Fort Lauderdale Real Estate Market Trends

For most people, their home is the largest asset in their portfolio. If you are now, or will be in the market to purchase or sell a home or condo in Fort Lauderdale, Florida, you'll want to follow trends to stay informed of what is happening in the Fort Lauderdale real estate market and select an agent who understands these trends. Contact us if we can help you with your next purchase or sale in the Fort Lauderdale area.

February 2019

Single Family Update

February's numbers indicate there were 78 closed sales as compared to 102 last year (-23.5%). The median sales price was $397,500 (Feb 2018: $374,500/ +6.1%). The average sales price for a house in February was $781,091 (Feb 2018: $614,296/ +27.2%). Total Sales volume amounted to $60,925.085 (Jan 18: $62,658,166/ -2.8%). The percentage of sales price to original list price was 91.1% (93.4% Jan 2018/ -2.5%). The median time to contract was 82 days (78 days Jan 18/ +5.1%).

In February there were 136 pending sales (135 in Jan 18/ +0.7%). New listings totaled 196 as compared to 237 same time last year (-17.3%) added to an existing inventory of 844 properties (793 in Jan 2018/ +6.4%). Total months of inventory was 7.2, up 9.1% from 6.6 months in January 2018 (market favors buyers).

Condo-Townhouse Market

In February, there were 120 closed sales as compared to 154 the year before (-22.1%). The median sales price was $264,500, down (-15.9%) from $314,500 in february of last year. The average sales price was $395,705, down again (-15.8%) from same period last year. Total sales volume for this market was $46,693,808, down significantly (-35.5%) from February 2018. the percentage of Sales price to original list price remained the same at 91.7%. The median time to contract was down (-17.9%) to 101 days from 123 days last year. 

Pending sales totaled 175, up (+5.4%) from 123 for the same time in 2018. There were 241 new listings added, down (-15.7%) from 286 last year to a total inventory of 1,227 properties, just barely ticking up (+0.4%) from last year's 1,222 properties. The total monts of inventory decreased slightly from 8.7 months the prior year to 8.1 months (-6.9%) which indicates a market that still favors buyers.

Graph of Fort Lauderdale Real statistics - February 2019 | johnsabia.com

January 2019

Single Family Market Update:

January's numbers show there were 60 closed Sales as compared to 109 in January of last year (-45%) The median sales price was $523,750 ($423,000 Jan 2018: 23.8%) and the average sales price was $782,145 ($766,606 Jan 18: 2%). Sales volume totaled 46,928,680 for the monthy of January of this year ($83,570,960 Jan 2018: -43.8%). The percentage of sales price as compared to original list price was 91.6% (93% in Jan 2018: -1.5%). The median time to contract was 96 days (107 days in Jan 18: -10.3).

Pending Sales totaled 106 (128 Jan 2018: -17.2%). During the month of January, there were 264 new listings (261 Jan 18: 1.1%) added to the total inventory of 862 (745 Jan 18: 15.7%) properties for sale, with 7.3 months of inventory (6.3 Jan 18: 15.9%) which indicates it's  buyer's market. (Six months by most experts indicates a balanced real estate market).

Condo-townhouse Market:

During the month of January, there were 118 closed sales as compared to 130 sales in January 2018 (-9.2%) The median sales price was $293,000 ($300,000 in Jan 18: -23%) and the average sales price was $459,054 ($459,678 Jan 18: -0.1%). Total Sales volume totaled $53,709,573 ($59,758,196 Jan 18: -10.1%) In January, The percentage of sales price versus original list price was 92.1% (91.5% Jan 2018: 0.7%). The median time to contract was 97 days as compared to 128 days same time last year (-24.2%)

Pending Sales for condos and townhouses in January totaled 180 (Jan 2018: 181: -0.6%). There were 361 new properties added (338 Jan 18: 6.8%) to the total inventory of 1,254 listings (1,207 Jan 18: 3.9%)  bringing the total months of inventory to 8.3 months (8.5 Months Jan 18: -2.4%), to indicate a market favoring buyers. (six months by most experts indicates a balanced real estate market).

 graph of Fort Lauderdale Real Estate Market Report / www.johnsabia.com

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*work in progress - more info coming soon!

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