Number of Fort Lauderdale Homes for Sale Declining

Number of Homes for Sale – Declines 23% in 3 Months

Fort Lauderdale Homes
June 2015 Update

The number of Fort Lauderdale homes for sale declined from just over 1300 homes for in March 2015 to just on 1009 home in June 2015 – a dramatic drop of 23%

Based on MLS data there is now just less than 6 Months of Supply for all Fort Lauderdale homes for sale – a very encouraging real estate indicator!

The bulk of the sales activity is currently occurring in smaller, lower priced homes for sale – with a median of just 36 days on market!

As a direct result median prices for Fort Lauderdale home for sale are on the rise and I predict that we will see some strong increases in median prices over the next few months

Foreclosure activity for Fort Lauderdale Home for sale is also down – with a drop in the number of foreclosure for sale – another very encouraging real estate indicator!

Fort Lauderdale
Homes for Sale

The number of Fort Lauderdale homes for sale has dropped by nearly 300 units in just over 3 months.

 Month Homes for Sale
March 2015 1300+
June 2015 1000+

We can see from the summary report above how the market has moved from just over 1300 homes for sale in early March 2015 to just over 1000 homes for sale now in June 2015.

This amounts to a 23% decrease in the number of Fort Lauderdale homes for sale.

The median sales data for Fort Lauderdale homes currently for sale is presented below.

Beds/Baths SF/FF List Price LP$/SqFt
3 / 2 1,861 $496,950 $262

We can see from this that the median price for a Fort Lauderdale home for sale at time of writing is $496,950this being for a 3 bedroom 2 bathroom home of 1861 square feet.

It is important to compare this data with both recent sales and pending sales – as well as to foreclosure activity.

Fort Lauderdale
Recent Home Sales

There have been 390 homes sold over the last 90 days / 3 months

The market summary report showing median prices for Fort Lauderdale homes sold over the last 90 days is presented below.

Beds/Baths SF/FF Sale Price SP$/SqFt
3 / 2 1,639 $312,250 $193

We can see from this report that the median sales price for a Fort Lauderdale home recently sold has been $312,250this being for a 3 bedroom 2 bathroom home of 1639 square feet.

The median days on market for recent sales has been 49 days!

Fort Lauderdale
Pending Home Sales

There are current 569 Fort Lauderdale homes for sale that are under contract and are pending sale.

Beds/Baths SF/FF List Price LP$/SqFt
3 / 2 1,451 $194,900 $136

We can see from this report that the median sales price for a Fort Lauderdale home pending sale is $194,900 – this being for a 3 bedroom 2 bathroom home of 1451 square feet.

The median days on market for pending sales is 36 days!

Fort Lauderdale
Home Foreclosures

We are seeing a decrease in foreclosure activity for distressed Fort Lauderdale homes for sale – as we can see in this market summary below.

 REO’s Number Beds/Baths Price
Active 67 3 / 2 $177,500
Pending 91 3 / 2 $108,200
Recent Sales 81 3 / 2 $146,000

There are currently 67 Fort Lauderdale home for sale that are foreclosures – with 91 foreclosures pending sale.

In the last 3 months there have been 81 Fort Lauderdale homes for sale sold as foreclosures!

Foreclosure prices are on the rise with the median list price at $177,500.

 

Kevin Wirth Realtor

My Thoughts / Summary

Demand for Fort Lauderdale homes for sale is strong – our warm weather and beautiful beaches attracting buyers from both far and near.

Recent median sales and median pending sales prices at $312,250 and $194,900 respectively – are in stark contrast to the median price for Fort Lauderdale homes currently for sale at $496,950.

Days on market at 36 days for pending sale is fast and on top of this foreclosure activity is down.

Add to this “mix” that the overall inventory for Fort Lauderdale homes for sale has also declined by 23% – and I hope you can see why I am predicting a surge in median prices for homes for sale over the next 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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