Home Prices Up 13.2% Inventory Tight

Fort Lauderdale Real Estate Trends
Homes August / September 2014

Here is our post on Fort Lauderdale Real Estate Trends for single family homes – which shows home prices up by 13.2% and inventory of homes for sale at 4.5 months supply – a very tight level of supply!

Across the US Home Sales are up by over 13% from 12 months ago!

South Florida Home Prices Rise

Case-Shiller reported that South Florida Home Prices have risen 13.2% – despite this the inventory of homes remains tight – especially in many of the most popular gay friendly neighborhoods.

Important to note is that Case-Shiller tracks the prices of the same house over time.

Other commentator including the Greater Fort Lauderdale Realtor Board track median prices – the GFLRB reported that the median sales for single family homes is up 6 percent from the same time last year.

Median Prices Rise / Volume of Sales Rise

The Miami Herald noted that not only has the median prices for existing homes risen in Broward County so has the volume of home sales.

They also noted that “inventory remains tight”. This is despite the trend of rising home prices which has seen more and more home owners list their houses for sale.

Currently on the MLS we have 5964 homes for sale – which is nearly 50% up from just over 4000 homes a year earlier.

See the market analysis report below

Pricing #Beds #FBaths SF/FF List Price LP$/SqFt
High 32 13 23,576 $32,000,000 $3,264
Low 0 0 192 $10,000 $0
Average 4 3 2,525 $663,355 $213
Median 3 2 2,084 $365,000 $167

 

We can see from this report that the median price for a home currently for sale is $365,000 – this being for a 3 bedroom 2 bathroom home of 2084 square feet.

Important to note is that even with this increase of nearly 50% in the inventory of homes for sale – the supply of Broward homes for sale remains “tight”

If we look at sales of single family homes over the last 6 months we see the following:

Pricing #Beds #FBaths SF/FF Sale Price SP$/SqFt SP$/LP$ Days on Market
High 10 9 12,533 $131,137,500 $20,253 10,133.37 1,886
Low 0 0 456 $3 $0 0 329
Average 3.31 2.21 2,054.44 $368,349 $159 94.24 68.05
Median 3 2 1,813 $270,000 $143 96.64 37

 

There have been 8162 sales of single family homes with a median sales price of $270,000.

What is important to note is that on a monthly basis we are selling 8162/6 months – or 1360 homes per month.

Based on the inventory of 5964 homes for sale at the current sales level we have just under 4.5 months supply.

Experts consider a six-month supply as a “balanced market” between buyers and sellers. Less than this – like the 4.5 months we have now is considered a sellers’ market.

This is in spite of the increase in sales of foreclosed single-family homes in Broward which rose by 15 percent over the last 12 months.

We can see from the report below the breakdown of the inventory homes for sale by price point.

Price Range Quantity
$149,999 or under 848
$150,000 – $199,999 544
$200,000 – $249,999 383
$250,000 – $299,999 516
$300,000 – $349,999 534
$350,000 – $399,999 578
$400,000 – $449,999 363
$450,000 – $499,999 325
$500,000 – $549,999 186
$550,000 – $599,999 226
$600,000 – $699,999 254
$700,000 – $799,999 189
$800,000 – $899,999 144
$900,000 – $999,999 112
$1,000,000 or over 762
Total 5,964

 

On the surface this chart shows a “healthy” level of inventory of homes for sale by price range.

Important to note however is the if you are a Gay or LGBT home buyer and you are looking to purchase in a popular gay friendly neighborhood – then your range of choices reduces dramatically and indeed the inventory of homes for sale is tight.

As a one of the leading Gay Fort Lauderdale Realtors amongst some of the most popular gay neighborhoods we see the following inventory of homes for sale

Fort Lauderdale Homes for Sale
Popular Gay Friendly Neighborhoods

The “tightening” on Inventory is particularly evident amongst many of the most popular gay friendly neighborhoods.

Currently as at time of writing there are:

We can also see from the chart below the median prices for each of these popular gay friendly neighborhoods.

Neighborhood #Beds #FBaths SF/FF List Price LP$/SqFt
W/Manors&OakPark 3 2 1,464 $269,900 $187
Coral Ridge 4 3 3,200 $987,000 $335
G/Ft L/Beach 4 4 3,800 $2,200,000 $562
Pompano Beach 3 2 1,550 $272,500 $183
N/AndrewsGardens 3 2 1,373 $197,450 $150
Lauderdale Lakes 2 2 1,262 $135,000 $110
Sea Ranch Lakes 4 4 3,444 $1,522,500 $484

 

We can see from the chart above not only the median prices by popular gay friendly neighborhood – we can also see the style of home in terms of number of bedrooms and bathrooms, the size of the home in terms of square feet and importantly the list price to square foot price.

Kevin Wirth Realtor

Fort Lauderdale Real Estate Trends
My Summary

Given the continued increase in homes prices – in this case over the last 12 month of 13.2% – and given the tightening of inventory – combined with an increase of over 50% over the last 3 years

I hope you can see why now why as a Gay Fort Lauderdale Real Estate Agent I am advising my buyers that now is the time to buy!

I hope you have enjoyed my blog on Fort Lauderdale Real Estate Trends for Single Family Homes – by Kevin Wirth Realtor