Fort Lauderdale Real Estate Market Report (Single Family Homes) August 2024
How Much are Homes in Fort Lauderdale | Fort Lauderdale Home Sale Market Update August 2024
The median price of single family homes in Fort Lauderdale is now $583,250. This is down year over year from $662,000 12 months ago.
Welcome to the August 2024 Fort Lauderdale Real Estate Market report for single family home sales. Data presented here will be for condo and townhome buyers interested in moving to Fort Lauderdale, those interested in selling a condo or townhome in Fort Lauderdale, those curious about Fort Lauderdale Real Estate, or anyone looking for a Fort Lauderdale Realtor.
My name is Casey Prindle your Fort Lauderdale Realtor. If you’re looking at buying or selling real estate in Fort Lauderdale go ahead and call me at (786)443-7203. Don’t be shy, go ahead and call me whether you’re looking to transact a week or a year from now. The sooner you call me the more value I can provide you with. Even if that just means having me take a look at what your property may be worth.
All data will come from the multiple listing service (MLS). Data typically runs 30 days behind the date of this real estate market report.
Median Sold Price of single family homes in Fort Lauderdale:
$583,250, down almost 13% month over month. We’re now down from $750,000 4 months ago if you see the March figure. This is a large decline. I will tell you what I’m hearing from a lot of Buyers who are coming to listings I have (for reference at the time of this post my on market single family home listings ranged from $950k to just under $2 million) and they’re saying they want to wait to see if the market pulls back more. Despite the look of this chart I think that’s a dangerous game. Especially given that there was a noticeable uptick in showings when the 10 year yield fell. The bond market isn’t waiting for the Fed. Rates are a point below where they were and that’s pulled some buyers off the sidelines, another large move down and I think buyers come back in a rush and that’s going to erase the negotiating strength buyers currently enjoy. In short, careful looking for a pricing pullback in a falling interest rate environment.
Total number of homes sold in Fort Lauderdale:
Year over year down from 156 sales to this months 150 sales. I want to see if we bounce back up here or zig zag back down. We’re kind of at a tipping point on a really important metric here. Still close to the bottom of the chart with a slight bounce up 6% month over month. Few slides matter more than the total number of sales so take this one seriously.
List to sales price:
The list to sales price in Fort Lauderdale real estate seems to be taking a turn to the north. For those of you knew to this analysis, list to sales price is the percentage of original listing price properties are selling for. A higher number favors sellers, a lower number favors Buyers as it shows more room for negotiation and price reductions are happening. To me this looks like Sellers are pricing right from the start, maybe anticipating some downside. Bottom line is if Sellers are getting 96.53% of asking price on single family home sales in Fort Lauderdale, Buyers don’t have a ton of room to negotiate.
If you’re looking to purchase a home in Fort Lauderdale, please do one of the following. Give me a call at (786)443-7203 and tell me where you are in your home search and what you’re looking for. Or you can click the “Home Search” link, register on my website, and I’ll give you a call! Either way let’s start talking, there’s only so much watching me you can do!
Days on market:
The days of market are going to be the number of days a home is actively listed before going to pending sale. This is not how long it takes to close, just to go from active to pending. So this is a continued surprise. It looks like we’re headed straight down on this chart, if you’re a Seller that’s exactly what you want to see. We’re sitting at an average of 39 days. We were at 27 days a year ago, so in the year over year metric you’re at an increased amount of time to sell. I’ve been saying this a lot, Buyers aren’t pressured right now. They can carefully chose the property they really want the most, and not feel rushed to make a decision due to properties selling in a matter of days on average. That being said, if days on market continue to head down, it turns to a Sellers advantage. I said the same last month, let’s see where this goes through 4th quarter.
Median price per square foot:
Median price per square foot of Fort Lauderdale single family home sales, has been relatively stable over the last year. Let’s just hit the repeat button if you’ve been watching these videos. In todays market Buyers want renovated! They don’t want to buy a fixer upper, and if they do, they want a really big discount for doing so. Those sales are few and far between. What you see if you flip through closed listing is home after home that’s been updated and in good condition, and that’s whats actually Selling. So how does that flow through to higher median price per square foot? People will pay a premium for the good stuff! This time last year we were at $394 per square foot, we’re up to $424 a square foot. Good news for Sellers there.
Total dollar volume of Fort Lauderdale Home Sales:
Ouch. $157 million, down 16% month over month, down roughly 37% since March. Down roughly 13% year over year. I continue to get concerned about the total dollar volume. Here’s what I can say, we’re getting ready to enter some cooler weather months which are typically good for the Fort Lauderdale market. I’ll say it again, I truly believe if you’re a Buyer this is the time to strike in terms of negotiation on price. If you wait until rates pull back I think this total volume number goes higher and your competition gets tougher.
Again if you’re thinking about selling a home in a week or a year from now, call me at (786)443-7203. Even if you’re just curious about what your home would fetch in this market. It’s better to get in touch with me earlier in the process versus later!
Months of inventory
Months of housing inventory, long time viewers and readers know I love this. Supply tells you where the market is heading! Year over year supply is up almost 16%, meaning Buyers now have more choices now vs this time last year when home shopping. Less inventory is good for Sellers and bad for Buyers. The yardstick is supposed to be 6 months of inventory is a neutral market favoring neither Buyers not Sellers. Less than 6 months of inventory favors Sellers, more than 6 months favors Buyers. At least in single family home sales in Fort Lauderdale, once we get over 4 months I believe Buyers get an advantage. The further this line moves down, the faster Buyers have to act, and they’ll have to do so with fewer options on the market. Now let’s talk about this curve heading down. Buyers I’m issuing a final warning, if inventory falls, and it looks like it’s falling, your home buying process is going to get tougher!
The easiest way to find me is just to call me. My cell number is 786-443-7203. Don’t be shy. Don’t just lurk on my videos, give me a call, let’s chat whether you’re thinking of Buying or selling residential real estate around Broward, Palm Beach, or Martin County (for those that don’t know I have a commercial real estate practice that’s significantly larger than my residential business so feel free to contact me about commercial real estate, or land sales throughout the state of Florida. I sincerely appreciate each and every one of you that watches these videos. I started this out as a blog a couple years before I came onto YouTube in Fort Lauderdale. Since then I’ve closed in excess of $100 million worth of real estate deals that have come from clients watching me on YouTube just like you. So I thank you for watching, but please, reach out to me, don’t be shy, let’s talk!
