Fort Lauderdale Real Estate Market Update - June 2024 (Condos & Townhomes)
Welome to the June 2024 Fort Lauderdale Real Estate Market report. Data presented here will be for condo and townhouse buyers interested in moving to Fort Lauderdale, those selling a condo or townhome in Fort Lauderdale, those interested in Fort Lauderdale Real Estate, or anyone looking for a Fort Lauderdale Realtor.
All data will come from the multiple listing service (MLS) and cover the period of May 1 2024 through May 31 of 2024.
Let’s drive right in here with Median Sold Price of condo’s and townhomes in Fort Lauderdale:
$595,000, up 16% month over month. Still on the high side of the chart and looks to be pushing higher. Keep in mind that we have a smaller number of sales (sample size) and everything from Fort Lauderdale Beach luxury condos, to Townhomes in Victoria Park, to older condo’s around 17th Street all lumped in together here. So take this with a grain of salt if you will.
Total number of condos sold in Fort Lauderdale Florida:
Total number of condos and townhomes sold is down 6% month over month. Down from 199 sales last May to 155 sales this May. The market is slower this year, I don’t need data to tell you that. Now whether that’s due to rising home owners insurance costs, condo associations now having to mandatorily hold reserves, higher interest rates, or any other factor, those are property and Buyer specific. The milestone inspection reports are becoming a really big deal for condo’s in Fort Lauderdale. If you don’t know what they are message or call me and I’ll explain. It’s essential you understand this both as a current condo owner, or future condo buyer.
List to sales price:
The list to sales price in Fort Lauderdale condo’s and townhomes seems to be heading down. The higher this gets, the less negotiation that is taking place. The lower it gets the more Sellers have had to reduce price and negotiate off their original asking prices. I’m going to be honest with you, condos are a tough market right now. Buyers want to protect the downside and they’re doing so through low offers and having Sellers cover the full costs of any existing assessments prior to closing. Absolutely something to keep an eye on.
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. This is an incredibly important metric to watch. Buyers want longer days as it means they’re not pressured to make a quick decision, Sellers want shorter days. We’re at 56 days on market and seemingly headed higher. From 26 days in May of 2023 up to 56 days in May of 2024, just a huge jump in the time it’s taking to sell a condo. Interesting to watch that’s for sure.
Median price per square foot:
Median price per square foot of Fort Lauderdale condo and townhome sales, about level from last month but still on the high side of the chart. I’ll keep saying this, this is logical. Why? Because the good stuff is selling. Buyers want Sellers to have done the renovations before the condo or townhome hits the market, they don’t want to do the renovations themselves! This is a shift from the make it your own thing a few years back.
Total dollar volume of Fort Lauderdale Condo and Townhome Sales:
Total dollar volume for townhome and condo sales in Jupiter is down 9% month over month. Is this a cause for concern? Not sure. I do have concerns over the assessments, budgets, reserves, and structural integrity reports coming down on Condo’s, and I do think at some point this works its way through the market. Just not certain how much it will influence the market as time ticks towards year end.
Months of inventory
Months of condo and townhouse inventory in Fort Lauderdale looks to be favoring Buyers, to say the least! Year over year supply is up over 85%, meaning Buyers now have 85% more choices vs this time last year when home shopping. Less inventory is good for Sellers and bad for Buyers. This is incredibly important to keep an eye on! We crossed above 10 months of supply. We’re up to 2020 inventory levels. If you’re a Buyer or a Seller looking at condo’s and townhomes you really need to understand how supply is going to affect you.
