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Home Prices Surge in Feb

Fort Lauderdale Homes
March 2015 Update

Fort Lauderdale home prices surged upwards in February – with median sales prices rising by over $25,000 from January 2015.

Based on Feb sales Median prices are up 5% from 2014 in just 2 months!

Median square foot prices also rose to their highest level at $145.00 per square foot.

The sales price to list price remained stable at 96% and days or market was a healthy 51 days.

Fort Lauderdale
Home Sales

Fort Lauderdale home sale for February 2015 were strong with median prices surging ahead.

The market analysis report for 2015 homes sales is presented below

Mth  Beds/Baths SF/FF Sale Price
Feb 3 / 2 1,852 $285,292
Jan 3 / 2 1,772 $260,000

We can see that the median price for homes sold in Fort Lauderdale over the last 2 months has been

  • January 2015 – $260,000 – this being for a 3 bedroom 2 bathroom home of 1772 square feet
  • February 2015 – $285,292 – this also being for a 3 bedroom 2 bathroom home – a larger home of 1852 square feet

February sales put us back on track after a very sluggish January where median sales prices actually fell below the median set for all of 2014.

Luxury Fort Lauderdale home in Rio Vista

Fort Lauderdale
Median Sales Prices

 Here are the median sales prices for Fort Lauderdale homes from 2011 to 2014.

 Med Beds/Baths SF/FF Sale Price
2014 3 / 2 1,818 $270,000
2013 3 / 2 1,847 $250,000
2012 3 / 2 1,807 $201,000
2011 3 / 2 1,748 $180,500

We can see from this report the median sales prices for Fort Lauderdale homes in:

  • 2014 were $270,000this being for a 3 bedroom 2 bathroom home of 1818 square feet
  • 2013 were $250,000 this being for a 3 bedroom 2 bathroom home of 1847 square feet
  • 2012 were $201,000this being for a 3 bedroom 2 bathroom home of 1807 square feet
  • 2011 were $180,500this being for a 3 bedroom 2 bathroom home of 1748 square feet

We can see from this report that median sales prices for Fort Lauderdale homes over these 4 years have also surged ahead – increasing by $89,500 or 49.5%.

2015 Sales
Square Foot Prices

Here is our square foot summary report for Fort Lauderdale homes sold in 2015

Mth  SP$/SqFt
Feb $145
Jan $136

We can see from this report that the median square foot prices for Fort Lauderdale homes sold so far this year

  • January 2015 – $136.00 per square foot
  • February 2015 – $145.00 per square foot

Important to note is that the median sales price to square foot price is also up – from $136.00 to $145.00 – an increase of $9.00 per sq ft.

We can see from the summary report below how square foot prices have risen.

2014 2013 2012 2011
$141 $130 $110 $105

Again note that January home sales prices had us all a little rattled as square foot prices had fallen from $141.00 in 2014 to $136.00.

 

% Sales to List Price

Another important real estate indicator is how much  buyers are paying for Fort Lauderdale homes – based on the percentage of sales price to list price paid by buyers.

Our 2015 market analysis report for this is presented below

Mth  SP$/LP$
Feb 96%
Jan 96%

We can see from this report that the median sales price to list price for Fort Lauderdale homes sales:

  • January 2015 – 96%
  • February 2015 – 96%

Important to note is that the sales price to list price has remained constant at 96%which is consistent with median sales price to list price percentages from 2011 through to 2014

This means if a Fort Lauderdale new construction home for sale is listed at $300,000 – then based on median sales data the home would sell for 96% of that amount or $288,000 – based on MLS data.

 

Days on Market

Days on market for Fort Lauderdale homes for Sale is an important indicator on how our real estate market is preforming.

Here is the market analysis report for Days on Market based on home sales in 2015

Mth  Days on Market
Feb 51
Jan 49

We can see from this report that the median days on market for a Fort Lauderdale Homes for Sale has been

  • January 2015 – 49 Days
  • February 2015 – 51 Days

Days on market is the time from when the home was listed for sale till the home sold AND closed.

51 Days in February is strong and a positive indicator reflecting strong demand for Fort Lauderdale homes!

Kevin Wirth Realtor

My Thoughts / Summary

In our January 2015 post it was with some alarm we noted median sales prices for Fort Lauderdale Homes were softening!

So it is great to report that in February 2015 median sales prices for Greater Fort Lauderdale Homes are up!

Again it is very important to note the increase in median square foot prices up from $136.00 to $145.00

My thoughts are that we are going to see square foot prices continue to rise and to pass the $150.00 square foot mark in the new few months.

I hope you have enjoyed my post on Fort Lauderdale Homes for Sale  – Kevin Wirth Realtor – 954-459-0337

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