Fort Lauderdale Condos | Market Update - 3rd Quarter 2010

Posted by John Sabia on Saturday, October 23rd, 2010 at 9:23pm.

Fort Lauderdale Condos

Fort Lauderdale Real Estate - Third Quarter Market Trends for Fort Lauderdale Beach, Northeast and Southeast condominiums. In September, inventory for Fort Lauderdale Condos for sale increased by 1% month over month and were down -7.6% from  January this year.  New Listings were up 8% in September; however they were down -24.4% as compared to January.  Closed Sales were down -20.3% from the previous month and were also down -2.5% as compared to January.  Pending Condo Sales were up 8.3% from August and were down -20.4% from January. [TABLE=5] Of these figures, Inventory for Fort Lauderdale Condo Foreclosures was up 7.8% in September from August with a total of 110 properties classified as bank owned (5%).  As compared to January, REO inventory was also up 64.2%.  Closed Sales categorized  as foreclosures remained the same month over month and were up 20% as compared to January. Condo Short Sales Inventory was down -0.9% in September from August with 321 properties (16%); however, inventory was up 7% as compared to January.  Closed short sales were down -12.5% in September from August and up 21.7% as compared to January. The Average Price per square foot for a condo in September was $178.00, down -13.7% month over month and down -24.4% as compared to January. The Average Days on the Market was down -24.3% in September and down -22.9% as compared to January.  Sales Price versus List Price differential ranges from 84% - 91%. The Average Closed  Sales Price for condominiums in September was $224.00; down -14.8% from previous month and down -19.1% from January.  The Median Sales Price in September was $166.00; down 8.3% from August and down -7.8% as compared to January.

In September, there were 16.1 months of available condo inventory, up 26.7% from previous month and down -5.2% from January.

As we head into the winter season combined with the weak US dollar, I suspect we will see an influx of foreign investors and 2nd home buyers looking to take advantage of attractively priced condominiums on the sand or near the beach that on average are approximately 40-50% less than they were during the boom years. The graph below illustrates Average Price For Sale and Average Price of Closed Sales from September 2002 to present day.  As you can see, we are basically back to 2003 prices.  I think we may very well be seeing a leveling off. Fort Lauderdale Waterfront Homes | Market Report - 3rd Quarter 2010 Fort Lauderdale Homes For Sale | Market Report - 3rd Quarter 2010 For more information about Buying  or Selling Fort Lauderdale Condos, contact me today at 954.850.2397. Return to Fort Lauderdale Real Estate

John Sabia

2 Responses to "Fort Lauderdale Condos | Market Update - 3rd Quarter 2010"

Fort Lauderdale Homes For Sale | Market Report – 3rd Quarter 2010 « Fort Lauderdale Real Estate Blog wrote: [...][...] Fort Lauderdale Condos | Market Report – 3rd Quarter 2010 [...][...]

Posted on Saturday, October 23rd, 2010 at 9:41pm.

Fort Lauderdale Waterfront Homes | Market Report – 3rd Quarter 2010 « Fort Lauderdale Real Estate Blog wrote: [...][...] Fort Lauderdale Condos | Market Report – 3rd Quarter 2010 [...][...]

Posted on Saturday, October 23rd, 2010 at 9:42pm.

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