Number of Homes for Sale – Up 35%

Fort Lauderdale Real Estate Trends
Homes Nov / Dec 2014

As a Gay Realtor – I find buyers including my Gay and LGBT buyers like to be up to date on the latest real estate trends,

Well one of the most important trends is this:

The number of Fort Lauderdale Homes for sale is up by 35% from this time last year.

The number of homes for sale has increased from 4361 to 6391.

In our post on important Fort Lauderdale Real Estate Trends for Single Family Homes we discuss the likely impact on this increase in inventory will have on both buyers and sellers! 

Fort Lauderdale Homes for Sale
Market Analysis Report

As a Gay Fort Lauderdale Realtor, I am often getting asked by my buyers including Gay and LGBT buyers – what real estate trends are we seeing for single family homes and is there anything important we should know….

Well yes there is – the market summary report below highlights what I think are some of the most important Fort Lauderdale real estate trends for single family homes.

Category  2014 2013 Percentage
Change
Inventory(ActiveListings) 6391 4731 35.1%
Months of Supply 5.1 3.8 35.7%
Pending Sales 4316 4606 -6.3%
Median Sales Price $270,000 $270,000 0.0%

 

We can see from this report:

  • The inventory of active listings (homes for sale) is up by 1660 homes – from 4731 in 2013 to 6391 in 2014.
  • The months of supply is up from 3.8 months in 2013 to 5.1 months in 2014
  • The number of pending sales is slightly down from 4606 in 2013 to 4316 in 2014
  • The median sales price remains unchanged at $270,000.

I discuss my thoughts on these important trends/ statistics below.

Kevin Wirth Realtor

My Summary

The market for homes is much the same as the market for most things – with supply and demand impacting on prices.

With our inventory of homes for sale up by 35% – which means that this year there is now an extra home for sale for every two homes for sale as per this time last year – this increase is going to have a “Big” impact

Especially as the number of homes pending sale is much the same as last year at 4316.

Right now median prices overall have remained the same at $270,000. However with an increased supply of homes for sale median prices may well fall.

This is particularly important for Gay and LGBT home buyers.

Wilton Manors – the mecca of all things Gay here in Fort Lauderdale has 84 homes for sale – up from a “normal supply” of around 55-60 homes.

Oakland Park and North Andrews Gardens – tow other very popular gay friendly neighborhoods  inventory of homes for sale is also well up. 

For Gay and LGBT home buyers looking to move into and by a home in a gay friendly neighborhood like Wilton Manors / Oakland Park or like North Andrews Gardens – I would suggest getting yourself in a strong all cash or pre-approved/pre-qualified position so you can write a “strong” offer on any homes you would like.

I would also suggest placing offers at below asking price – given the increase in inventory of 35%.

I know as a Realtor that many Fort Lauderdale Realtor including some of my fellow Gay Fort Lauderdale Realtors – will cringe at this – and yes it takes more work…. writing multiple offers.

However if you can focus in on a neighborhood you like and you are in a strong position – I feel that you will soon be rewarded by finding a seller who wants/needs to move and who will accept a lower price…

Now is a great time to be buying a home – especially in one of our great gay friendly neighborhoods.

If your looking to sell a home in this market – your marketing really is everything.  To stand out your home needs great photos of the home – so consider tidying the landscaping and staging your home.

I suggest you read my post on why First Impressions Count

Also – make sure your realtor is holding open homes.  My philosophy is that Open Homes really work in selling homes!!

I hope you have enjoyed my blog on Fort Lauderdale Real Estate and single family homes – by Kevin Wirth Fort Lauderdale Realtor.