Ft Lauderdale Real Estate News 5/17/17
Fort Lauderdale Condo Market Among Tightest in Florida
Real Estate Market Reports Q1 2017
As the best real estate agent in Fort Lauderdale, Florida, I follow the housing statistics and the Florida Association of Realtors (FAR) has recently released their market reports for the First Quarter of 2017.
These stats look at the entire state, but if you drill down a bit you can also dig out reports for the South Florida reporting area (comprised of Miami-Dade, Broward and Palm Beach Counties), as well as reports for Broward County and specific Zip Codes.
If anything, these real estate stats show how Fort Lauderdale and Broward County are pretty much the most desirable location in the state.
In Broward County the Median Sale Price for a Single Family Home went up 10.0%, from $290,000 in Q1 of 2016 to $319,000 in the First Quarter of 2017. This is essentially equivalent to the increase in the Median Price for the state of Florida, which was 10.7%, and for the reporting area of South Florida (comprised of Miami-Dade, Broward and Palm Beach Counties), which was 10.9%.
As in the past, one interesting facet of these numbers is the Median Percentage of Listing Price Received – in order words the differential between Listing and Sale Price. In Broward County, Sellers received a median 95.7% of their Listing Price, up 0.2% from the First Quarter of 2016, meaning the average discount from Listing Price was only 4.3%. This was better than the average in South Florida, which was 95.0% in Q1 of 2016, and very close to the statewide average, which was 95.9%.
In addition, these numbers also illustrate how tight the inventory has become in Broward County. New Listings declined 5.6%, from 6,416 in Q1 of 2016 to 6,055 in the First Quarter of 2017. Active Listings declined 6.9% (from 5,814 to 5,411), but those numbers might actually show a slight glimmer of hope that the market might be loosening somewhat, for in year-end stats for 2016 released in February Active Listings had declined 9.2%, so those stats might be indicating a little more inventory appearing on the market.
For the record, for those interested, New Listings across the state actually showed an increase of 1.0%, and in the South Florida reporting area New Listings declined 4.6%, which would indicate the market in Broward County is still the tightest, though that would figure since it is the most desirable location in Florida. This is also bourne out in the stats for Active Listings: the state reports a decline of 4.9%, and South Florida shows a decline of 2.9%, while Active Listings in Broward were down 6.9%.
Condos & Townhomes
For the state of Florida, the Median Sale Price for Condominium and Townhome properties increased 9.2% in the First Quarter of 2017. The Median Sale Price in South Florida went up 6.9%, and in Broward County 7.5%.
Other metrics indicate the Condo Market in Broward County is still among the tightest in the state.
The Median Percentage of Listing Price Received was 94.7% statewide, and 93.6% in South Florida, representing an increase of 0.3% for the state and a flat market (0.0%) in South Florida. In Broward County, however, the Median Percentage of Listing Price Received actually increased 0.5%, from 93.5% in Q1 of 2016 to 94.0% in the First Quarter of 2017.
When you look at Inventory, once again, Broward County is still a very tight market.
New Listings for the state declined 3.4%, and in South Florida they dropped 6.6%, but in Fort Lauderdale and Broward County New Listings for Condominium and Townhome Properties were down 10.7%
Active Listings statewide declined 0.1%, while the reporting area of South Florida actually showed an increase of 2.4%. We have to think that latter number reflects the inordinate amount of construction in Miami-Dade. In Broward County, though, Active Listings for Condo and Townhome properties declined 8.9%.
In the final analysis I think one must conclude Buyers trying to find a Condo in Fort Lauderdale and Broward County simply don't have a lot of choices.
Florida's housing market reported more closed sales, higher median prices and more pending sales during the first quarter of 2017, according to the latest housing data released by Florida Realtors. Closed sales of single-family homes statewide totaled 60,733 in 1Q 2017, up 5.1 percent over the 1Q 2016 figure.
"During the first three months of 2017, traditional sales of single-family homes and condo-townhouses rose in Florida,"says 2017 Florida Realtors President Maria Wells. "In another positive sign, pending sales for single-family homes rose 1.8 percent year-over-year, while condo-townhouse pending sales rose 4.8 percent. Distressed property sales continued to drop – which underscores solid stability in the state's housing market.
"Buyer demand continues to increase, yet the inventory of homes for sale remains tight in many local markets," Wells adds. "That's putting upward pressure on median prices and sometimes results in multiple offers. By working closely with a Realtor who knows local market conditions and trends, consumers have an expert in their corner whether selling or looking to find their dream home."
The statewide median sales price for single-family existing homes in 1Q 2017 was $226,000, up...