Fort Lauderdale Real Estate | Market Report - May 2010

Posted by John Sabia on Monday, June 21st, 2010 at 4:10pm.

Median Sales Price and number of months of inventory are the numbers to look at for May's Fort Lauderdale Real Estate Market Report.  In both Single Family homes and condominiums, the median sales price is up 10% from last month and the inventory levels are at 8 and 9 months of supply respectively.  Inventory levels are considered that of a typical balanced real estate market when supply is at 6-8 months. New Listing Inventory in May reports 1,784 homes came on the market, up 7% from April and up 7% from May 2009.  There were 2,062 condominiums new to the market in May; up 3% from last month and up 1% from May 2009.  Total new Inventory for all property types in May equals 6,076. Single Family closed Sales in May totaled 746.   This number is up 15% from April and down 4% from May 2009.  Twenty-two percent of these sales were classified as REO bank foreclosures, down 19% from last month. Average Sales Price for a home in May was $286,496; up 10% from last month and up 11% from same period last year. Median Sales Price for a home in May was $80,000; up 10% from April and unchanged from May 2009. Pending Sales (homes under contract) totaled 1,268; up 4% from April and down 6% from May 2009. Inventory in May reports there are 5,704 homes currently for sale; down 1% from April  and down 27% from May 2009.  Of this May figure, 51% are classified as foreclosures. Closed Sales for Fort Lauderdale Condos in May totaled 967.  This number is down 6% from April and up 12% from same period last year.  Thirty percent are considered reo bank foreclosures. Average Sales Price for condos in May was $123,392; down 6% from April and down 10% from May 2009. Median Sales Price in May was $80,000; up 10% from last month and unchanged from same period last year. Pending Condo Sales in May totaled 1,459; down 6% from last month and up 11% from May 2009. Condominium Inventory in May reports there are 8,323 condos/townhomes presently for sale; down 2% from last month and down 29% from May 2009.   Of this May figure, 48% are considered reo bank foreclosures. For more information about buying or selling real estate in Fort Lauderdale, contact me today at 954.850.2397. Home buyers can begin their home search by viewing Fort Lauderdale MLS available property listings for sale by price and location. Fort Lauderdale Market Report - April 2010.

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John Sabia

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