June 14, 2024

Fort Lauderdale Real Estate – 3 Quarter Numbers Point to a Market Shift


Fort Laudedale Real Estate prices and trends for the third quarter of 2011 showed an expected shift  for the Ft Lauderdale Real Estate market. We all know that one quarter does not mark the end of our real estate crisis but it is certainly better to witness the strong positive trend than daily dire predictions of  real estate economists that discuss real estate in term of national and international markets.

During the 3rd quarter of 2011 every single catagory we analize showed a strong increase in closed sales, lower inventory and increased average  prices. It may appear to some that that the median price of a home in Broward County is still declining but this is simply because the strongest piece of the market is still below the $200,000 price point. The lower the price point, the shorter the days on market, the higher the price sold compared to asking price, and the faster the shrinking inventory. This clearly means that these lower price points are disappearing quickly and once their gone this will lead to further price recovery.

The 3rd quarter of 2011 compared to 2010 saw a decrease of homes for sale in the Broward County area of over 30%, at the same time  sold units rose approximately 4%, and pending sale rose over 8%. If you look at the Fort Lauderdale condominium market the numbers were even stronger where year over year pending sales are up over 60%.

We are not out of the woods as of yet, with many Broward County property owners upside down.  However, continued reports of an upward trend, banks that are embracing the short sale process when needed, and clear investor confidence in the Fort Lauderdale area real estate market will all result in mounting momentum to a more balanced real estate market.