Fort Lauderdale Condos | Year To Date Market Report

Posted by John Sabia on Thursday, October 20th, 2011 at 4:51pm.

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%. [caption id="attachment_719" align="aligncenter" width="300" caption="For Sale / Sold / Pending"]Condos For Sale, Sold & Pending [/caption] Average Price per square foot ranged from $178.00 - $208.00; up 2.4% year to date. [caption id="attachment_720" align="aligncenter" width="300" caption="Average Price per Sq Ft"]Average price per sq ft Condos[/caption] 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%. [caption id="attachment_722" align="aligncenter" width="300" caption="Days on Market & Sales Price vs List Price"]Average Days on Market & Sales price vs List Price %[/caption] 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%. [caption id="attachment_723" align="aligncenter" width="300" caption="Average Price For Sale / Sold"]The Condominium Average Price for Sale/ Sold [/caption] [caption id="attachment_724" align="aligncenter" width="300" caption="Median Sales Price"]Median Sales Price for a condo[/caption] Months of Inventory based on closed sales were down 28.5% with a 7.7 months supply of condos/ townhomes for sale. [caption id="attachment_725" align="aligncenter" width="300" caption="Months of Inventory"]Months of Condo Inventory[/caption] 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. [caption id="attachment_726" align="aligncenter" width="300" caption="Condo Foreclosures"]Condo Foreclosures[/caption] [caption id="attachment_727" align="aligncenter" width="300" caption="Condo Short Sales"]Condo Short Sales[/caption] 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. Return to Fort Lauderdale Real Estate

John Sabia

1 Response to "Fort Lauderdale Condos | Year To Date Market Report"

Mark Wade wrote: The fact that inventory levels are dropping in Ft. Lauderdale is music to everyones ears who live in the cold north, and hope to one day migrate south. The build up of inventory was a bit off-putting.
Let's home the market strengthens...and the first step is usually inventory reduction.

Posted on Thursday, March 1st, 2012 at 9:31pm.

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