Fort Lauderdale Real Estate Blog

October 20, 2011

Fort Lauderdale Condos | Year To Date Market Report

Filed under: Florida real estate,Fort Lauderdale Condos,Fort Lauderdale Real Estate News,Fort Lauderdale Townhomes,Market Report,South Florida Real Estate,foreclosure properties — Tags: , , , , , , , , , , — john sabia @ 3:51 pm

Condos in Fort Lauderdale

Inventory for available Fort Lauderdale Condos For Sale including townhouses were down 29.4% year-to-date.  Closed Sales for condos were down 1.3% and pending sales down 29.3%.

Condos For Sale, Sold & Pending

For Sale / Sold / Pending

Average Price per square foot ranged from $178.00 – $208.00; up 2.4% year to date.

Average price per sq ft Condos

Average Price per Sq Ft

Average Days on the market for a condo has shrunk 18% to just under 4 months.  Sales Price versus Listed Price has remained consistent and ranged from 88% – 92%.

Average Days on Market & Sales price vs List Price %

Days on Market & Sales Price vs List Price

The Average List Price for a condominium/ townhouse ranged from $492,000 – $525,000; up 6.7% year to date.  The Average Closed Sales Price ranged from $214,000 – $275,000; up 5.6%.  The Median Sales Price for a condominium ranged from $150,000 – $193,000 and year to date is up 14.7%.

The Condominium Average Price for Sale/ Sold

Average Price For Sale / Sold

Median Sales Price for a condo

Median Sales Price

Months of Inventory based on closed sales were down 28.5% with a 7.7 months supply of condos/ townhomes for sale.

Months of Condo Inventory

Months of Inventory

Fort Lauderdale Condo Foreclosures decreased from under 6% of inventory down to under 3% of inventory; -67%.   Condo Short Sales in Fort Lauderdale made up approximately 10-13% of inventory and have decreased by 46.5% year-to-date.

Condo Foreclosures

Condo Foreclosures

Condo Short Sales

Condo Short Sales

Comparing August 2011 vs August 2010

  • Inventory is down 36.4%
  • Closed Sales are up 12.6%
  • Median Sales Price down 6.6%
  • Months of Inventory down 43.5%

In summary, the condo market continues to improve as inventory has decreased significantly from January.  Closed sales had trended upward in the 2nd quarter, however, they have since slowed down.   Inventory is on the climb again barely under 8 months.

Sellers need to focus on the list price as competition is growing each month.  Buyers continue to have a choice of properties to choose from, however, the sales versus listed price is within 10-20%.

Until next month….

Note: The above commentary is the personal opinion of the author only and should not be construed as “financial advice”.  The market changes from day to day.  Always consult with a professional realtor® before making any decisions about Real Estate.

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Fort Lauderdale Home Sales | Market Update Year to date

Filed under: Florida real estate,Fort Lauderdale Real Estate News,Market Report,foreclosure properties,short sales — Tags: , , , , , , , , , , , — john sabia @ 2:45 pm

Homes For Sale in Fort Lauderdale

Inventory for available Fort Lauderdale Homes for sale has decreased by 27.3% year-to-date.  Closed single family home sales are up 9.3% and pending sales are up 29.4% for same period.

Non waterfront Homes for sale, pending and closed

For Sale / Sold / Pending

Average Price per square foot has ranged from $147 to $188; up 10.6% year-to-date.

Average price per square foot - non waterfront homes

Average Price per Sq Foot

Average Days on the Market has decreased by 2.2% to just under 3 months.  Sales Price versus Listed Price is up 1.1% at 92%.

Average Days on market

Days on Mkt - Sold/ List Price %

The Average List Price for a non-waterfront home ranged from $465,000  – $520,000; up 11.8% year-to-date.  The Average Closed Price ranged from $252,000 – $350,000 year-to-date; up 23%.  The Median Sales Price ranged from $170,000 – $279,000; up 52.9% year-to-date.

Average Price For Sale / Sold

Average Price For Sale / Sold

Median Sales Price

Median Sales Price

Total Months of Inventory is down 33.5% with a 6.2 months supply of available homes for sale.  A normal balanced market is 6-8 months supply of homes for sale.

Months of available Inventory

Months of Inventory

Inventory for Home foreclosures in Fort Lauderdale were less than 5% and decreased 51.7% year to date.  Fort Lauderdale Short Sales were approximately 20% of inventory and have decreased by 34.3%.

Home Foreclosures

Home Foreclosures

Home Short Sales

Short Sales

Comparing August 2011 vs August 20110

  • Inventory is down 30%
  • Closed Sales are up 25%
  • Median Sales Price is up 40.7%
  • Months of Inventory down -44%

In summary the trend for Fort Lauderdale homes is very good.  Sales continue to be strong while distressed properties are not significant.  The Median Sales Price has increased sharply and months of available inventory are within the normal range.

Sellers need to be mindful of pricing a home competitively and buyers who are on the fence may want to consider whether it is time to jump into the market.

Until next month…

Note: The above commentary is the personal opinion of the author only and should not be construed as “financial advice”.  The market changes from day to day.  Always consult with a professional realtor® before making any decisions about Real Estate.

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October 13, 2011

Fort Lauderdale Waterfront Market Report – Year to Date

Filed under: Market Report,Real Estate News — Tags: , , , , , , , , , , , , — john sabia @ 6:30 pm

Waterfront Homes in Fort Lauderdale

Inventory for Fort Lauderdale waterfront homes for sale is down 23.7% year-to-date.  Closed Sales are up 60% and Pending home sales are down 36.7%.

For Sale/ Sold/ Pending Sales

For Sale / Sold / Pending Sales Year-To-Date

Average Price per square foot with the exception of July has remained constant in the low to high $300′s, down 3.6% year-to-date.

Average price per square foot for waterfront homes

Waterfront Homes Average price per square feet

Average Days on the Market has reduced by 48.4% to just over 4 months.  Sales Price versus Listed Price has remained in the high 80%range up 4.7%.  (does not take into account price reductions).

Average Days on the market

Average Days on the Market

The Average Listed Price for a waterfront home was just under 3 Million, up 8.4% year-to-date.  The Average Sold Price was under $1.3 Million, down 38.9% year-to-date.  The Median Sales Price ranged from $748,000 to 1,035,000, down 25.3% year-to-date.

Average Price For Sale vs Sold

Average Sales Price vs Closed Sales Price

Median Sales Price

Median Sales Price

Months of Inventory based on Closed Sales are down 52.3% with an 11.4 months supply of waterfront homes for sale in August.

Months of Inventory

Months of Inventory

Waterfront home Foreclosures were less than 1% of inventory and Waterfront Short Sales were approximately 5- 10% of inventory.  Not a significant factor.

Foreclosure waterfront homes in Fort Lauderdale

Foreclosure Waterfront Homes

Short Sales

Short Sale Waterfront Home

Comparing August 2011 vs August 2010:

  • Inventory is down 23.5%
  • Closed sales are up 14.3%.
  • Median Price is up 25.2%.
  • Months of Inventory is down 33.1%.

In summary, the waterfront home market appears to be trending favorably. Sales and Pending Sales are strong, while inventory has shrunk significantly. Months of inventory is above the ideal 6-8 months, however, it is going in the right direction.

Sellers need to keep in mind, pricing a home correctly and monitoring the activity is key to a successful outcome.  Buyers while enjoying lower priced homes may find competition for the best priced homes.

Until next month….

Note: The above commentary is the personal opinion of the author only and should not be construed as “financial advice”.  The market changes from day to day.  Always consult with a professional realtor® before making any decisions about Real Estate.

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May 25, 2011

Fort Lauderdale Waterfront Homes | Jan – March 2011 Market Report

Filed under: Florida real estate,Fort Lauderdale Real Estate News,Market Report,South Florida Real Estate,foreclosure properties,short sales — Tags: , , , , , , , , , — john sabia @ 4:13 pm

First Quarter 2011 Market Report for east side Waterfront homes for sale in Fort Lauderdale show inventory levels are about 75 fewer homes for sale, which is not much of a reduction in the amount of homes available for sale over the past year.  The number of closed sales and pending sales have increased month over month for this quarter; however, they remain consistent with same time last year.

graph of waterfront homes Waterfront home Foreclosures in Fort Lauderdale represented .03% of available inventory and .05% of closed sales in the first quarter 2011.

Foreclosure Listing & SalesWaterfront Short Sales in Fort Lauderdale made up approximately 24% of inventory and .08% of sales in the first quarter 2011.

graph of short sale waterfront homesThe Average Price Per Square Foot is trending upward this quarter at roughly $341.00 per foot.  This includes all waterfront homes with fixed bridges and no fixed bridges.  No fixed bridges would have a higher amount.

Average Price per square foot for waterfron homesAverage Price For Sale trended upward slowly over the past year while Average Sales Price had a bumpy ride over the past year trending up for the first quarter 2011.  The Median Sales Price this quarter remained fairly consistent at about $993,000.

Average Price for Sale & Average Price SoldMedian Sales Price for a waterfront homeAverage days on the market is a little over six months.  The percentage a home sold versus the listed price is roughly 84%.

Average Days on Market for a waterfront homeMonths of Inventory is the big shocker here.  In the first quarter of this year, inventory dropped by almost 1 year.  A peak into April inventory reveals the level dropped another month to the lowest level over the past year.  Very encouraging.

If you are interested in selling or buying a waterfront home for sale in Fort Lauderdale, call me at 954.850.2397.   You can view property listings by searching the Fort Lauderdale MLS.

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May 12, 2011

Fort Lauderdale Real Estate – Market Report | January to March 2011

Filed under: Florida real estate,Fort Lauderdale Condos,Fort Lauderdale Real Estate News,Market Report — Tags: , , , , , , , , — john sabia @ 6:17 pm

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.

For Sale, Sold, Pending and New Listing Graph

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 :

Foreclosures

Fort Lauderdale REO Foreclosures

Short Sales made up approximately 13% of inventory and 38% of sales in the first quarter of 2011:

Short Sales Graph

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 and Average Price Sold

Average Price For Sale / Average Price Sold

Median Price for Properties 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

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.

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September 10, 2010

Fort Lauderdale Real Estate | Market Report – August 2010

Filed under: Fort Lauderdale Condos,Fort Lauderdale Real Estate News,Market Report,Real Estate News,South Florida Real Estate — Tags: , , , , , — john sabia @ 4:10 pm

As we begin the final month of the third quarter, looking ahead to the autumn and winter months, real estate activity has begun to pick up again.  There are some good signs worth pointing out when reviewing the Fort Lauderdale Real Estate Market Report for August.

The Average Sales Price has increased for both single family homes and condo sales from last month.  The Median Sales Price increased by double digits for home sales, however it decreased slightly for condo sales.

Pending Sales (under contract) in August were up for both homes and condos.

New Inventory increased slightly for both homes and condos.  Presently there is a 10 month supply of single-family homes for sale and a 12 month supply of condominium listings.

New single-family homes on the market increased by 2% over last moth and 7% from August 2009.

New Condo properties on the market increased by 3% from July, however, down 2% from same time last year.

Total Inventory for both homes and condos totaled 5,983 new listings; up just 4% from last month and down 2% from August 2009.

Closed sales for single-family homes were down 12% from last month and down 21% from last year.  Of these sales, twenty-six percent were REO Bank Foreclosures; up 8% from last month and down 40% from August 2009.

The Average Sales Price for a home in August was $293,128; up 7% from July and up 10% from same time last year.

Median Sales Price jumped 13% from last month to $220,000 and up 1% from August 2009.

Pending Homes (under contract) totaled 1,080; up 6% from last month and down 17% from August 2009.

Available inventory totaled 6,268 homes for sale; up 1% from last month and down 11% from August 2009.  Thirty-five percent are bank owned.

Closed Sales for Condos totaled 753 in August; down 10% from July and down 15% from August 2009.  Condo Foreclosures accounted for thirty-seven percent (37%); up 9% from previous month and down 31% from same period last year.

Average Sales Price in August for a condo was $126,882; up 1% from July and down 9% from August 2009.

Median Sales Price was $72,200; down 7% from previous month and down 13% from August 2009.

Pending Sales for condos totaled 1,276; up 12% from July and down 9% from same time last year.

Available condo inventory totaled 8,674 listings for sale; up 1% from last month and down 21% from August 2009.  Thirty-six percent are bank owned.

Northeast & South East Fort Lauderdale – Waterfront Single Family

 

 Single Family Non-Waterfront

 

Northeast & Southeast Fort Lauderdale – All Condominiums

 

Fore more information about buying or selling 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 – July 2010.

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August 17, 2010

Fort Lauderdale Real Estate | Market Report – July 20120

Filed under: Florida real estate,Fort Lauderdale Real Estate News,Market Report,Real Estate News,South Florida Real Estate — Tags: , , , , , , , , — john sabia @ 2:16 pm

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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July 23, 2010

Fort Lauderdale Real Estate | Market Report – June 2010

Filed under: Florida real estate,Fort Lauderdale Condos,Fort Lauderdale Real Estate News,Market Report,Real Estate News,South Florida Real Estate,foreclosure properties — Tags: , , , , , , , — john sabia @ 5:29 pm

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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June 21, 2010

Fort Lauderdale Real Estate | Market Report – May 2010

Filed under: Fort Lauderdale Real Estate News,Market Report,Real Estate News,South Florida Real Estate — Tags: , , , , , , , — john sabia @ 3:10 pm

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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May 28, 2010

Fort Lauderdale Real Estate | Market Report – April 2010

Filed under: Florida real estate,Fort Lauderdale Real Estate News,Market Report,Real Estate News,South Florida Real Estate — Tags: , , , , , , , — john sabia @ 4:46 pm

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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