Fort Lauderdale Real Estate Market Update (Single Family Homes) January 2025
Fort Lauderdale Real Estate Market Update January 2025 | Fort Lauderdale Homes
Welcome to the January 2025 Fort Lauderdale Real Estate Market report for single family home sales.
The median price of a single family home in Fort Lauderdale is now $678,750. This is up from $520,000 year over year.
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 or email me! My phone number is below, it’s (786)443-7203. Don’t be shy, I’m reasonably entertaining to talk to.
Data typically runs 30 days behind the date of this Fort Lauderdale real estate market report. Stick around to the end of the video where I’ll share some of my thoughts on the overall market.
Median Sold Price of single family homes in Fort Lauderdale Florida:
As I said at the top the median home price in Fort Lauderdale is now $678,750. How much stock do I put in this number? Not a whole lot. Here’s the only real takeaway, despite all the headlines of a slowing housing market, overall, median price is rising. That’s happening due to constrained supply. So what I would take from this in general is median prices are rising, but that’s about it.
Total number of homes sold in Fort Lauderdale:
While I may not take median pricing that seriously, I do take the total number of sales very seriously. What really matters more than how many buyers are stepping up and actually purchasing? So we’re down from 141 to 130 homes sold year over year. We’re clearly on the lower half of this chart. That being said, the market for single family homes in Fort Lauderdale looks a lot better than the condo and townhome market does. I certainly wouldn’t declare the single family home market dead in Fort Lauderdale, no matter what national headlines say about the Florida housing market, a lot of fear mongering there. We could just end up range bound between 100 and 200 sales monthly for a while.
List to sales price ratio of homes sold in Fort Lauderdale:
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. Buyers are pricing in downside with offers. I’ve gone over price bracketing in other videos, cliff notes version is if you’re in a lower price point you’re going to have less room for negotiation, higher price point more room, that’s what this chart of averages won’t tell you. Big picture takeaway, we’re on the bottom half of the chart and I don’t see any reason we push back up here. Sellers need to take note that you should be willing to negotiate, in fact you should expect you’re going to have to do so.
If you’re looking to purchase a home in Fort Lauderdale, please do one of the following. Give me a call or text at (786)443-7203, and tell me where you are in your home search and what you’re looking for. If you don’t want to call me because I somehow scare you, email me at caseyprindle@gmail.com and tell me what you’re looking for.
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. If you’re a Seller you don’t want to see this number rising. We’re sitting at 42 days. Your days on market will largely depend on what price bracket you’re in and where you’re pricing relative to the market. Clearly we’re on the top half of the chart here, I don’t know of any real reason we would pull down in a significant way.
Median price per square foot:
So if you’ve listened to me for a few months, tune this out, it’s the same thing still. Median price per square foot of Fort Lauderdale home sales, still on the high side of this chart. $430 vs $414 last year. Looks like we could be leveling off, again the good stuff in good condition is selling and the good stuff costs more. I just keep saying this. Chart still looks up and to the right.
Total dollar volume of Fort Lauderdale Home Sales:
North of $171 million, but sitting at the bottom half of the chart. Careful with this chart in Fort Lauderdale. $10 million sales are not that uncommon anymore. A few of those close in a given month and volume is going to spike. This used to be much more useful several years back when we didn’t have these crazy high sales on individual homes. Because that now happens it kind of muddies the waters on volume, which is why I focus less and less on it.
Again if you’re looking to sell a home in Fort Lauderdale please call me at (786)443-7203. Whether you’re selling next month or next year, it’s best to call me sooner rather than later so I can provide you with more service value.
Months of inventory
If you’re new to following me, supply is my favorite chart to look at, closely followed by total number of sales, in order to gauge market health. Supply can give you more a crystal ball than anything else in terms of market direction. It’s tough for sellers to come to market when inventory is increasing. Less inventory is good for Sellers and bad for Buyers. We’re still running just over 11% more supply year over year. Sure looks like this line wants to curve down. I’ll be honest I think that could happen this year for one reason alone, a lot of Sellers I’m talking to want to wait the market out for a year. Not what I would do, not what I did we unloaded our investment properties last year.
Final thoughts. Looks like rates aren’t coming down. The 10 year just keeps running up. So at least for the near term Buyers are going to just have to accept interest rates as they are. Now, let’s be clear, todays rates are well within historical norms, 3 and 4% rates were outside the norm. If you’re waiting for those to come back, I don’t think that’s a solid strategy.
People are starting to get really ticked off about their home owners insurance rates. My house is a year old and my premium went up 25%! Do I think insurance rates are going to come down, nope. I don’t. Best case they stabilize in my opinion. If you’re a seller hoping and praying that your property taxes and home insurance rates are going to drop before you sell, also not a solid strategy.
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. I sincerely appreciate each and every one of you that watches these videos. Whether you’re thinking of Buying or Selling a property, and that includes Land and Commercial properties, pick up that phone!
