Fort Lauderdale House
The Fort Lauderdale real estate market has begun to show signs of life. This trend, which some professionals call a recovery, is not v-shaped, however. As the following statistics show, the change has been slow and steady.
Condos
The number of condos for sale has dropped from a high of 1,615 during the past year, to a low of 1,197 as of the end of August, 2011. Price per square foot has been hovering around $200 for the past year. Days on the market has dropped considerably, from a high of 132 to the present low of 105. The average condo list price in Fort Lauderdale is up 6.7 percent from last year at this time, while the average actual sale price has risen by 5.6 percent. The median condo sales price is up 14.7 percent to $159,000.
Foreclosures no longer rule the market as they represent only three percent of listed condo properties, a 50 percent drop from last year at this time. Although short sales claim almost 13 percent of available condo inventory, this is a 46.5 percent drop from last year. The market does seem to be turning, but sellers should be aware that sale prices are still discounted 10 to 20 percent by buyers.
Homes
Inventory of Fort Lauderdale single family homes has dropped from 1,566 last year at this time to 1,063 this year. The median list price has increased from $299,000 to $349,000. Days on the market have dropped form 159 to 124 as sales per square foot have remained stable around the $200 range.
Distressed properties which consist of foreclosures, short sales and bank owned properties, still represent almost 13 percent of the Fort Lauderdale real estate market. This is a four percent drop from last year’s high of 17 percent.
The above statistics were complied from Trulia, The Realtor Association of Greater Fort Lauderdale, and local Fort Lauderdale newspapers.
Outlook
It is hard to deny that this market has at least stabilized. As foreclosures and short sales continue to be flushed out of the market, potential buyers will have less to choose from. The drop in available listings is significant. With record low mortgage rates and the inevitable pent up demand factor, Fort Lauderdale real estate has probably seen its darkest days. Many good deals can still be found, but next year the entire tone of the market may shift toward the seller.
November 2011
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