The continued improvement of the Fort Lauderdale real estate market is yielding an interesting development; while sales prices of residential real estate are up, overall homes sales are down due to a lack of homes listed for sale. As a result of a low inventory of homes listed for sale, sellers are seeing an increase in multiple offers.
Following is a market snapshot for the Greater Fort Lauderdale real estate market, comparing May 2011 with May 2012:
- The number of Greater Fort Lauderdale / Broward County homes listed for sale decreased 28% (13,026 vs. 9,379).
- The number of Greater Fort Lauderdale / Broward County homes sold decreased 10% (2,522 vs. 2,264).
- The average amount of days a Greater Fort Lauderdale / Broward County home was listed for sale decreased 9% (90 vs. 82).
- The final sales price of a Greater Fort Lauderdale / Broward County home increased from 87% to 90% of the original listed price.
For those who like to see charts, here they are!
Number of Homes For Sale vs. Sold vs. Pended (March 2011 – May 2012):
Average Days a Fort Lauderdale Home Was Listed For Sale & Sales Price vs. Original Listed Price: