Home Prices in Fort Lauderdale April 2015
New listings are up, sales are up, pending sales are way up, median prices are up, hooray! Some fascinating things are taking place in the market. After what started to feel like a real slow down, some of these numbers are more than welcome! Let's walk through the data which is going to be largely supportive of the bulls in the crowd. Sorry bears.
You may notice a new addition to the chart below, the blue line. I wanted to add this line is because I really want to illustrate the volume of new listings coming out. I've been pointing this out for a few months now. Now not all of these listings are sticking, a number of people are just throwing stuff at the wall to see what sticks. Just note that there were more new listings last month than there have been at any time over the last 12 months. Buyers that means you have more choices, sellers that means you have more competition. Year over year we have a 30.8% rise in new listings, from 312 to 408. Month over month pending sales shot up by 33.7%, year over year they rose 9%. The really important number is what actually closed, year over year there was a 16.7% increase in closed sales. That's a pretty healthy gain.
Last month I pointed out the dip in per square foot pricing didn't worry me. Again, for the most part we've traded between $310 and $345 a foot for more than a year now. I think it is a bit interesting to note that pricing has gone from $315 a foot up to $345 year over year. That's a 9.7% price gain. Not too shabby, and not so wild it's unsustainable.
Median pricing reached it's highest level over the past 12 months. Could our new norm be median pricing above $400,000? If you look back at the year you wouldn't say that. I'm very curious to see how we continue to see these figures shake out. I believe that no matter how you look at it the bottom of pricing has come up so I do believe it's more than likely that we'll see the median number keep pushing north through the summer. REO has all but left the market. That's leaving very few beat up, low priced, distressed, messy deals, than there have been. The absence of those properties is logically going to move the median number up. Year over year median pricing is up 8.7%.
Last month I said I absolutely believed we had swung into a buyers market and I felt we'd remain there through the summer. The chart below is making me look foolish. In the last 60 days months of inventory has decreased 28.7%. That's ridiculous. If you read my blog often you know I'm a pessimist. I look up at the 408 new listings and think that unless sales really pick up next month, we're going to see a high months of inventory number again. I certainly believe that May and June should show high sales numbers, they historically do in Fort Lauderdale. I'm going to stick with the thought that new listings are going to come in at a higher pace than sales and we'll see a leveling off, or rise, in the inventory numbers. That's just a gut feeling. Of course for my paychecks sake I hope I'm wrong and tons of you come off the sidelines and buy up all the inventory!
I really think it's time to throw out this slide. Depending on price point you should sell in 100 days at 90% of your original listing price on average. Higher price points will be on the market longer, lower price points will be on the market shorter. Rinse and repeat, over and over again, same numbers.
We've had a lot going on in our little town recently. From Tortuga Music Festival which was amazing, to an almost daily stream of new development projects coming online, Fort Lauderdale has been getting an awful lot of interest from throughout the world. I'm seeing this interest land in a couple of camps, both camps have something in common, water views. Daily I'm getting requests for ocean view condo's, several times a week I'm getting requests about properties on the intracoastal with docking space. The reason I bring this up is because if you're interested in these property types, this is the time of year to shop for them. Not many people choose to come down to Florida in the summer for vacation. This leads to a tailing off in interest in destination, or second home properties. If you're a buyer, this is the time of year to shop for them as you'll likely face less competition. Conversely this time of year people looking to move into neighborhoods tied to highly rated schools picks up. Coral Ridge and Victoria Park are the usual targets of this activity. If you're a seller in those neighborhoods this is the time of year to get your house ready for listing!
Candace and I are leaving tomorrow for a cruise to go get some much needed rest and relaxation. So if you're looking for me over the next week I'll be sailing the Caribbean seas.
As always, the disclaimer. Real Estate market report provided by Casey Prindle of Keller Williams Realty. 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 January of 2014 through January of 2015. 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