Fort Lauderdale Condo Market Update July 2024 | Fort Lauderdale Townhome
Fort Lauderdale Condo Market Update July 2024 | Fort Lauderdale Townhome
The median price of condos and towhhomes in Fort Lauderdale is now $488,750. This is up year over year from $450,000,000 in June of 2023.
Welcome to the July 2024 Fort Lauderdale Real Estate Market report for condo and townhome 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 book a 30 minute phone call with me, you can do that through the calendly link below that says “book a call”.
If you want to know what your home is worth in this market I have an auto generated valuation tool you can put your address into and get a range of value, as well as an exact dollar value. Click the link in the description title “free home valuation” and that will give you a value. I’m the only one who will see your contact information, I’ll use it to give you a call to say hello and discuss how far off base the estimate you received is!
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 condo and townhomes in Fort Lauderdale:
$488,750, down almost 14% month over month. Still on the high side of the chart. I want to point something out here. See all these peaks. These represent Sellers that are now trapped that would have to sell at a loss. The further median price declines the more trapped Sellers that exist. The further down we drift, especially if we approach that $400,000 number, things may get a bit ugly for Sellers. This is becoming a real issue, you have a lot of trapped would be sellers right now, I’m hearing from more and more of them.
Total number of homes sold in Fort Lauderdale:
This is not a good slide for home Sellers so brace yourself. 146 condos and townhomes in Fort Lauderdale sold last month. Sales were down almost 10% from the prior month. Down 21% year over year. No bright spot for Sellers here, but there is for Buyers as it likely means you have negotiation room on price. We’re again flirting with the bottom of this chart. The only bright spot I could pull out here is seasonality. Generally speaking, condo and townhome sales are stronger in the colder months.
List to sales price:
The list to sales price in Fort Lauderdale real estate seems to be pretty level, but kind of taking a surprise turn to the north. Curious to see if that’s a fluke or not. 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. I think the leveling off here is a net positive. To me it showing Sellers are willing to work with Buyer offers, even if they’re less than ideal, which in the long run helps keep overall sale numbers from plummeting. That being said, we’re almost through the lows which means Sellers are really struggling to close at offers close to asking price.
If you’re looking to purchase a home in Fort Lauderdale, please do one of the following. Give me a call, text, or email, and tell me where you are in your home search and what you’re looking for. Use the “book a call” link below to book a 30 minute phone call with me. Click the “Home Search” link, register on my website, and I’ll give you a call!
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 surprise. I think the trend to the upside here is pretty clear. We’re sitting at an average of 60 days and rising. June of 2023 we were at 30 days, so in the year over year metric you’re looking at double the time to sell your home. 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. So Sellers, you’re going to have to have a little patience.
Median price per square foot:
Median price per square foot of Fort Lauderdale Florida condo and Townhome sales, pricing 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!
Total dollar volume of Fort Lauderdale Home Sales:
This isn’t very good honestly. Just over $102 million, down 15% month over month, down roughly 22% since April. Down roughly 20% year over year. Let’s keep an eye on that $100 million dollar mark. If we break that I think we’re really headed to the downside. Below $100 million puts us back in what was a decent market in 2020, but certainly not like what we’ve been seeing the last handful of years.
Again if you’re thinking about selling a home in a week or a year from now, please click the “free home valuation” button in the description below. You’ll get a value, and I’ll be the only one who sees your property address and valuation. I’ll give you a call to go over what gets sent to you. Yes, I’ll call you, I promise I’m fun to talk to.
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 88%, meaning Buyers now have 88% 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 condos and townhome sales in Fort Lauderdale, we’re really favoring Buyers right now. There’s just a lot more choice out there.
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. 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!
