The Fort Lauderdale residential real estate market is towards the forefront of the nationwide recovery. While gains to the housing market in general have been consistent, they have also been slow and steady at best.
According to the latest Case-Schiller Home Price Index, which looks at housing prices in the 20 biggest metropolitan areas, home prices continued to rise across the nation for the sixth straight month in a row and consumer confidence climbed to its highest level since February. The thought of many analysts is when house values go up, homeowners feel more rich, and confidence increases.
Nationally, new home construction rose 2.3% in September, which is up almost 30% from one year ago. Also in September, homebuilder confidence rose to a six-year high.
More good news for the housing market are record low interest rates, which are tempting renters to become homeowners. Unfortunately, the inventory of homes listed for sale is not large enough to meet demand, especially in popular areas like Greater Fort Lauderdale.
Don’t get discourage though! The real estate team at Luxury Living Fort Lauderdale continue to help clients find their perfect homes in spite of the competition. We’re that good!
Following is a market snapshot of the Greater Fort Lauderdale / Broward County real estate market, comparing September 2011 with September 2012:
- The number of Greater Fort Lauderdale / Broward County homes listed for sale decreased 23.1% (11,434 vs. 8,794).
- The number of Greater Fort Lauderdale / Broward County homes sold decreased 11.7% (2,137 vs. 1,888).
- The average amount of days a Greater Fort Lauderdale / Broward County home was listed for sale decreased 12.5% (88 vs. 77).
- The final sales price of a Greater Fort Lauderdale / Broward County home increased from 94% to 95% of the original listed price.
If you like charts and numbers, here they are! You can also view residential real estate data by area by visiting the Greater Fort Lauderale Real Estate News page.
Number of Houses in Greater Fort Lauderdale / Broward County For Sale vs. Sold vs. Pended (July 2011 – September 2012):
Average Days A Greater Fort Lauderdale / Broward County Home Was Listed For Sale & Sales Price vs. Original List Price (July 2011 – September 2012):