The post below is from Steve Roberge my South Florida contributor, talking about market conditions in Ft Lauderdale. Steve is with Coldwell Banker in Ft Lauderdale. He was with my old office in Boston before moving to Florida, and has owned property in Boston and in Provincetown…in other words he knows of what he speaks. Enjoy. Steve is a regular contributor to the blog. Steve[email protected], 954home.com.
In Greater Fort Lauderdale / Broward County, the first quarter median sales price for single-family homes climbed 16% to $180,000 over the same period in 2011, according to data from Broward Council of the Miami Association of Realtors. This data supports recent analyst reports stating the Miami-Fort Lauderdale housing market has already begun to rebound. As was reported last month, Zillow predicts the Miami-Ft Lauderdale real estate market will be the second highest for home value increase in 2012.
Following is a market snapshot for the Greater Fort Lauderdale / Broward County housing market, comparing April 2011 with April 2012:
- The number of homes listed for sale decreased 30% (14,046 vs. 9,745).
- The price of homes sold increased over 20% ($173,000 vs. $208,000).
- The number of homes sold decreased 11% (2,604 vs. 2,309), which is consistent with the reduced number of homes listed for sale.
- The number of homes pending sale (under contract) increased 16% (3,077 vs. 3,646).
- The average amount of days a home was listed for sale is down 9.6% (94 days vs. 85 days), which means the time to sell a home is improving.
What a difference a year makes. Inventory is down 30%. The price of homes sold increased by 20%. The number of homes sold decreased slightly in line with the decrease in inventory. The pending sales number increased by 16%, and average days on market decreased by close top 10%.
Realtor sentiment “on the street” mirrors the reporting from The Miami Association of Realtors, Zillow and others… that the Miami-Ft Lauderdale market is truly rebounding.
I will keep you posted with regular analysis of the Ft Lauderdale real estate market.
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