Fort Lauderdale Real Estate Market Statistics and Data February 2024

Starting with single family home data in Fort Lauderdale. The data is from the period of Dec 1 to Dec 30 of 2023.

Median home pricing. Still above that $500k mark.  I think we should stay there.  Honestly, it’s really hard to find anything decent below $500k in the single family world, and I think the market has accepted that reality.

Number of properties sold, still headed down. We’re actually at a 5 year low in terms of the number of properties that are selling in a given month.  This is not a really good sign for Sellers. It’s weakness.  Let’s see if we can bounce here, if not, no bueno.

List to sales took a little bounce.  Again what this really means is how accurately Sellers judged the market, and how much buyers were able to negotiate off listing price. At 96% Sellers aren’t having to go wild with reductions or acceptance of low offers, but it is saying Sellers aren’t completely in the drivers seat any longer.

Median days to sales almost doubled.  That’s an issue for Sellers. So it is taking longer, and longer, to sell an active listing.  Sellers you need to build this into your timeline as the longer a home is on market, the higher your carry cost is going to be. We’re knocking on the door of 5 year highs here.

Price per square foot seems to be bouncing around a range. Overall it looks like we’ve come off a peak, but don’t let that fool you.  I can tell you from working with Buyers, what’s still winning is the property in the best condition, that’s been updated. It’s going to carry a higher per square foot cost, logically. So let’s see what this does, but I’m guessing it doesn’t head too far south, unless Buyer appetites change.

Total dollar volume is just falling off a cliff.  As a reference March of 2021 $384 million in single family homes transacted in Fort Lauderdale, we just closed out a bit over $96 million. A lot less homes are selling, if the total dollar volume doesn’t show you that, I don’t know what will.

Months of supply seems to be pretty level here.  Up a bit over 9% over the last year, but that’s little relief to Buyers in some price points. The best thing that can happen to Buyers is more supply, it’s really that simple.

Let’s switch over to Condos and Townhomes

Median pricing dipped back a bit to $480,000. Down month over month, kind of just flopping around here in a pretty wide range.  Let’s give it a couple of months and see if this resolves higher.  I wouldn’t be surprised if it did as I’m seeing a lot more interest in condos and townhomes.  I believe some of that is because the cost of insuring a single family home is just ever rising.  At least in a condo or townhome you and your neighbors can share that cost.

Number of transactions continues to slide. We’re up against 5 year low on total sales numbers and really getting close to it.  If I’m a Seller looking at this, I’m not feeling great that’s for sure.

List to sales just continuing to slide down also. What’s that say? Sellers are having to negotiate. So if you’re a Seller be prepared.  Sellers are having to negotiate. So if you’re a Seller be prepared.  And of course, price correctly from the start. A little overall perspective, list to sales says there’s roughly 5% of the price, on average, being negotiated.  We’re not looking at a wild figure, but we are down by 5 year lows. So this is saying you can’t just ask what you want and get it.  Likely, isn’t going to happen and you’ll just waste time on market letting the listing get stale.  Don’t do that.

Median days on market rising again! Here’s the thing with days on market.  Everyone can see it.  Buyers, Buyers agents, anyone interested in the property. Once you get around 90 days on market, the tone of showings change.  Buyers agents will say to the Listing agent, so how far off list will your Seller go.  Buyers may not even want to see the property because they think something is wrong with it. Pricing right from the start should help avoid that and leave you in control of the negotiation as the Seller.

Price per square foot still on the high side, fighting to stay above $400 where we’ve been a handful of times. Again to me that just saying people are paying for quality, but on a budget. I just keep hearing this from Buyers, and seeing it play through. So if you’re listing something junky and outdated, you’ve been warned.

Total dollar volume, just wow, again I’m saying this.  We’re headed to 5 year lows. $369 million in condos and townhomes transacted February of 2022.  We’re down to a figure just shy of $61 million. That’s insane. Almost 6 times as much volume transacted a couple years ago.  Again, Sellers, we’re not in that market any longer.  Adjust.

Months of supply is just exploding.  This is the best news a Buyer can hear.  It means more choices.  It means more listings.  It means more sellers who want to sell!  Statistically speaking at 8 months of supply we’re in a Buyers market for condo’s.  Caveat, depends on location and price point.  Some pockets in pricing and location, it’s still a Sellers market. 

So that’s it.  As always please feel free to call, text, or email me if want to talk about some real estate in, or around Jupiter, whether you’re timeline is a week or a year from now, I’d love to chat.