Listing and Sales Activity in the Fort Lauderdale Real Estate market for July 2008 reports some positive news from last month, but we are headed in the right direction.
Closed Sales for single family homes in Fort Lauderdale were down just 2% while the median price was up 2% from June 2008, however an 18% decrease from July 2007.
Closed Sales for Fort Lauderdale Condos were down 14% over June, while the median sales price was also up 4% from last month. Median price from same time last year is down 16%.
Average Sales price for both property categories were down 4% and 6% respectively over last month and down 19% and 6% from same time last year.
Positive territory for New Listing Inventory reports a decrease of 11% of new properties on the market from last month and down 13% from last year.
Positive news for Total Available Inventory as well with a small decrease of 1% of properties for sale over last month and down 4% from last year.
As you can see, there is plenty room for improvement, however, the sky is not falling as you would be lead to believe by most media reporting. It is crucial to remember that real estate is local, not nationwide or statewide and varies significantly between neighborhood to neighborhood and condominium to condominium.
I learned a long time ago from real estate sales coach Mike Ferry, the secret to selling a home in any real estate market and it remains true to this day is that there are only really 2 questions to ask if you are considering selling your home:
- Do you absolutely have to sell your home? not want to, not testing the market - Do you absolutely have to sell?
- Will you price it to sell? not I need, not I want. etc.,
Will you price it to sell based on market value, market trends and perhaps even below market value taking into consideration, short sales, foreclosures, active listings, pending sales and most importantly closed sales in past 30, 60 and 90 days, not 1 year ago or even 6 months ago.
If your answer is not yes to both questions, you probably should not be selling your home at this time.If you answer yes to both questions, than your next step is to select an agent who understand this. All other suggestions and advice for selling a home are only complimented if Price and Motivation are the top 2 key factors in selling a home.
For more information about buying or selling residential real estate in Fort Lauderdale, contact John Sabia today at 954-850-2397 and visit the #1 Fort Lauderdale Real Estate web-site. source: RealtorÂ® Association of Greater Fort Lauderdale