Fort Lauderdale Real Estate Blog

As summer begins to wind down and kids are getting ready to return to school, much of the focus is on the upcoming mid-term elections in November.  With regards to real estate, the July Fort Lauderdale Real Estate Market Report is pretty much unchanged from last month.

The positives are closed sales for single family homes were up 2% from last month.  Available inventory for single family homes remained unchanged for 3 straight months (at eight months) and available condo inventory shrunk by one month to nine months.

July numbers for New Listing Inventory report and increase of 6% over last month with 1,707 new single family homes on the market and up 14% from July 2009.

New condo inventory totaled 1,969 new condo listings; up 3% from last month and up 6% from same period last year.

Total Inventory for both single family and condos totaled 5,766 new listings; up 2% from last month and up 3% from July 2009.

Closed sales in July totaled 738, up 2% from June and down 1% from same time last year.  Twenty-four percent of the sales were classified as REO Bank Foreclosures, down 4% from last month and down 35% from July 2009.

The Average Sales Price for a single family home in July was $274,363, down 12% from last month and unchanged from July 2009.

Median Sales Price in July dropped 9% from the previous month to $195,000, down 11% from same period last year.

Homes under Contract (Pending Sales) totaled 1,019 in July, down 1% from last month and down 12% from July 2009.

Available Inventory in July for single family homes was 6,195 properties, up 5% from  June and down 12% from July 2009.

Closed Sales for Fort Lauderdale condos totaled 836 in July; down 9% from the previous month and up 10% from July 2009.  Foreclosures accounted for thirty-four percent (34%) of these sales, up 10% from June and up 13% from same period last year.

The July Average Sales Price for condos was $125,158; down 3% from June and down 3% from July 2009.

The Condo Median Sales Price in June remained unchanged from the previous 2 months at $78,000, however, down 6% from July 2009.

Pending Inventory for condos in July totaled 1,138 condos under contract; down 6% from June and the same for July 2009.

Available July condo inventory shows a total of 8,598 condos for sale; up 2% from June and down 22% from July 2009.  Thirty-four percent (34%) are classified as bank foreclosures; up 6% from June and up 26% from July 2009.

Trends for Northeast and Southeast Fort Lauderdale in the following zip codes:

Single Family - Waterfront

 Single Family Non-Waterfront:

 All Condos Waterfront AND Non-Waterfront

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 available Fort Lauderdale MLS listings.

Fort Lauderdale Real Estate Market Report - June 2010.

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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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Median Sales Price and number of months of inventory are the numbers to look at for May’s Fort Lauderdale Real Estate Market Report.  In both Single Family homes and condominiums, the median sales price is up 10% from last month and the inventory levels are at 8 and 9 months of supply respectively.  Inventory levels are considered that of a typical balanced real estate market when supply is at 6-8 months.

New Listing Inventory in May reports 1,784 homes came on the market, up 7% from April and up 7% from May 2009.  There were 2,062 condominiums new to the market in May; up 3% from last month and up 1% from May 2009.  Total new Inventory for all property types in May equals 6,076.

Single Family closed Sales in May totaled 746.   This number is up 15% from April and down 4% from May 2009.  Twenty-two percent of these sales were classified as REO bank foreclosures, down 19% from last month.

Average Sales Price for a home in May was $286,496; up 10% from last month and up 11% from same period last year.

Median Sales Price for a home in May was $80,000; up 10% from April and unchanged from May 2009.

Pending Sales (homes under contract) totaled 1,268; up 4% from April and down 6% from May 2009.

Inventory in May reports there are 5,704 homes currently for sale; down 1% from April  and down 27% from May 2009.  Of this May figure, 51% are classified as foreclosures.

Closed Sales for Fort Lauderdale Condos in May totaled 967.  This number is down 6% from April and up 12% from same period last year.  Thirty percent are considered reo bank foreclosures.

Average Sales Price for condos in May was $123,392; down 6% from April and down 10% from May 2009.

Median Sales Price in May was $80,000; up 10% from last month and unchanged from same period last year.

Pending Condo Sales in May totaled 1,459; down 6% from last month and up 11% from May 2009.

Condominium Inventory in May reports there are 8,323 condos/townhomes presently for sale; down 2% from last month and down 29% from May 2009.   Of this May figure, 48% are considered reo bank foreclosures.

For more information about buying or selling real estate in Fort Lauderdale, contact me today at 954.850.2397.

Home buyers can begin their home search by viewing Fort Lauderdale MLS available property listings for sale by price and location.

Fort Lauderdale Market Report - April 2010.

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Shrinking inventory, increased closed sales and higher pending sales are gratifying news for April’s Fort Lauderdale Real Estate Market Report.  The median and average sales price, however, are both down for Single Family homes this month.  The condo average sales price is up while the median sales price for a condo is down.

Inventory levels for single family homes are at a 9 months supply while condo inventory levels are now at 8 months supply.  A typical balanced market is when inventory level is at a 6-8 months supply of properties for sale.

Closed Sales for Single Family homes in April were up 14% from last month and up 1% from same period last year.  Of these sales, 27% were REO bank foreclosures up 4% from last month.

The Average Sales Price for a home in April was down 18% from March and down 9% from April 2009.

Median Sales Price also down 2% from last month and down 5% from last year.

Pending Sales (homes under contract) up 5% from last month and up 2% from same time last year.

Inventory for homes in April was down 2% from last month and down 31% from April 2009.

Closed Sales for Fort Lauderdale Condos were up 14% in April over last month and up 1% from last year.  Of these sales, 30% were REO Bank Foreclosures, down 3% March.

The Average Sales Price for a condo in April was up 2% from previous month and up 10% from April 2009.

Median Sales Price for a condo down 3% from last month and down 6% from last year.

Pending Condo Sales (under contract) are up 6% in April over last month and up 37% from April 2009.

For more information about buying or selling real estate in Fort Lauderdale, contact me today at 954.850.2397.

Home buyers can begin your home search by viewing Fort Lauderdale MLS available property listings for sale sorted by price and location.

Fort Lauderdale Market Report - March 2010.

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The March 2010 Market Report reveals positive numbers for  the Fort Lauderdale Real Estate Market .

Inventory levels are shrinking, Average Sales Price and Median Sales Price are both up and number of closed sales in both single family and condos are up. With the positive increases in closed sales, surprising, the percentage of these sales that are short sales and reo bank foreclosures is down.

Inventory for both single family homes and condo/townhomes  is slightly up from what is considered to be a normal balanced market of 6-8 months.Single family home sales in March were up 6% as compared to February and up 10% from same period last year.  26% of these sales were classified as REO Bank Foreclosures.

The Average Sales Price for a home in March was up 18% from the previous month and up 3% from this time last year.The Median Sales Price for a single family home was up 10% from February, however, down 7% from March 2009.

Pending home sales were down 1% from February and up 25% from last year.Inventory for homes is down 2% from last month and down 36% from March 2009. Number of months of supply of homes for sale dropped 1 month to 10 months in March, down 42% from this time last year when there was an 18 months supply of homes for sale.

Closed Sales in March for Fort Lauderdale Condos and townhomes were up 16% from February and up 59% from same period last year.  Of these sales, 31% represented Condo Foreclosures.

The Average Sale Price for a condo in March was up 2% versus February and down 7% from March 2009.

The Median Sales Price was up 6% from last month and down 14% from same time last year.

Pending Sales for Condos in March were down 3% from February and up 63% from March 2009.Condo Inventory dropped 1 month in March to 10 months supply and down 58% from last year when there was a 23 month supply of condos for sale.

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.

Fort Lauderdale Real Estate Market Report -April 2010.

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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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Florida Association of Realtors® (FAR) report home sales up across the state of Florida for the 4th quarter of 2008, signaling the second straight quarter for an upward swing on sales.  However, statewide, Florida home prices remain down.

Contributing factors to prices remaining low are the number of short sales and foreclosures statewide and the strict lending guidelines.

Locally, Fort Lauderdale Home sales rose 42% to 1,764 from 1,244 for same time last year and the median price for a single family home was $234,100 down 32% from $344,000. *

Sales for Fort Lauderdale condos rose 21%  to 1,588 from1,309 same time last year.  The median price dropped 35% to $107,200 from $166,100.*

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*Source: Triangle Businss Journal.

South Florida real estate may be turning around and heading in a positive direction according to several Real Estate analysts, however, not before a possible further 10-15% decline in 2009.

It is important to understand, that South Florida encompasses a large area and many smaller parts; cities, neighborhoods, communities and condominiums, may face less of a decline and rebound sooner.

With huge property inventory levels including foreclosures and short sales, it will take time for these homes and condos for sale to eventually be absorbed.

Once the rebound begins, real estate values should return to realistic sustainable yearly gains of 3-6% instead of the unrealistic gains of recent years, which along with other elements lead to the real estate bubble bursting.

Real Estate will once again return to its inherent value; a home, a roof over your head, a neighborhood, etc., not the get rich quick opportunity.

If you have been patiently waiting on the sidelines searching Fort Lauderdale homes and condos for sale, contemplating a purchase and are planning to stay in the property for at least 5 years, this may now be the perfect time for you to buy.

Buyers can take advantage of rock bottom real estate prices down 30-40% or more, rolled back to 2004 levels.  Interest rates are still at historic lows. First time home buyers including those who have not owned a home for 3 years prior to a purchase may be eligible for a tax credit which is expiring soon.

Do your homework.  As with any great opportunity, the best time to get in for maximum benefit is at the beginning.

For more information about buying a home or condo, contact me today at 954-850-2397 or visit my Fort Lauderdale Real Estate website where you can search the Fort Lauderdale MLS for available homes and condos for sale.

Snowbirds and current residents alike can save big by buying a new home in Fort Lauderdale or any one of South Florida’s most affordable neighborhoods.

From South Beach to Palm Beach, millions of tourists flock to South Florida in droves every year to soak up gorgeous weather, take in breath-taking scenery and experience endless outdoor activities.

Clearly, South Florida cities, such as Fort Lauderdale, Miami Beach and Boca Raton, have a lot to offer those that visit — and those that already live here. Tourists and snowbirds looking for a place to settle down or reside for an extended vacation should consider owning residential real estate in Fort Lauderdale. In the current unnerving economy, it’s smarter than leasing a property or overspending at an expensive hotel.

While the Fort Lauderdale area, for instance, boasts a large concentration of wealthy neighborhoods such as Las Olas, Bay Colony, Coral Ridge, Harbor Beach, Rio Vista Lauderdale by the Sea, Sea Ranch Lakes and Fort Lauderdale Beach lined with luxurious homes and exclusive properties, a good chunk of this extraordinary city offers plenty of affordable homes in premiere neighborhoods.

If you’re considering purchasing a home or buying a condo in Fort Lauderdale, every cent counts in today’s market, so it’s critical to invest in a property that will create long-term wealth. Buying a new home makes good financial sense. For consumers who want to save money, new construction homes save them the headache of dealing with maintenance woes that come with buying older properties. Because mortgage interest and real estate taxes are tax deductible, consumers have another big opportunity to save.

A knowledgeable Realtor can show you a variety of homes for sale in Fort Lauderdale and surrounding areas that feature the latest and greatest in energy-efficient heating and air conditioning systems. Buying new construction in Fort Lauderdale also allows you to chose the exact home you want — from the layout design, crown molding in the living room to the appliances and kitchen counter tops. With pre-owned homes, it can be difficult to adjust to the past owner’s taste.

A Fort Lauderdale Realtor can not only show you a wide variety of homes but they can also show you an array of Fort Lauderdale condos in the heart of the city as well as Fort Lauderdale beach condos. Fort Lauderdale’s most modern facilities offer just the right mix of design and practicality — all just blocks from the city’s entertainment and recreational hub. For those with a desire for waterfront views, Fort Lauderdale has plenty of waterfront properties on canals and other waterways.

Once you’ve settle into your new home, you have time to sit back and enjoy all the exciting events and activities Fort Lauderdale has to offer, including air and boat shows, arts and crafts fairs, fashion shows, boat parades, street parties, concerts, food festivals and so many more outdoor activities.

For more information about buying or selling real estate in Fort Lauderdale, contact John Sabia at 954-850-2397 or visit the Fort Lauderdale Real Estate website.

Find Affordable Fort Lauderdale-Area Foreclosures

Fort Lauderdale Foreclosures are at an all-time high as well as in other areas in South Florida and nationwide, and they offer the perfect solution for buyers who are interested in purchasing a new home at a cost below market prices. Along with a wide variety of properties, there are several types of foreclosures, including pre-foreclosures also known as “short sales“, bank foreclosures and HUD foreclosures.

When a homeowner is unable to make the payment of the requisite amount in the agreed time period, the property is reposed by the lender and resold in an auction in an effort to recover the amount that was lent.

While many banks and government agencies publish lists of their foreclosed properties, real estate agents can help save buyers money, time and stress when finding and securing a foreclosed home. Realtors can obtain information on foreclosed homes from title companies, lenders and a variety of resources at their disposal.

Realtors can also explain the government auction process and aid potential buyers in the purchase of a government foreclosure home. Quality real estate professionals work closely with banks to sell their foreclosures and put them back in the hands of homeowners. Buyers should chose a Realtor who is very knowledgeable about the neighborhoods they are interested in.

Those interested in purchasing a foreclosed home may also want to check out listings posted online, but beware that many of these Web sites, such as Foreclosure.com, require a small fee. Other Web sites allow buyers to view listings for a short trial period for free. Popular online resources include Hud.org and Realtor.com, and Web sites such as Trulia.com allow buyers to ask questions about foreclosures specific to their city, state or region.

Although challenging, buying a foreclosed property can certainly yield major benefits to homebuyers in search of a bargain. Like many aspects of the real estate world, patience is key. Find a good agent and request a full inspection of the foreclosed home before making a purchase.

While foreclosures can offer great bargains, don’t limit your search for the perfect home. In today’s market, inventory for Fort Lauderdale Homes and Fort Lauderdale Condos is presently at a 20+ month supply without any new homes coming on the market.  Privately held homes are selling below market value and the process is typically shorter than going through the bank.

When buyers go through a bank as oppose to an individual, it can sometimes take a month or two or longer to receive a response to an offer. Short sales are considerably longer.  A good agent should be able to show you a balanced mix of deals on foreclosed and privately held homes.

For more information about buying or selling a foreclosed property in Fort Lauderdale, contact John Sabia today at 954-850-2397 or visit the #1 Fort Lauderdale Real Estate web site.