Fort Lauderdale housing market data reveals home prices continued to rise in January 2013. Analysts attribute a good portion of the gains to a shrinking supply of properties, for which investors and traditional buyers try to outbid each other. Greater Fort Lauderdale / Broward County had 4,510 single-family homes for sale last month, down 27 percent from January 2012.
According to the Greater Fort Lauderdale Realtors, the median price for existing homes in Greater Fort Lauderdale / Broward County was $224,088, a 25% jump from a year earlier. In comparison, neighboring Palm Beach County’s median price for existing homes rose 21% to $218,000, according to the Realtors Association of the Palm Beaches.
The market for existing condos also remained strong in both counties. Broward’s median condo price for January was $94,900, a 27 percent increase. Palm Beach County’s median condo price rose 15 percent to $90,000.
“There are two major factors that attributed to the shrinking inventory of homes available for sale in Greater Fort Lauderdale,” said Chad Gray, Realtor at Luxury Living Fort Lauderdale. “First, there’s a good number of homeowners who can’t sell their homes because they owe more than it is worth. Second, there was a large influx of investment firms that purchased foreclosed homes in bulk directly from lenders.”
While this news is a boon for sellers, what about buyers? According to Chad Gray, there are quite a few approved projects for new single-family homes and condos in Fort Lauderdale. “Soon we will see a much-needed boost of fresh inventory on the market that should offer frustrated buyers more options.”
Greater Fort Lauderdale housing market trends, comparing January 2012 with January 2013:
- The number of Greater Fort Lauderdale / Broward County homes listed for sale decreased 19.1% (10,994 vs. 8,891).
- The number of Greater Fort Lauderdale / Broward County homes sold increased .5% (1,835 vs. 1,844).
- The average amount of days a Greater Fort Lauderdale / Broward County home was listed for sale decreased 5.7% (87 vs. 82).
- The final sales price of a Greater Fort Lauderdale / Broward County home averaged 94% of the original listed price.
If you like charts and numbers, here they are! You can also view residential real estate data broken down by various areas in Greater Fort Lauderdale / Broward County by visiting the Greater Fort Lauderdale Real Estate News page.
Number of Houses in Greater Fort Lauderdale / Broward County For Sale vs. Sold vs. Pended (October 2011 – December 2012):
Average Days A Greater Fort Lauderdale / Broward County Home Was Listed For Sale & Sales Price vs. Original List Price (October 2011 – December 2012):
