Fort Lauderdale Real Estate Market Update: Third Quarter Analysis

Fort Lauderdale Real Estate Market Update: Third Quarter Analysis

Introduction

Is Fort Lauderdale real estate falling apart? Should you panic sell or wait to buy? These are questions I've been getting nonstop, so I sat down with the data to give you a comprehensive Fort Lauderdale real estate market update for the third quarter.

This analysis focuses on single family homes and covers:

  • Sales volume and trends

  • Buyer pricing patterns

  • Time on market metrics

  • Current market conditions (buyer vs. seller market)

No hype, no nonsense—just the data you need to know if you're considering buying or selling a home in South Florida.

Key Metrics for Single Family Homes

Median Sold Price: $655,500

Year-over-Year Comparison: Up from $580,000 last year

Important Note: I don't put much weight in the median sold price for Fort Lauderdale. We have huge price swings when it comes to single family homes, from beachfront properties to landlocked homes west of I-95. This single number doesn't give an accurate depiction of the market.

Total Properties Sold: 141 Units

Year-over-Year Comparison: Up from 126 units (15 more sales)

This is one of the most important metrics—how many homes are actually selling. Contrary to what you might read in the news about Fort Lauderdale being in a "free-for-all," sales are actually up year-over-year.

Historical Context: We're now in almost three years of relatively range bound activity between 100-200 sales monthly. COVID disrupted the pattern, but we've stabilized since then.

Reality Check for Sellers: This doesn't mean you've gained a lot of equity over the last three years. Many properties are flat to slightly negative on pricing over this period.

Sold to List Price Ratio: ~95%

What This Means:

  • This represents what percentage of the original listing price a home sold for

  • For Buyers: Lower numbers mean more room to negotiate

  • For Sellers: Higher numbers (closer to 100%) mean less need to bend on price

Current Market: There's slightly more room for negotiation now versus last year, but the window is pretty small—we're talking about 5% off list price on average.

Important Detail: This is calculated from the original listing price. If there were two price reductions and the home sold at "full price" after the reduction, it still reflects down from that original listing price.

Historical Perspective: Historically, 5% off list price is a realistic amount to negotiate in this market.

Median Days on Market: ~60 Days

What This Metric Tells Us:

For Buyers: Higher days on market is favorable

  • Sellers aren't seeing many offers

  • More opportunity to negotiate on price

  • More time to make decisions without pressure

For Sellers: Lower days on market is favorable

  • During peak times (12-15 days), buyers felt immediate pressure

  • Properties seen on Monday required offers by Friday

  • Currently at 60 days, properties listed two months ago are just now going into contract

Critical Note: Days on market reflects the time from active to pending status, NOT active to closed. Sellers should add 30-45 days to this number to understand how long until money hits their bank account.

Median Price Per Square Foot: $417

Why I Don't Weight This Heavily: Fort Lauderdale has dramatically different property types:

  • Beachfront properties

  • Intracoastal properties

  • Landlocked properties west of I-95

This single number isn't applicable across these categories. For example, $417/sq ft means nothing for beachfront properties—you can't even buy a life raft at that price on the beach.

Market Trend: Buyers don't want fixer-uppers. They want move-in ready properties, which command premium pricing.

Year-over-Year: $406/sq ft last year, so relatively flat. The sky is not falling.

Total Dollar Volume

Why I Don't Emphasize This Metric: Fort Lauderdale has many high-end sales. A handful of $10+ million sales can dramatically skew this number in any given month. With only 140 properties transacting, the sample size isn't large enough to give this statistic significant weight.

Months of Inventory: ~6 Months

This is my most important metric. If I could only look at one statistic in any market, this would be it.

Understanding the Benchmark:

  • 6 months of supply: Market neutral (favors neither buyers nor sellers)

  • Less than 6 months: Favors sellers

  • More than 6 months: Favors buyers

Historical Context: For a long time, Lauderdale averaged around 4 months of inventory, below the national average. However, as time moves on, we appear to be shifting toward the 6-month national average.

What This Means:

For Sellers:

  • Less inventory means you can be more aggressive with pricing

  • More inventory means you need to be tight with your pricing and put out a quality product

  • Buyers have more choices, so competition is higher

For Buyers:

  • Low inventory periods meant limited choices—many people bought properties that weren't ideal

  • Higher inventory means better chances of finding your perfect property

12-Month Change: Up 20%

Is It Leveling Off? Likely yes. I thought supply would start coming down by now as sellers with aspirational pricing would back off the market. However, I'm seeing a different pattern: sellers are hearing realistic pricing numbers and deciding "I don't want to go through the hassle of listing. I'll wait it out." This may explain why inventory levels are leveling off rather than declining.

Key Takeaways

  1. Sales are up year-over-year, contrary to negative news narratives

  2. Negotiation window exists but is modest (~5% off list)

  3. Market is becoming more balanced, approaching 6 months of inventory

  4. Buyers have more time and choices than during the COVID-era frenzy

  5. Sellers need realistic pricing in the current environment

Important Distinction

Single family homes look very different from condos and townhomes on these charts. If you're interested in condos or townhomes, those require separate analysis—they are very different marketplaces.

Biggest Mistakes to Avoid

  • Buyers: Overpaying for properties

  • Sellers: Leaving too much money on the table

For personalized guidance on buying or selling in the Fort Lauderdale market, contact Casey at 786-443-7203 or caseyprindle@gmail.com

Market data reflects Q3 Fort Lauderdale single family home sales

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Fort Lauderdale Condo Market: Why It's a Buyers Market