Fort Lauderdale Condo and Townhouse Real Estate Market Report May 2024

Fort Lauderdale Condo and Townhouse Real Estate Market Report May 2024

Let’s get this out of the way upfront.  Market statistics are boring. Not for me, but probably for you. But here’s the thing, selling or buying a home in Fort Lauderdale is a big decision. If you don’t suck up this boring, you could end up costing yourself a lot of money because you just didn’t know or trusted the wrong agent.

I’m going to try and do this a little differently than I was before.  I’m going to go ahead and break out the single video I was doing, into two separate videos.  One for single family homes, and this one for condos and townhomes Fort Lauderdale.  The markets are separate and distinct so I think this makes more sense. Though this intro will be the same for both videos so excuse some redundancy if you watch both

My name is Casey Prindle and I’ve been a full time Realtor here in Florida going on 15 years now. But this video isn’t going to be about me, it’s going to be about arming you with the best real estate data to make an informed decision whether you’re looking to buy a home in Jupiter, or sell a home in Jupiter. I help busy people solve real estate problems, that’s my value. If you find this data useful please consider subscribing to the channel so you can be notified when I post new videos.  If there’s something you’d like me to do a video on comment below, call, text, or email me.

Ok let’s start with townhome and condo sales in Fort Lauderdale. We will look at the period of April 1 – April 30 2024. Sales data is taken from closed MLS sales during that period.

Stick around to the end of the video I’m going to break the sales down in a way that I know no other agent is going to show you, by price bracket.

Median sales looks like we’re leveling a bit here. Still on the high side of the chart at $520,000.  There’s no real way of getting around it, Fort Lauderdale is an expensive market place.  As you know I don’t put a lot of stock into median pricing, so let’s move on. 

What I do like to pay a lot of attention to is the number of sales that are actually taking place.  Look at this, up 7% month over month. But let’s take a look since January.  There were 106 sales, we now have 157 sales. So just a casual 48% increase in total sales. You know all those national news headlines that say Florida’s housing market is in freefall or whatever other nonsense, it just isn’t true in Fort Lauderdale. If you look at this chart we’re pulling well off the lows and headed into the busy season.

List to price is kind of heading up a smidgen or leveling.  At least in my experience and observation, I do this Sellers are getting the message that we’re past the crazy covid name your price market.  The tighter this spread gets the less negotiation, and better pricing from the start, we see. Let’s see how this plays out.

Median days on market up to 53.  Sellers are hoping this keeps heading down which pressures Buyers into making a fast decision. If properties aren’t sitting too long, it creates less opportunities for Buyers to negotiate.

Median price per square foot at $397.  We’re going to breeze over this really with my usual footnote that the good stuff is selling, the junky old beat up stuff is sitting. That’s reflected here.

Total dollar volume.  You knew when you saw increased sales the volume would follow right? From just shy of $70 million in volume in January, up to just over $123 million last month. Ridiculous move. Up 75% over that period. That market that was left for dead has come roaring back. Buyers, if you’ve been on the fence, this may be the sign to get off of it.

Speaking of Buyers, if you were a Buyer just waiting for more supply to arrive, I’m here to burst your bubble.  It looks like supply may be levelling off.  If this starts to move back down, Buyers it will likely mean you missed your best shot at negotiating a large discount off listing price. While 9 months of supply is very high, a full 85% increase year over year, it doesn’t take a lot to move this down in a hurry.  Let’s take a look at sales bracket data and really dig into these inventory numbers.

$1,000,000 and above: 31 sales

$750,000 to $999,000: 18 Sales

$500,000 to $749,000: 31 sales

$499,000 and Below: 77 Sales

69% of sales are $749,000 and below.

20% of sales are above $1 million.

Understand what bracket you’re in when Buying or Selling, as the market’s going to feel really different across price brackets.

Let’s look at it a little bit differently. Right now there are 371 active listings above $1,000,000. There were 31 sales last month.  So there is almost 12 months of supply.

There are 590 actively listed condo’s or townhomes in Fort Lauderdale right now listed below $499,000. There were 77 sales last month. There is under 8 months of supply in this price bracket.

Interesting times, the market is more balanced across price points than usual. Typically we see half or fewer months of supply on the low end versus the high end. I think this will be fascinating to watch honestly.  So here’s the deal, if you’re thinking about Buying or selling this is good information for you.  Looking for a real estate agent in fort lauderdale that not only knows this data, but knows how to use it, let’s talk.