Downtown Fort Lauderdale Non Waterfront Single Family Homes Sales 2013
As we continue working our way through the year end data let's wrap up zip code 33301. This post will really speak to a number of my buyers. This is going to cover non waterfront single family home sales in zip code 33301. This will be particularly relevant to sales in the northern half of Rio Vista, the southern half of Victoria Park, and all of Collee Hammock.
I'm going to begin with the same statement I made in my Fort Lauderdale Waterfront Single Family Home Sales post. For lack of a better description I titled this post Downtown Fort Lauderdale Single Family Home Sales, however, I need to more clearly define the area I’m referencing. The data I pull for this post is going to be in zip code 33301. The tricky thing with zip code 33301 is that it covers multiple neighborhoods. Further complicating, it cuts neighborhoods in half (specifically Rio Vista and Victoria Park).
As you can see the zip code covers, Downtown Fort Lauderdale, Rio Vista, Victoria Park,Las Olas Isles, and Collee Hammock. Data is provided by the MLS through Trendgraphix and is based on closed sale transactions that appeared on the MLS. This data only covers non waterfront single family homes sales in zip code 33301 for a period of January 2013 through December 2013. All data is based on the 91 non waterfront single family home sales that occurred in zip code 33301 during this period.
Non waterfront Homes sales in zip code 33301 for the year of 2013
If you've read the post on waterfront home sales in zip code 33301, you'll note that median sales prices were in excess of $1 million across the board, at the lowest point. Median sales prices of non waterfront single family homes in zip code 33301 have been selling at a significant discount to their waterfront counterparts. While you'd expect this, I'm not sure you'd expect land locked homes to be selling at a discount that's commonly 70% below waterfront homes. That's a huge margin, it also speaks to the draw a waterfront home has! I'm a bit surprised the median sales price is this low in this zip code. At the time of this posting I would consider $500,000 the minimum dollar amount needed to enter the single family home market in this zip code for a home in turn key condition.
I'd like to go back to a value perspective for a moment. These are single family home sales, in what I would consider a premier zip code in Fort Lauderdale in terms of location. Things seem to be settling around the $315 per square foot range. If you take a look at my post about Condominium sales in zip code 33301 (this would include townhomes), you'll see prices per square foot between $280- and $290 per square foot. If you buy a home you own the land it sits on! If you take a hard look at the data I really think there is great value in buying the home, versus a condo, if you're making the decision based solely on per square foot pricing. However, the median sales price of a single family home is much higher than a condo or townhome, so it's not really an apples to apples equation.
The 40-60 day marketing time seems about right. Homes in Collee Hammock, Victoria Park, and Rio Vista are a red hot commodity. They tend to sell very quickly. As you can see there's little room for price negotiation as sellers are routinely receiving 90%+ of their asking price. If you're a buyer looking at this market you need to act quickly when a home becomes available that you like. If you're a seller, now is the time to list! Should inventory levels pick up its going to become more difficult for sellers.
Speaking of a sellers market, have you ever seen inventory numbers this low? Honestly, it's astounding. Once again, 6 months of supply is considered a normal level. When you routinely get down to 2 or 3 months of supply it really means sellers can name their price. Buyers have to know this piece of data going into offering. If you're offering well off the asking price, you're likely not going to get an offer accepted. If you own a home in Collee Hammock, Rio Vista, or Victoria Park and have been thinking of selling, this piece of data alone should compel you to list your home for sale right away! Savvy sellers will take advantage of the inventory shortage.
Data was based on the 91 sales that occurred. When you look at the area that is covered, and then see only 30 listings over the whole area for sale, you get a sense for how tight this market is.
The data on the non waterfront home sales in Fort Lauderdale is pretty wild. The market is really bringing out some extremes. I'm really hoping we get some for sale inventory so we can ease this crunch (so are a number of my buyers who are now sitting on the sidelines!). That being said, I don't see the pace of sales slowing in zip code 33301 when we speak about non waterfront homes. When you can walk from your house to Las Olas Boulevard in a matter of minutes, you're always going to have a high level of interest from buyers.
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