Home Prices in Fort Lauderdale August 2014.
It looks like we're finding a bit of market neutrality year over year. Good news for buyers, a bit of a warning sign for sellers? A number of the year over year figures across multiple categories are actually flat. That's a bit of a surprise, the unanswered question is whether that means our market is cooling off or not. Let's take a look at this months data.
Sales were down 4.7% year over year declining from 171 to 163. Not a number to gasp at, or a cause for concern. The big surprise came in the number of listings currently for sale versus last year. The increase from 848 to 1096 represents an increase of 29% year over year. That's encouraging news for buyers who are looking to have a wider selection of homes to choose from during their buying process.
A very modest 4.2% increase in year over year per square foot pricing. Again, fantastic news in my opinion. We have a market that really seems to have found a comfortable trading range. We don't seem to be swinging wildly month to month of year over year any longer. Stability is great news!
Median pricing seems to be finding a comfortable range as well, with the exception of a couple outlying months. Those still under the illusion that they can easily find a house in Fort Lauderdale for $100,000 may want to take a closer look at this chart. Prices seem to be leveling, but they've leveled at a price point that is going to be difficult for many to afford.
Inventory seems to be swelling a bit. I certainly have been contacted by more sellers this August than I was last August. I would say it's been a four fold increase in my case. Now that being said I've also been swamped with phone calls from buyers who are coming in this winter with money to spend. I believe we're setting up for a very lively market this winter.
Days on market seems to be creeping up, while the sale price versus original listing price is relatively flat. On average sellers are receiving 90% of their original listing price. That's been the trend for the last year, except for August of 2013. From my perspective a property priced correctly is going to be on the market for 30-60 days. As always, the properties priced in the higher dollar brackets will sit on the market longer. However, even those properties priced at the $700,000 level seem to be moving at a decent pace. As always, if you don't overprice your property from the beginning, you're much more likely to sell in that 90 day or less range.
I've spent the better part of this month dealing with a group of people I haven't heard from much, developers! When the market crashed a lot of land was purchased by developers who have been sitting on parcels waiting for the market to come back. We're at a point where construction costs are still low enough, and some land prices low enough, that we're going to see new projects going up. These projects are coming in all styles and price points. From townhomes in Victoria Park, to 37 story towers in Downtown Fort Lauderdale, we have a bit of a building boom starting to form. I do believe that you'll see more projects built as either townhomes or as condo buildings which are less than 10 stories, at least in the short term. Stay tuned if you're looking for something that's new construction.
As always, the disclaimer. Real Estate market report provided by Casey Prindle of Esslinger Wooten and Maxwell. This market report will cover the neighborhoods of: Rio Vista, Victoria Park, Downtown Fort Lauderdale, Fort Lauderdale Beach, Harbor Beach, Lauderdale Harbors, Sailboat Bend, Tarpon River, Croissant Park, Collee Hammock, Las Olas Isles, Lake Ridge, Wilton Manors, Coral Ridge, and Poinsettia Heights. Zip codes covered in this report will include 33301, 33304, 33305, 33315, and 33316. Data reviewed will be compiled by zip code and cover a 12 month period from April of 2013 through April of 2014. Data is taken from the South Florida MLS and provided by Trendgraphix. Property types include single family, condominiums, and townhouses.
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, Oakland Park, Poinsettia Heights, Coral Ridge, or Las Olas Isles, please feel free to contact me at (786)443-7203 or through my email email@example.com. I am a Realtor that works on Saturdays in order to accommodate those with busy schedules.
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Written By Casey Prindle