Listing & Sales Activity - Fort Lauderdale Real Estate
The overall Fort Lauderdale Real Estate Market Update: January - June 2013 Listing & Sales Activity for homes, condos and townhouses in the residential neighborhoods of Fort Lauderdale Beach, Fort Lauderdale Northeast and Southeast Fort Lauderdale indicate the local real estate market here has rebounded and continues to remain strong and very stable.
Available Inventory for all property types has decreased by 10.6% from 1,596 properties for sale in January to 1,427 in June. Closed Sales for all property types were up 7.9% and Pending Sales down 5.1%.
Average Price Per Square Foot trended upward, up 17.6% averaging $275 per foot. The Average Listed Price was up 2% at $1,060,000 while the Average Sales Price was up 37.8% at $532,000. The Median Sales Price trended upward monthly up 29.6% overall at $320,000.
Average Days on Market before a property sold was down 25.5% to 76 days in June from 102 days in January. The Sales Price versus Listed Price Percentage was down 3.3% averaging at 86%.
Months of Available Inventory was down 17.2% with 5.2 months of inventory for sale. Experts agree a balanced market is typically when there is a 6-8 months of supply of inventory. The local real estate market in Fort Lauderdale is below that threshold and it appears to have turned in favor of sellers. We are once again seeing sellers raise the list price, multiple offers on a single property as well as properties go under contract quickly.
All Property Types listed as Foreclosures For Sale down 19.4% with a total of 192 properties classified as Foreclosures For Sale. Foreclosure properties were just 12.7% of all inventory. Sales of Foreclosed Properties up 84.6% with a total of 131 sales.
All Property Types listed as Short Sales For Sale were down 42.9% with a total of 318 properties classified as Short Sales. Properties Classified as Short Sales represented 21.1% of all inventory. Sales of Short Sales were down 28.6% with a total of 170 sales. Overall, Distressed Properties represented 33.8% of all inventory for sale.
Short Sale Properties
If you are considering buying or selling a property in Fort Lauderdale, give me a call today at 954.850.2397.