Fort Lauderdale Condo Prices Softening Yes & No!

Fort Lauderdale Real Estate Trends
Condos Aug / Sept 2014

Are Fort Lauderdale Real Estate prices for Condos softening – the answer is Yes and No!

In our April / May Blog we reported that the real estate market showed clear signs of softening and even prices dropping

However what we are seeing is that buyers are opting for cheaper condos – (this is clearly reflected in pending prices for condos currently under contract) – while median prices for recent closed sales and median prices new listing prices remain strong!

In fact median new listing prices are up by over 27% or $30,000.00 from the median for those units currently pending sale!

Fort Lauderdale Condos Prices
Softening Yes or No

The answer is all in how you look at the numbers…

Currently the median price for a Fort Lauderdale condo / town home for sale is $140,000, while the median price for a condo / town home pending sale is $109,900 – so at first glance prices are indeed soft and dropping!!

Important to note however is that the median sales price for a condo sold over the last 90 days is $129,900 and the median price for a new listing – a condo listed over the last 90 days is $139,900.

We look in-depth at these numbers and then I give my thoughts below

Fort Lauderdale Real Estate
Condos / Town Homes for Sale

Here is the market analysis report for the 7678 condos / town homes currently for sale here in Fort Lauderdale

Pricing #Beds #FBaths SF/FF List Price LP$/SqFt
High 6 11 7,861 $14,500,000 $3,783
Low 0 0 200 $14,500 $0
Average 2 2 1,242 $245,595 $174
Median 2 2 1,130 $140,000 $131

 

We can see from this report that the average price for a unit currently for sale is $245,595 and the median price is $140,000.

Note again the median price is based on 2 bedroom 2 bathroom unit.

For the purposes of this report while we present all the MLS data we focus on median prices.

Fort Lauderdale Real Estate
Condos / Town Homes Pending Sale

There are currently 4569 condos and town homes pending sale.

Here is the market analysis report for these pending sales.

Pricing #Beds #FBaths SF/FF List Price LP$/SqFt
High 8 25 9,000 $2,999,000 $816
Low 0 0 290 $10,000 $0
Average 2 2 1,238 $161,469 $117
Median 2 2 1,170 $109,900 $96

 

We can see from this report that the median price for a unit pending sale is $109,900.

We can also see that the median price is based on a 2 bedroom 2 bathroom condo unit of 1170 square feet.

Fort Lauderdale Real Estate
Recent Condo/Town Home Sales Last 90 Days

There have been 4146 sales of condos / town homes here in these neighborhoods in Fort Lauderdale over the last 90 days.

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

Pricing #Beds #FBaths SF/FF Sale Price SP$/SqFt SP$/LP$
High 5 25 4,350 $10,581,375 $7,974 NA
Low 0 0 140 $115 $0 0
Average 2.03 1.8 1,237.18 $183,283 $139 94.49
Median 2 2 1,175 $129,900 $112 95.69

 

We can see from this report that the median sales price has been $129,900.

The sales price is based on 2 bedroom 2 bathroom unit of 1175 square feet.

Fort Lauderdale Real Estate
New Listings – Last 90 Days

There have been 4297 new condos / town homes listed for sale here over the last 90 days.

The market analysis report for these units is presented below.

Pricing #Beds #FBaths SF/FF List Price LP$/SqFt
High 5 11 5,695 $6,490,000 $1,443
Low 0 0 200 $18,000 $0
Average 2 1.78 1,226 $220,965 $166
Median 2 2 1,130 $139,900 $131

 

We can see from this report that the median price for a new listing has been $139,900.

Again the median price is based on a 2 bedroom 2 bathroom unit of 1130 square feet.

Kevin Wirth Realtor

My Summary / My Thoughts

The initial figure of the median price condos for sale at $140,000 and then the median price for condos pending sale at $109,900 – is cause to investigate…

Especially when the median for closed sales over the last 90 days has been $129,900 – why are prices $20,000 or more down?

In fact pending prices are list prices and sales prices are typically running at 95% of list so the median for these pending sales once they close may be more like $104,405 – which would mean condo prices have not only softened they have dropped by $25,495 or nearly 20% which if this was sustained would indeed be cause for alarm!

So is the Fort Lauderdale Real Estate market for condos / town homes back in free fall?
In my mind the answer is no!

What I believe we seeing are buyers “cleaning out the market” and purchasing units in less popular neighborhoods and/or those units in need of work.

Our market is also still being impacted by distressed sales too – especially foreclosures.

The sign that we are not in free fall are the 4297 new listings entering the market – with a median list price of $139,900 – over $30,000 above the list price for those units pending sale at $109,900.

Median prices reflect what agents and sellers believe their properties are worth – and new listings are just $100.00 less than the median for all condos / town homes currently for sale at $140,000.

So be prepared however – the media may well jump on the low median prices of pending sales as they enter the “data stream as condos sold” and start reporting doom and gloom over the next month or two – however you will know better and that the answer is both Yes and No!

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