Reduction in Fort Lauderdale Home Prices
Earlier this year price reductions were in short supply, except for a handful in the luxury realm where inventory has been excessive. Currently there is a 28 month supply of homes priced over $2 million in the zip codes I cover. Excess inventory on luxury properties is an old story, we’ve seen that trend this whole year. Today I want to touch on some data I’ve been compiling which favors buyers. The Fort Lauderdale real estate market hasn’t favored buyers for quite some time. I do believe we’re getting to some price points where sellers are pulling back. As evidence of this I’d like to give you some data on downward price revisions. All data is taken from the South Florida MLS.
First let’s take a look at single family homes. Again this will be specific to the area of southeast Fort Lauderdale that I cover. At the time of this posting there were 316 active single family homes on my map. Of those 316 single family homes:
- 18 of the actively listed homes have received listing price reductions since December 1, 2013 (5.7% of the available inventory)
- 56 of the actively listed homes have received listing price reductions since November 1, 2013 (17.7% of the available inventory)
- 80 of the actively listed homes have received listing price reductions since October 1, 2013 (25.3% of the available inventory)
The typical price drop is going to be from 3-5% of the asking price. What I see as the emerging trend is sellers having to pull prices back in order to find buyers. As always, take this in context. We have a lot of luxury homes in the area which take longer to sell then a lower dollar property. With that in mind let’s take a look at the same search for condominiums and townhomes.
If we switch over to condominiums we find 552 actively listed units in my search area.
- 15 of the actively listed condominiums have received listing price reductions since December 1, 2013 (2.7% of the available inventory)
- 71 of the actively listed condominiums have received listing price reductions since November 1, 2013 (12.9% of the available inventory)
- 102 of the actively listed condominiums have received listing price reductions since October 1, 2013 (18.5% of the available inventory)
This is interesting data to keep an eye on. For most of the year sellers were much more likely to receive full priced offers, with fewer days on the market. If the price reduction trend continues sellers will be forced to temper pricing expectations. Just some cursory data that I thought was interesting.
I work as a Realtor in Southeast Fort Lauderdale. If you’re interested in buying or selling a home, condominium, or townhouse (townhome) in: Rio Vista, Victoria Park, Downtown Fort Lauderdale, Fort Lauderdale Beach, Sailboat Bend, Tarpon River, Croissant Park, Collee Hammock, or Las Olas Isles, please feel free to contact me at (786)443-7203 or through my email email@example.com. I am a Realtor that works on Saturdays to accommodate those with busy schedules.
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Written By Casey Prindle
See all Fort Lauderdale Property Search.
(all data current as of 12/9/2013)
$739,000 : 1819 SE 17th St 805, Fort Lauderdale3 beds, 2 full, 1 part baths
$299,900 : 520 SE 5TH AV 3206, Fort Lauderdale3 beds, 2 full baths
2 beds, 2 full baths
$355,000 : 100 N FEDERAL HY 930, Fort Lauderdale2 beds, 2 full baths
$3,599,000 : 2601 DELMAR PL, Fort Lauderdale5 beds, 6 full, 1 part baths
Listing information deemed reliable but not guaranteed. Read full disclaimer.