Fort Lauderdale Real Estate Market Update June 2019

Number of homes for sale and sold in Fort Lauderdale June 2019

Number of homes for sale in Fort Lauderdale

Alright hello everyone hope you had a good month. I hope everything's well with everyone. As always I think I’ve got some interesting tidbits for you, but let's go ahead and dig in and see what we find.  First tidbit is not going to be a happy tidbit if you're a seller. From 477 sales down to 387 sales year-over-year, down 18.9%.  Not a great stat.  Also we went from 2,333 active listings down to, or excuse me, up to 2,506, so we're up 7.4%. Read between the lines there right, pretty easy to see more listings and less sales, not the greatest news for sellers.  Still good news for buyers.  Of course, as always, depends on your price point.  

Average price per square foot of home sales in Fort Lauderdale June 2019

Price per square foot of homes sales in Fort Lauderdale

I feel like I’ve kind of beaten this point to death at this point. If you haven't heard me yet I don't know what to tell you.  Average price per square foot from $313 up to $326, up 4.2 percent. Again everybody kind of knows that we're pretty range bound right? If you look across the year here not a whole lot of fluctuation, so don't put a ton of stock in it, but something good to look at.

Median Home sale prices in Fort Lauderdale June 2019

Fort Lauderdale Median Home sale prices

The same thing is pretty much would I say with median pricing right? I mean we're kind of range

Bound. Year over year from $338k to $350k, up 3.6% but again look across the whole year right; 302, 316, 323, 330, 335, 340 we're pretty range bound here.  So something that’s good for you to know, but not to put a whole ton of stock in. 

Average number of days it takes to sell a home in Fort Lauderdale June 2019

Number of days it takes to sell a home in Fort Lauderdale

Average days on market, you know more and more I think this is an important thing to look at for an overall theme.  Again this is another one where if you look at it were kind of range bound throughout the year right? So I think it's something good for you to know, to pay some attention to.  Look its ninety days right?  Pretty much just what you see.  On the same token we've been seeing constantly things selling for about 90% of list price.  Once again I do have to caution everybody with this, because I you know I get a number of questions on this. I think you have to be careful with it. So that 10% discount to asking price is across all price points.  If you're a condo over $800 grand, you're likely going to be looking at a pretty big price cut versus what you listed for.  That market it's just very very slow right now.  On the other side of things If you’re looking at a single-family home for less than $350 grand, you're going to be lucky to get $2,000 off the asking price. So it’s very price point specific. The overall theme here I think you want to look at is the ninety days that it's taken to sell a place. You have to ask me about what price point you're in if you're going to ask me what kind of discount to market things are getting, because this can be a bit deceiving and I and I had a number of questions this month.  I just I want to address that one head-on. 

 

Months of Fort Lauderdale housing inventory June 2019

Months of Fort Lauderdale Housing Inventory

Last slide here months of inventory. From 4.9 up to 6.5 year-over-year up 32.7% so this is all the stuff that we kind of knew on the first slide right? You knew that, if you've been watching me for a while, you knew this last slide wasn't going to look great compared year-over-year. When we had fewer sales and more inventory, that's exactly what this tells you. The months of inventory is the best snapshot I can quickly give you as to where the market is, and what’s going on.  I think it's something to pay attention to, and again this all comes down to your price point. That's what I'm really trying to hammer home with people now is if you're looking to list and you're on the higher end, it's going to be tougher if you're looking to list. If you're on the lower end, it's a great time to list right now for that same reason.  I just listed a multi-family property and without people even seeing it, there are offers rolling in.  So there are some segments of the market that are really working out well, but you're going to have to know where you are in the market place. 

So I'm going to be short and sweet this month.  Hope everybody has had a good month and I will see you next month! Take care everyone.

Casey Prindle