Listing & Sales Activity - Fort Lauderdale Beach Homes
The current Market Report for Fort Lauderdale Beach Homes For Sale January - June 2013 Listing & Sales Activity in the residential neighborhoods from Sea Ranch Lakes south to Harbor Beach report the market has been pretty consistent with limited available inventory. Days On Market before a home sells and months of available supply of homes has reduced quite significantly. While the Average Price for a home for sale has trended upward, the Average Sales Price and Median Sales Price has been all over the board.
Available Inventory for both non-waterfront and waterfront homes has decreased by 4% with an average each month of 99 homes available for sale. Closed Sales for both property types were up 50% in June and Pending Sales down 33.3% in June as compared to January.
Average Price Per Square Foot has fluctuated each month, down 25.8% averaging $474 per foot. The Average Listed Price was up 8% at $3,755,000 while the Average Sales Price was down 12.7% at $1,306,000. The Median Sales Price while up 0.6% in June, has dipped and climbed over the 6 month period averaging $1,070,000.
Average Days on Market before a property sold was down 25.5% to 108 days in June from 144 days in January. The Sales Price versus Listed Price Percentage was up 2.4% averaging homes selling at 86% of the List Price (properties may have had one or more price reductions before home went under contract).
Months of Available Inventory was down 36% with 8 months of inventory for sale in June. January started off the year with 12.5 months of inventory and it reached as much as 17.2 months in February. Real Estate Experts have said a balanced market is typically 6-8 months of supply of inventory. As compared to the overall Fort Lauderdale Real Estate Market Report, there is a greater supply of Fort Lauderdale Beach homes for sale, however, the result is the same, it appears the market to be favoring sellers.
Foreclosures For Sale not at all impacting the beach homes market
Short Sales For Sale represented less than 3% of beach homes for sale. Again, not impacting the market.
Waterfront Beach Homes
Available Inventory for waterfront beach homes has decreased by 11.6% averaging 64 homes for sale monthly so far this year. Closed Sales up 33.3% in June averaging 5 sales per month. Pending Sales down 75% in June as compared to January.
Average Price Per Square Foot up 8.8% averaging $542 per foot. The Average Listed Price was up 18.2% at $5,329,000. The Average Sales Price was was also up significantly at 61.2% at $2,042,000.
The Median Waterfront Sales Price spiked, up 133.5% in June at $2,090,000 versus just $895,000 in January.
Average Days on Market before a waterfront property sold was down 10.2% to 132 days in June from 147 days in January. The Sales Price versus Listed Price Percentage was down 4.6% with an average of homes selling at 85% of the List Price.
Months of Available Inventory was down 33.7% at 15.3 months of inventory for sale in June. May's inventory was at 6.6 months of supply, so, I think the jump in June may be reflective of the summer months where home sales are generally fewer. The overall trend from January has seen inventory decline each month, so after the summer months, I believe inventory will once again recede. Again, the overall inventory for East Fort Lauderdale for all property types is at a 5.2 months supply.
Non-waterfront Beach Homes
Available Inventory for non-waterfront beach homes for sale up 12.9% as compared to January with an average of 34.5 homes for sale monthly year to date. Closed Sales up 60% in June averaging 5.3 sales per month. Pending Sales in June unchanged as compared to January averaging 5.6 pending sales per month January thru June.
Average Price Per Square Foot down 44.2% averaging $314 per foot. The Average Listed Price was down 11.1% averaging at $1,010,000. The Average Sales Price was was down 48.2% at 767,000. The Average Sales Price in January 2013 was $1,329,000 then dropped to $515,000 in February, and started trending back upward leveling off between $700-800K.
The Median Non-Waterfront Sales Price dipped 8.8% in June at $661,000 as compared to January. February and March were the only months the Median Price was below $650,000.
Average Days on Market before a non-waterfront property sold was down 32.4% to 96 days in June from 142 days in January. The Sales Price versus Listed Price Percentage was up 8.4% with an average of homes selling at 95% of the List Price. For both March and April, the percentage was 100% or higher.
Months of Available Inventory down 29.4% at 4.4 months of inventory for sale in June. February was the anomaly with 37 months supply while every other month supply of non-waterfront homes for sale was less than 8 months.
Foreclosures and Short Sales almost non-existent.
Now after reading the numbers and viewing the graphs, what are your thoughts on the real estate market?
Call me today at 954.850.2397 to discuss buying or selling a waterfront or non-waterfront beach home in Fort Lauderdale.