Fort Lauderdale Real Estate Trends – Prices up 50% in 3 Years

Fort Lauderdale Real Estate Trends
Condos Town Homes June / July 2014

Fort Lauderdale Real Estate Trends for Condos are on the rise – with 3 years of solid increases.

List Prices have gone from $95,000 to $140,000 – an increase of nearly 50% and sales prices are following suit.

Prices are on the rise for Fort Lauderdale Condos and Town Homes – signaling growing confidence in the real estate market!

Fort Lauderdale Condos / Town Homes for Sale
Market Analysis Report

Here is the market analysis report for Fort Lauderdale Condos and Town Homes currently for sale.

Pricing #Beds #FBaths SF/FF List Price LP$/SqFt
High 6 5 18,000 $14,500,000 $3,783
Low 0 0 140 $950 $0
Average 2 2 1,251 $247,008 $173
Median 2 2 1,135 $140,000 $129

 

We can see from this report the average price for a condo / town home for sale is $247,008 and the median price is $140,000.

Both the average and the median prices are based on 2 bedroom 2 bathroom condos of between 1135 and 1251 square feet – with a list price to square foot price of between $129.00 – $173.00

Fort Lauderdale Condos / Town Homes
Sales Data Summary

It is useful to compare current sales data to preceding years – we do this below.

Median #Beds #FBaths SF/FF ListPrice SalePrice SP$/LP$ DoM
For Sale 2 2 1,135 $140,000 $0 0 29
Last 12Mths 2 2 1,161 $120,000 $116,500 95.79 41
Preceding12Mths 2 2 1,162 $95,000 $92,000 95.91 41

 

We can see from this report how the list prices for Fort Lauderdale condos has risen sharply from $95,000 to $120,000 and now to $140,000.

List prices are a very good measure of confidence in the real estate market – usually agents / realtors when they are listing a property for sale will look at recent sales/sales comparatives and base their listing price heavily on these figures…

However if the market is buoyant and confidence is strong then listing prices will be based more on “the market today” vs sales made yesterday, last week or last year.

We can clearly see this practice in play above.

Important to note with this data is the sales price to list price – which has been a consistent 95%.

Condo / Town Home Sales
Last 12 Months

There have been 17,450 sales of condos / town homes here in Fort Lauderdale over the last 12 months.

The market analysis report for these condo / town home sales is presented below

Pricing #Beds #FBaths SF/FF List Price Sale Price SP$/LP$ DoM
High 5 5 19,625 $4,550,000 $4,200,000 870.19 2,703
Low 0 0 13 $5,000 $55 0 342
Average 2 2 1,237 $176,054 $167,185 92.03 76
Median 2 2 1,161 $120,000 $116,500 95.79 41

 

We can see from this report that the average list price has been $176,054 and the median list price has been $120,000.

We can also see that the average sales price has been $167,185 and the median sales price has been $116,500.

Important to note is that both the average and median prices are based on 2 bedroom 2 bathroom condos – and that the median sales price to list price has been a solid 95.79%

Condo / Town Home Sales
Preceding 12 Months – 6/24/2012 – 6/24/2013

There have been 18,298 sales of condos / town homes here in in Fort Lauderdale in the preceding 12 months from the 24th of June 2012 to the 24th of June 2013.

The market analysis report for these condo / town home sales is presented below

Pricing #Beds #FBaths SF/FF List Price Sale Price SP$/LP$ DoM
High 6 6 17,736 $3,950,000 $3,800,000 1,298 4,398
Low 0 0 54 $5,000 $104 0 0
Average 2 2 1,240 $149,035 $141,250 95.27 84
Median 2 2 1,162 $95,000 $92,000 95.91 41

 

We can see from this report that the average list price has been $149,035 and the median list price has been $95,000.

We can also see that the average sales price has been $141,250 and the median sales price has been $92,000.

Important to note is that both the average and median prices are based on 2 bedroom 2 bathroom condos – and that the median sales price to list price has been a solid 95.91%

Kevin Wirth Realtor

My Summary

What is really important to note from the reports above are the increasing list prices.

As outlined above list prices often times factor in market confidence!

The real market here is confident and sales trends seem set to rise.

If the sales price to list price continues to hold at 95% based on current list median prices of $140,000 – sales prices will have risen to around $133,000.

So with list prices up 50% – we may now see sales prices up from $92,000 (the median for the preceding year 6/24/2012 – 6/24/2013) to $133,000 – our projected sales figure for this year – which would equate to an increase of 44.5% – which would be a very positive real estate trend indeed!

I hope you have enjoyed my blog on Fort Lauderdale Real Estate and condos / town homes – by Kevin Wirth Fort Lauderdale Realtor