Fort Lauderdale Real Estate | Market Report - July 20120
by John Sabia
on Tuesday, August 17th, 2010 at 3:16pm.
As summer begins to wind down and kids are getting ready to return to school, much of the focus is on the upcoming mid-term elections in November. With regards to real estate, the July Fort Lauderdale Real Estate Market Report is pretty much unchanged from last month.
The positives are closed sales for single family homes were up 2% from last month. Available inventory for single family homes remained unchanged for 3 straight months (at eight months) and available condo inventory shrunk by one month to nine months.
July numbers for New Listing Inventory report and increase of 6% over last month with 1,707 new single family homes on the market and up 14% from July 2009.
New condo inventory totaled 1,969 new condo listings; up 3% from last month and up 6% from same period last year.
Total Inventory for both single family and condos totaled 5,766 new listings; up 2% from last month and up 3% from July 2009.
Closed sales in July totaled 738, up 2% from June and down 1% from same time last year. Twenty-four percent of the sales were classified as REO Bank Foreclosures, down 4% from last month and down 35% from July 2009.
The Average Sales Price for a single family home in July was $274,363, down 12% from last month and unchanged from July 2009.
Median Sales Price in July dropped 9% from the previous month to $195,000, down 11% from same period last year.
Homes under Contract (Pending Sales) totaled 1,019 in July, down 1% from last month and down 12% from July 2009.
Available Inventory in July for single family homes was 6,195 properties, up 5% from June and down 12% from July 2009.
Closed Sales for Fort Lauderdale condos totaled 836 in July; down 9% from the previous month and up 10% from July 2009. Foreclosures accounted for thirty-four percent (34%) of these sales, up 10% from June and up 13% from same period last year.
The July Average Sales Price for condos was $125,158; down 3% from June and down 3% from July 2009.
The Condo Median Sales Price in June remained unchanged from the previous 2 months at $78,000, however, down 6% from July 2009.
Pending Inventory for condos in July totaled 1,138 condos under contract; down 6% from June and the same for July 2009.
Available July condo inventory shows a total of 8,598 condos for sale; up 2% from June and down 22% from July 2009. Thirty-four percent (34%) are classified as bank foreclosures; up 6% from June and up 26% from July 2009.
Trends for Northeast and Southeast Fort Lauderdale in the following zip codes: