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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Taking advantage of the First time home buyer tax credit, clients  of mine just recently bought this waterfront home in Plantation, Florida.

A 3 bedroom 2 bath pool home with canal views surrounded by tropical landscape and fruit trees set the perfect setting for Florida outdoor living.

Originally listed at $270,000,  this home closed at the beginning of September of this year with a Sales Price of $258,000.  The seller had previously paid $200,500 in 2002.

For more information about homes for sale in Plantation Florida; whether you are buying or selling, contact me today at 954-850-2397.

View Fort Lauderdale MLS  listings for homes and condos for sale including short sales and bank foreclosures.

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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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Like John, I get contacted daily by prospects looking to buy real estate in Florida.  John works the Fort Lauderdale real estate market, while I work the Sarasota real estate market, but I am sure the same misconceptions exist in both areas.  There are many misconceptions about Florida real estate but two stand out - nothing is selling in Florida and you can steal property here.

1)    Nothing is selling in Florida

This is far from the truth.  Like Sarasota, other areas of Florida are selling well.  As prices have declined from the highs of 2005, buyers are leaving the sidelines and jumping in the pool.  While still higher than normal, inventory levels have been dropping and properties have been selling. According to the Sarasota MLS, so far this year there have been 4,903 sales and there are another 2,204 properties under contract. This same time last year there were just over 4,200 properties closed.

(Added by John Sabia)
Fort Lauderdale real estate market has also improved significantly.

So far this year, according to the Fort Lauderdale MLS, there have been a total of 2,336 sales for both single family and condominium/townhomes in the greater Fort Lauderdale area;  including Oakland Park, Lauderdale By the Sea, Sea Ranch Lakes and Wilton Manors.

Total single family and condominium sales for same period in 2008 were 1,776.

Presently, there are a total of 836 properties pending a sale.

(continue with Marc)
I don’t want to paint the picture that Florida is out of the woods because it is not. Overall, we still have too many properties for sale and there is a downward pressure on price. There also is the possibility of more foreclosures which will have to be absorbed as well. However, there are properties selling and a properly priced home or condo for sale will get action.

2)    You can steal property in Florida

This misconception has some validity to it.  There are properties selling in Florida for half or more of what they used to sell for.  For example, I just saw a home sell recently for $680,000 that sold back in 2005 for $1,350,000.  Compared to where prices were in 2005 buyers can steal property in Florida.

However, there is still the misconception that you can expect to get 25%-50% off the list price of a properly priced property.  That is not true.  In Sarasota, on average, single family homes are selling for 93% of list price and condominiums are selling for 91% of the list price. This goes to show that a home priced stands a good chance of selling within 5-10% of the list price.  So many buyers are under the impression that you can get another 25%-50% discount from the list price.  Of course, there is the rare occurrence that it does happen but usually it just means the seller sold the property for around market value or what it would appraise for anyway.

Often times, the seller has an unrealistic price tag on the property.  In this case the seller needs time to realize that.  A buyer can be right about the homes value and make a realistic offer only to be turned down by the seller and his impractical views.  Not much can be done about this until the seller wises up and lowers price or takes property off the market.  It is a fairly common occurrence.

If you wanted to relocate to Florida or own a vacation home here I do believe this is a good time to start your search. This is a great time to purchase a property for you to own and enjoy for many years.

Marc Rasmussen
Sarasota Homes For Sale

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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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April 2009 figures for Home Sales in Fort Lauderdale continue for the 3rd straight month with an upward trend.

Both Single family home sales and Condo sales were up double digits in April as well as up double digits for Pending sales in both categories.

Total Inventory for all property types has shrunk.

Closed Sales for Single Family Homes for sale in Fort Lauderdale shot up 29% in April over last month and up 16% from same period last year.

Average Sales Price for a Single Family home was down 7% from March and down 35% from last year.  No doubt Fort Lauderdale short sales and Fort Lauderdale REO Bank foreclosures played a significant part.

The Median Sales Price for a Single-Family home was down 4% from last month and down 30% from same time last year.

Single Family Pending Sales up 29% from March and up 87% from same period last year!

Single Family inventory is down 9% from March and down 33% from April 2008.

Closed Sales for Fort Lauderdale Condos in April were up 24% from March and up 17% from April 2008.

The Condo Average Sales Price was down 14% over last month and down 45% from same time last year.

The Condo Median Sales Price was down 11% from last month and down 45% from April 2008.

Pending Sales for Condos in May were up 26% from last month and up 73% from same period last year.

Condominium Inventory is down 6% from March and down 24% from April 2008.

3 straight months of positive numbers for the Fort Lauderdale Real Estate market has many believing a bottom has been reached.   There are still short sales and bank foreclosures, and this will continue for awhile, however, I am seeing multiple offers more and more with cash buyers becoming very aggressive.  I am also seeing qualified sellers seeking to take advantage of loan remodifications.

First time buyers are taking advantage of low interest rates as well as a possible tax credit.

Contact me today at 954-850-2397 if you are considering buying a home or condo or if you are interested in selling your home.

Buyers can begin the home search process by viewing the Fort Lauderdale MLS for available properties for sale including short sales and REO Bank Owned Foreclosures.

March Home Sales & Pending Sales Continue Upward | Inventory Falls

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March 2009 Home Sales figures in Fort Lauderdale continue in positive territory.

Closed Sales were up for for both single family homes and condos.  Pending Sales were up for single family homes, however, Pending Condo Sales were down slightly in March.  Total Inventory continues to shrink.

Closed Sales for Single Family Homes for sale in Fort Lauderdale in March were up 30% from last month and up 19% from same time last year.

March single family Average Sales Price is up 12% from February 2009, however, down 27% from last year.  A huge improvement from February 2009 versus February 2008 Average sales price which was down 42%.  Again, mainly due to the number of bank owned foreclosures and short sales.

Single family Median Sales Price was up 3% in March over last month, down 27% from same time last year.

Pending Sales for single family homes were up 3% over last month and up 86% over same period last year!

Inventory for single family homes was down 5% in March over February and down 27% from last year.

Closed Sales for Fort Lauderdale Condos were up 20% in March over February and up 5% from March 2008.

Average Sales Price for condos was down 4% from last month and down 29% from same time last year.

Median Sales Price was up 2% over last month and down 37% from March 2008.

Pending Condo Sales were down 4% over February, however, up 61% from February 2008!

Inventory for Condos is down 2% from last month and down 19% from last year.

It is still too early to tell for sure if we’ve reached bottom, however, it certainly looks like we have.  We need to continue to monitor the next few months.

If you are interested in condos for sale in Fort Lauderdale or buying a home in Fort Lauderdale, it may be time to consider stepping up to the plate.  Low interest rates, low prices and tax incentives may make it the right decision for you.

Contact me at 954-850-2397 if you are considering a home purchase or if you are interested in selling your home.

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

February Home Sales Up, Pending Sales Up and Inventory Down

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