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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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.
