I get a lot of emails and questions about Downtown Fort Lauderdale condominium inventory and prices. In order to come up with an analysis I had to take a wide range of buildings. The data presented is compiled from sales in Nu River, The WaterGarden, Las Olas Riverhouse, Las Olas Grand, Las Olas by the River, The Waverly at Las Olas, 350 Las Olas, and Symphony Towers. If you're familiar with the buildings I've listed you'll note I've taken a range from the ultimate in luxury, down to a basic condominium building with few amenities.
Month's of inventory is one of my favorite statistics to use when analyzing the real estate market. Below is a graph of months of inventory based on closed sales. The numbers represent how many months it would take to sell the current inventory of available housing if units continued to sell at their current rate. A large amount of inventory will favor a buyer as they have lots to choose from, while low months of inventory will favor sellers as buyers have fewer options. A normal supply is considered to be 6 months of inventory. As you can see below the sellers are in control of the market currently. Most listings that I'm seeing are selling at 90% or more of their asking price in the Downtown Fort Lauderdale area.
I'd like to move on to a graph I think is something everyone should focus on. What it shows is that prices per sale are up in Downtown Fort Lauderdale, way up! Let's compare February of 2012 to February of 2013. If we look just at that period of time we find the average active price has risen 14.5% from $677,000 to $775,000. However, I think the astonishing number to focus on is the average sold prices. In February of 2012 the average sales price was $400,000. The average sales price in February of 2013 was $605,000. That's an increase of 51%!
Let me once again state that these statistics are based on MLS data compiled from sales inside of Nu River, The WaterGarden, Las Olas Riverhouse, Las Olas Grand, Las Olas by the River, The Waverly at Las Olas, 350 Las Olas, and Symphony Towers. Real estate is booming in Downtown Fort Lauderdale. This is a great time for investors and home buyers alike. It's especially good for those looking to sell!
I work as a real estate specialist in a small area of Fort Lauderdale. If you’re interested in buying or selling a home in: Rio Vista, Victoria Park, Downtown Fort Lauderdale, Fort Lauderdale Beach, Harbor Beach, Lauderdale Harbors, Collee Hammock, Seven Isles, Nurmi Isles, Idlewyld, or Las Olas Isles, please feel free to contact me at (786)443-7203 or through my email firstname.lastname@example.org.
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Written By Casey Prindle