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 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.
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
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 Sales Price vs Closed 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
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
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.
Return to Fort Lauderdale Real Estate
