Downtown Fort Lauderdale Condo Sales 2013
The data just started getting fed to me for my year in review posts! The first area I'd like to review is Downtown Fort Lauderdale. I will specifically describe this as condominiums located in zip code 33301. Sales will include, but not be limited to:
- Nu River
- The Waverly Las Olas
- Strada 315
- Sole Fort Lauderdale
- Las Olas River House
- Las Olas Grand
- The WaterGarden
- Nola Lofts
- Las Olas by the River
- Loft spaces (including Mill Lofts, Foundry Lofts, and Avenue Lofts)
- Townhomes in zip code 33301
A few quick disclaimers. Data is provided by the MLS through Trendgraphix and is based on closed sale transactions that appeared on the MLS. This data only covers condominiums in zip code 33301 for a period of January 2013 through December 2013.
The data compiled in the graphs below is based on the 364 sales that took place during this time period. So we actually have a decent sample size to work with! This is also the reason why I find it hard to review sales for the year building by building, some months there are zero sales which makes it tough to spot trends. Unless of course there were zero sales for several months in a building, that's a bad trend!
Let's dig right into the price per square foot category. When we look month by month it's tough to spot a trend. When you look back at this year I think it stands out that pricing tends to level around $280 psf. Keep in mind we're talking about condo's here. We're also talking about the area centered right around Downtown Fort Lauderdale which is very popular. I think it's astonishing when you compare our $280 per square foot condo pricing to other markets. I believe we have tremendous value on a per square foot basis here in Downtown Fort Lauderdale.
There was a lot of bobbing and weaving in the median price sales category. If prices remained about level on a per square foot basis, but moved up and down on the median sales price, the positive takeaway would be that proportionally things remained constant. The data would show that as square footage of a property rose, so did the price. This is rationale, and it would explain how median prices could move up and down while per square foot pricing didn't mirror the movement as drastically.
Thankfully we have a higher level of inventory now than we did in the beginning, and especially in the middle, of the year. As always my disclaimer about this area. The inventory number is not entirely reliable due to our high end market. High dollar properties are going to sell at a slower pace than $200,000 properties. Building by building we're short on inventory in Downtown Fort Lauderdale. Some inventory is coming back, but it's still light. I'd like this months of inventory number to move up, but we'll see how this first quarter plays out.
Continuing on the idea that high dollar can skew our data, I give you days on market. Keep in mind it's not unlikely that a property in the high dollar range will sit on the market for a year before it sells. So while 70-80 days is a normal marketing time in this zip code, it is an average. A $200,000 condo will sell overnight. I've been talking about price reductions a lot lately. Note, listings seem to have been selling at 90% of their listing price across the board for the entire year.
Our final slide is going to show you how many properties were for sale (light green), how many properties sold (dark green), and how many went from active to pending sale (red line), month by month. You can see the number of sales each month were relatively level, except in June and July. Also notice the trend of properties for sale moving up. As I'm hopeful we see more inventory, I take this as a positive.
Thanks for reading and have a great weekend!
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, Wilton Manors, Pointsetta Heights, Coral Ridge, or Las Olas Isles, please feel free to contact me at (786)443-7203 or through my email firstname.lastname@example.org. I am a Realtor that works on Saturdays to accommodate those with busy schedules.
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Written By Casey Prindle