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.
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 :
Fort Lauderdale REO Foreclosures
Short Sales made up approximately 13% of inventory and 38% of sales in the first quarter of 2011:
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 / Average Price 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
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.
