As a Realtor, one of the most common questions I'm asked is "How's The Market?"
Here you can get a detailed Fort Lauderdale market report or even customize your own report based on neighborhoods.
As an overview of the market from my perspective, it's definitely a Seller's Market here in South Florida! Fort Lauderdale is no exception. The Greater Fort Lauderdale Board of Realtors came out with statistics for the 1st Quarter of 2017 showing that single family homes in Fort Lauderdale only had a 3.5 month supply of inventory. Keep in mind that 6 months is considered average! In the townhouse / condo category, there was a 5.7 month supply of inventory.
Fort Lauderdale is a highly desirable area, and neighborhoods vary greatly. If you're interested in a Fort Lauderdale market report, you might want to create your own, using specific neighborhoods. Compared with averages for Broward County, single family homes in Broward had a 3.3 month supply of inventory and for townhouses & condos, a 6 month supply.
If you're not interested in all these statistics and just want to search homes for sale, you can click here to go to my Fort Lauderdale page or click here to go to my home page where you can search anywhere in Broward County.
In the first quarter of 2017, 304 single family homes closed in Fort Lauderdale with a median sales price of $321,000. This represents an 8.8% increase over the 1st quarter of 2016. The average list to sales price was 92.5% and the median time from list to contract was 82 days.
Looking at townhouses and condos, there were 388 closed sales in the first quarter of 2017. Interestingly, 233 were cash sales. I attribute this to the continued difficulty in financing condos in Florida. Personally I'm hoping that more condos will pursue FHA eligibility, as this would make it so much easier for young people to buy their first home. When I started in Real Estate back in 1998, there were many condos that could be purchased with FHA financing.
Continuing on with townhouses and condos, the median sales price in Fort Lauderdale for the first quarter was $277,750, representing a 3.5% increase over last year. The average list to sales price was 92% and the median time from list to contract was 101 days.
If you haven't checked out the market report for your area, what are you waiting for! It's a great tool and it's free!
Of course if you ever have questions about Real Estate or are thinking of buying or selling, I'd love to hear from you. You can give me a call at 954-557-7036 or email debbie@SouthFLHomes.com.