Fort Lauderdale Real Estate Market Report May 2024 Single Family Homes Edition
Fort Lauderdale Real Estate Market Report May 2024 Single Family Homes Edition
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 in Fort Lauderdale. The markets are separate and distinct so I think this makes more sense.
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 Jupiter 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.
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 Single Family 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 price you guys should know by now I’m going to just glaze over. $652,000 which is down from last month. I skip over this because a handful of sales on the ultra luxury side can move the needle here way too much.
What I do like to pay a lot of attention to is the number of sales that are actually taking place. Here’s the good news for Sellers or current property owners, sales are up around 70% since January. We’re only down a total of 11 sales month over month, not what you would call a horrific decline. Certainly not doom and gloom. We are also coming into the busy season for single family home 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.
List to price is kind of heading down, which is a bit of a surprise to me. The tighter this spread gets the less negotiation, and better pricing from the start, we see. I was expecting Sellers to be getting the message that they need to be more realistic in pricing. I’m not sure the bulk of Realtors are passing this along to home sellers in Fort Lauderdale to be honest.
Median days on market up to 46 days. Looking like we’re leveling off here a bit. If properties aren’t sitting too long, it creates less opportunities for Buyers to negotiate. So sellers would like to see this number pushing down, not up. Let’s see what happens.
Median price per square foot at $421. 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 staying above $200 million which is really healthy I would say. Volume has more than doubled since January so a little pullback isn’t terrible.
Speaking of Buyers, if you were a Buyer just waiting for more supply to arrive, I’m here to burst your bubble. Here we go with what the actual issue is in our housing market, not enough inventory. Real estate isn’t a tough equation, It usually just comes down to supply and demand, and we simply don’t have enough homes for sale. We cant just build a bunch of new ones given our geographic constraints, so we have what we have. There’s no crystal ball, but if you’re a Buyer and looking at all this data we’re clearly off all the. Now may be the last time you really have to jump in and have a chance at a decent negotiation.
Let’s take a look at how the price brackets broke down.
$5,000,000 and above: 9 sales
$3,000,000 to $5,000,000: 8 Sales
$2,000,000 to $2,999,999: 9 sales
$1,000,000 to $2,000,000: 19 Sales
$999,999 and Below: 120 Sales
73% of sales are $999,000 and below.
84% of sales are taking place below $2,000,000
If I’m looking at this I think a few things if I’m a Seller. First, its best to be below $2 million. Second, if I’m above $2 million my property has to stand out, otherwise my odds of selling seem low. Don’t believe me, there’s 258 single family homes priced above $2 million in Fort Lauderdale right now. There were a combine 26 sales last month. That means there’s more than 10 months of supply at those levels.
Let’s look at something else. There are 155 actively listed single family homes listed at $500,000 or below. There were 60 sales in that bracket between April 1 and April 30, just under 4 months of supply.
Know your bracket when your Buying or Selling, the market is different by price point. Better yet, work with me because I actually look at this stuff.
