How Much are Homes in Fort Lauderdale | Fort Lauderdale Home Sale Market Update July 2024
How Much are Homes in Fort Lauderdale | Fort Lauderdale Home Sale Market Update July 2024
The median price of single family homes in Fort Lauderdale is now $670,000. This is down year over year from $700,000 in June of 2023.
Welcome to the July 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 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 single family homes in Fort Lauderdale:
$670,000, up almost 15% month over month. Still on the high side of the chart. Just like the little engine that could! Honestly I’m surprised that this number continues to climb. I do want to say here, this is why monitoring local data is important. If you’re reading national headlines about Florida all you hear is doom and gloom with the housing market. Yes there are plenty of storm clouds right now, but at least for single family homes, there’s still buyer appetite, and on the surface, they’re still willing to pay up.
Total number of homes sold in Fort Lauderdale:
This is not a good slide for home Sellers so brace yourself. 135 single family homes in Fort Lauderdale sold last month. Sales were down almost 34% from the prior month. Year over year down from 175 sales, or a decline of 23%. So this is a surprise right. If you see total sales down, but median prices up, how could that be? It can be that fewer sales took place, but at higher price points, and that’s how the median was dragged up. So an interesting dichotomy here. We’re again flirting with the bottom of this chart.
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 still down by 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. 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 37 days. June of 2023 we were at 27 days, 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.
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! June of 2023 we were at $420 per square foot, we’re down to $396 a square foot, just shy of a 6% decrease. Not a bad number for Sellers there.
Total dollar volume of Fort Lauderdale Home Sales:
Here we go again with some stats looking good, and some looking bad. Just shy of $183 million, down 22% month over month, down roughly 227% since March. Down roughly 21% year over year. Let’s keep an eye on that $100 million dollar mark as that’s the next real line in the sand. I don’t really see us getting down that low, but let’s see what the Fed does with rates.
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 over 18%, 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.
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!
