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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