Homes For Sale, Sold, Pending and Newly Listed

Foreclosures represented 0.04% of inventory and 24% of sales in the first quarter of 2011 :

Foreclosures

Fort Lauderdale REO Foreclosures

Short Sales made up approximately 13% of inventory and 38% of sales in the first quarter of 2011:

Short Sales Graph

Fort Lauderdale Short Sales

Average Price for a property for sale trended up, Average sales price bumped up and down and the Median Price Sold trended upward.

Average Price For Sale and Average Price Sold

Average Price For Sale / Average Price Sold

Median Price for Properties Sold

Median Price Sold

Months of Inventory shrunk significantly.  Look at January 2010 and September 2010 when the months of inventory was 1.5 years.  Even from January to March of this year, months of inventory has reduced by almost half:

Months of Inventory

Months of Inventory

There is still room for improvement, however, these are encouraging signs that the market is rebounding.

If you are interested in buying or selling real estate in Fort Lauderdale, Florida, call me at 954.850.2397.

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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 16, 2010

Lauderdale By Sea Real Estate | Market Report – 2nd Quarter 2010

Filed under: Fort Lauderdale Real Estate News,Lauderdale by the Sea,Market Report,Real Estate News,South Florida Real Estate — Tags: , , , — john sabia @ 6:05 pm

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.

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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September 1, 2010

424 SW 14th Court | Fort Lauderdale Townhomes – Just Sold

Filed under: Florida real estate,Fort Lauderdale Condos,Just Sold,Real Estate News,South Florida Real Estate — Tags: , , , , — john sabia @ 5:11 pm

Conveniently located next to downtown Fort Lauderdale, I listed this 2 bedroom 2.5 bath townhouse at Croissant Springs Cluster.  Built in 2001 with a total of 1,583 square feet, this townhouse was offered turn-key furnished including exquisite art paintings.

Originally listed at $260,000, this Fort Lauderdale townhome was on the market just 57 days before closing at a final sales price of $245,000.

424 SW 14th Courtkitchen at 424 SW 14th CourtLiving area of townhouseCommunity Pool at 424 SW 14th Court

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

Buyers can begin their home search anytime by viewing Fort Lauderdale MLS listed properties with photos and detailed brochures.

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