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Just The Facts, Jack
The Average Sales Price for a Single Family Home in Fort Lauderdale rose a staggering 36.2% in 2021. In addition, the Median discount from Listing Price was Zero, meaning the vast majority of homes either sold for full asking or more than the Listed Price.
These startling figures are according to the latest year-end statistics released by the Florida Association of Realtors. Though seemingly incredible on face value these are accurate numbers. Statistics released by the Florida Realtors are generated by compiling sales reported through the MLS of local realtor associations across the state.
In 2020 the Average Sales Price for a Single Family Home in the city of Fort Lauderdale was $893,479; in 2021 it was $1,216,958.
The Median Sales Price, a more traditional indication of actual appreciation, for a Single Family Home in Fort Lauderdale increased 20%, from $500,000 in 2020 to $600,000 in 2021.
These figures are driven by the high demand for luxury waterfront properties from upscale buyers coming in from the Northeast and California.
Negotiation Is Futile
Stats regarding the discount from Listing to Sale Price are perhaps even more amazing. The "Median Percent of Original List Price Received" tracks the spread between asking and closing prices. With such an active Real Estate Market South Florida, and Fort Lauderdale in particular, are already known for being a tough place to negotiate. Historically, this Median Percent of Original List Price Received in Single Family Homes is around 95-96% of their asking, with Condominium and Townhome properties around 94-95%. In 2020, in Broward County, this number was 96.9% for Single Family, 94.9% for Condos (Villas and Townhomes). In 2021, however, the Median Percent of List Price received for a house was 100% and 98.9% for condos.
Condo Market Strong
The market for Condominium and Townhome properties was somewhat less sizzling, though still robust. The Average Sales Price for these properties rose 15.5%, from $488,172 in 2020 to $563,645 in 2021.
These figures were more in line with the Median Prices. In 2020 the Median Price for a Condominium and/or Townhome property was $335,000; in 2021 it was $383,750. That represents a year over year increase of 14.6%.
Once again we see the Fort Lauderdale location outperforming the State, South Florida and Broward County numbers.
Across the State of Florida, the Average Sales Price for a Single Family Home increased 25.8% (from $401,478 in 2020 to $505,129 in 2021). For South Florida (the reporting area comprised of Broward, Palm Beach and Miami-Dade Counties) the ASP increased from $634,142 in 2020 to $861,060 in 2021, rising 35%. Broward County reported an increase of 26.1%, from $530,166 in 2020 to $668,533 in 2021.
After languishing for some years the Condo market in Fort Lauderdale has also shown a sharp increase. The Average Sales Price for a Condominium or Townhome property rose 15.5% to $563,645 while the Median Sales Price went up 14.6% to $383,750.
Condo and Townhome numbers were strong throughout the state. Broward County reported a 19.8% increase in Average Sale Price (from $247,683 in 2020 to $296,632 in 2021) and a 15.1% rise in Median Sale Price (from $189,000 in 2020 to $217,500 in 2021. In the South Florida reporting area comprised of Broward, Palm Beach and Miami-Dade Counties the Average Sales Price for a Condominium and/or Townhome property rose 33.7% (from $333,738 in 2020 to $444,110 in 2021). For the same annum Median Sales Price increased from $220,000 in 2020 to $265,000 in 2021, or 20.5%. Across the state of Florida Average Sales Price for a Condominium or Townhome property went up 26.4% (from $303,051 in 2020 to $382,963 in 2021). Median Sale Price, statewide, grew from $215,000 in 2020 to $252,000 in 2021, an increase of 17.2%.
Home Prices Rise All Over South Florida
The strong housing market has led to sharp increases in home prices all across South Florida. The largest appreciation was in the small village of Sea Ranch Lakes, an exclusive enclave you enter through a guard gate along A1A just north of Lauderdale-By-The Sea, where Median Price rose 19.3% and the Average Sale Price of a Single Family Home increased 46.4%, from $1,701,000 in 2020 to $2,491,429 in 2021. Interestingly enough, 71% of all home sales in Sea Ranch Lakes were cash purchases, but before you get too impressed we should admit that was 10 of 14 total transactions.
In Pompano Beach, Median Price increased 21.9% (from $310,000 in 2020 to $378,000 in 2021) and the Average Sale Price rose 29.4% (from $447,642 to $579,351).
In Lighthouse Point, Median Price rose 37.4% (from $800,000 to 1,099,000) and Average Sale Price increased 22.7% (from$1,185,598 to $1,454,215).
Median Price for a Single Family Home in the city of Hollywood, Florida, increased 18.9% (from $349,000 in 2020 to $414,900); Average Sale Price went from $439,251 to $524,496, going up 19.4%.
Not surprisingly, the two sister Bedroom Communities of Davie and Cooper City showed almost identical numbers. Median Price increased 22.2% in Davie, 17.5% in Cooper City (respectively $495,000 to $605,000 and $464,00 to $545,000), while the Average Sale Price rose 17.8% in Davie (from $626,292 to $737,556) and 18.9% in Cooper City (from $516,525 to $614,049).
In the upscale western suburb of Weston Average Home Sale Price increased 22.3% (from $660,000 in 2020 to $808,426 in 2021), while Median Price rose from $567,000 in 2020 to $670,000 in 2021, a rise of 18.2%.
Another upscale suburb, Parkland, reported even better increases in home prices. Average Sales Price in this suburb rose 27.5%, while the Median Price went up 26.8% (respectively, from $773,674 to $986,395 and $690,000 to $$875,000).
Even historically middle-class neighborhoods are also showing significant appreciation in home values as it gets harder and harder for young buyers to find starter homes.
Single family residences in Plantation rose 24.4% in Average Sale Price (from $512,378 to $637,649) and 20.7% in Median Sale Price (from $447,500 to $540,000). Homes in Coral Springs increased 21.7% in Average Sales Price ($458,644 to $558,119) and 19,1% in Median ($445,000 to $530,000.
In Pembroke Pines SFRs rose 18.5% in Average Sale Price to $508,854 in 2021 from $429,438 in 2020, and the Median went up 14.3% to $478,500 in 2021 from the 2020 number of $418,500.
Coconut Creek reported an 18.3% increase in Average Sales Price (from $387,443 in 2020 to $458,178 in 2021, and a 17.1% jump in Median Price ($380,000 in 2020 to $445,000 in 2021.)
Interesting enough, the apparent outlier in Broward County seems to be the aforementioned seaside village of Lauderdale-by-The-Sea. (Or, as I prefer to call it - Stoplights-by-The-Sea) For some inexplicable reason the Average Sales Price for a Single Family Home in this little tourist trap along the beach rose only 1.4% (to $1,006,606 in 2021 from $992,834 in the previous annum), and the Median Price increased a paltry 4.0% (from$745,000 in 2020 to $775,000 in 2021. This is after showing sharp upticks last year, between 2019 and 2020, when Average Sales Price rose 26.5% and the Median 19.2%
Statistics for all the municipalities in Broward County can be found by clicking on the buttons below, following the links.
Will "The Bubble" Burst?
Don't hold your breath.
Clearly 36% year-over-year increases in home values are not sustainable, so I would not be surprised to see the market slow down a little, consolidate somewhat, but it is difficult for me to believe this is a "Bubble" which is going to burst. Unlike the crazy market in the early 2000s, which was driven largely by insane speculation, this is a demand driven spike in prices caused predominantly by an sizable influx of high-end real estate buyers from the Northeast and West Coast. Thanks to the Covid pandemic many people with high paying jobs in Finance and similar industries can now work from home. Why pay millions for a 1,200 square foot co-op in a sub-arctic urban craphole like New York City? That same money can buy you a luxury waterfront home in the tropical paradise of Fort Lauderdale. Aside from the Blade Runner congestion and the out-of-control homeless crisis in Los Angeles and San Francisco, California just raised its State Income Tax to 16%. As a result, many substantial and upscale home buyers are looking for more Bang For Their Buck in the proverbial Sunshine State, with a Homestead Exemption of your Primary Residence and no state income tax.
Click on buttons to download a pdf of statistical reports.
Florida 2021 Statewide Condos
Florida 2021 Statewide Metro Areas
South Florida 2021 Single Family
South Florida 2021 Condos
Broward County 2021 Single Family
Broward County 2021 Condos
Broward County Single Family City by City 2021
Broward County Condos City by City 2021
Broward County Single Family by Zip Code 2021
Broward County Condos by Zip Code 2021
Click Button below, go the Research & Statistics Page
of the Florida Association of Realtors.
Many Reports are Publicly Available. Some are Members Only.
Should you be interested in a report which is only available to Association Members,
feel free to give me a call. I'll be happy to download one for you.
It's not like this stuff is Top Secret or anything.
Some Charts you might find interesting
South Florida (Red) versus United States (Blue) from 1988 thru 2022
Shaded areas indicate U.S. recessions
Source: Realtor.com May 9, 2023
Run Cursor over map to see where each State ranks.
Lowest to Highest
Source: Wallethub May 9, 2023
Source: Realtor.com May 9, 2023
Run Cursor over map to see where each State ranks.
Lowest to Highest
Home values in Fort Lauderdale rose 19% in 2020.
To be precise: the Median Price of a Single Family Home in Fort Lauderdale, Florida increased to $500,000, which represents a rise of 19.0% from the previous year, according to statistics compiled and released by the Florida Association of Realtors.
What makes statistics reported by the Florida Realtors particularly valid versus other market reports: they are compiled from numbers generated through the MLS of local realtor associations across the state.
Other municipalities in Broward also reported significant increases in the Median Price of Single Family Homes. Not surprisingly, most of these were more upscale cities along the Atlantic coast: Deerfield Beach up 19.7% on 513 Closed Sales; Pompano Beach up 17.0% on 733 Closed Sales; Lauderdale-by-the Sea up 19.2% after 65 Closed Sales. Even Dania Beach showed a rise in the Median Home Price of 19.7% on 187 Closed Sales.
Now it doesn't take a Rocket Scientist to figure out something's going on when Single Family Homes in Dania Beach increase almost 20% in a single annum.
Aside from the rise in values, these stats seem to indicate home buyers paying a premium for proximity to the beach. Upscale communities in the western reaches of Broward County such as Weston and Parkland reported moderate gains of only 4% and 6.6% respectively (based on 826 and 695 Closed Sales. Other inland bedrooms communities report similar single digit increases: Coral Springs 8.5% on a significant sampling of 1,286 Closed Sales; Pembroke Pines 7.3% on 1,313 Closed Sales.
By the way, in case you're wondering - the 19% increase in Fort Lauderdale homes was based on a rather sizable sampling of 1,793 Closed Sales.
We also see a couple of interesting anomalies in these numbers.
For instance, the Median Price for a Single Family Home in the "city" of Lazy Lake rose an eye-popping 153%. For those who are not familiar with Lazy Lake it is a village of 13 Single Family Homes built around a little lake off North Andrews Avenue. The smallest incorporated city in Broward County, it has one street and a population of 20-some people. This meteoric rise in home values is based upon ONE Closed Sale of $1,080,000.
To the opposite extreme we find Hillsboro Beach, undoubtedly the wealthiest municipality in the County, a row of impressive beachfront mansions stretching north from the Hillsboro Inlet. Based on 7 Closed Sales in 2020 the Median Price increased 25% to $12,500,000. It is all interesting to note these numbers represent a cash purchase ratio of 85%. In other words - 6 out of the 7 Buyers paid cash. Want to have some more fun, figure out the debt service the one Buyer who financed might be paying. On a $10 Million mortgage, even at 3.0%, the interest could total $25,000 a month.
Another anomaly is Southwest Ranches, a community comprised of predominantly multi-acre parcels where residents keeps horses and animals. The only western municipality to show a significant increase, Median Price rose 24.1% to $862,500 based upon 120 Closed Sales.
Where Do I Invest?
Some of the more mercenary of our readers (a.k.a. real estate investors) might be wondering, as you go through these numbers - where's the best place to invest? To me these stats indicate transitory neighborhoods just inland from the coast might offer the best bang for your buck. I never though I'd say these words, but take a look at Oakland Park. From its eastern-most border along Federal Highway in North Fort Lauderdale, stretching west through neighborhoods which are up on their way up, Median Sale Price in Oakland Park increased 13.3% to a relatively reasonable $340,000 on a sampling of 463 Closed Sales.
Condominiums & Townhomes
In Condominiums and Townhomes the statistics tell a different story. This market had been languishing for some years before the influx of Buyers from other states: tax refugees from California, people from the Northeast who came to realize the importance of outdoor living through the Covid-19 pandemic.
Median Price in Fort Lauderdale increased to $335,000, a healthy rise of 11.7% on a substantial sampling of 1,933 Closed Sales. The coastal town of Lauderdale-by-the-Sea also reported a significant rise of 15% to a Median Price of $390,000 on 214 Closed Sales.
Still, in Condos and Townhomes, many municipalities in the western reaches of Broward County still reported healthy increases. Weston: Median Price $268,500, up 9.6% on 346 Closed Sales.
Hollywood: up 13.9% to $205,000 on 1,061 Closed Sales.
Coral Springs: Median Price $159,000, a rise of 9.7% on 586 Closed Sales.
Davie: up 10.3% to $215,00 after 490 Closed Sales.
The most surprising results in the Condominium and Townhome market may be some of the more economical (shall we say) cities through the middle of Broward County.
Lauderdale Lakes up 16.8% to $75,950 on 253 Closed Sales.
North Lauderdale up 19.7% to $191,000 on 207 Closed Sales.
Lauderhill up 16.9% to $95,000, 623 Closed Sales.
Sunrise up 14.0% to $138,000 on 911 Closed Sales.
Tamarac up 13.1% to $155,000, 929 Closed Sales.v
Click on buttons to call up a pdf of selected reports
Drill Down Deeper
Click on buttons to download a pdf of statistical reports.
Florida 2020 Statewide Condos
Florida 2020 Statewide Metro Areas
South Florida 2020 Single Family
South Florida 2020 Condos
Broward County 2020 Single Family
Broward County 2020 Condos
Broward County Single Family City by City 2020
Broward County Condos City by City 2020
Broward County Single Family by Zip Code 2020
Broward County Condos by Zip Code 2020
I hate being right all the time. For years I've been telling people Fort Lauderdale is the best location in Florida, especially when it comes to Real Estate, particularly in Home Value Appreciation.
Statistics released by the Florida Realtors for year-end 2020 prove this in dramatic fashion.
In 2020 the Median Price of a Single Family Home in Ft. Lauderdale, Florida increased 19.0% to $500,000 based on 1,793 Closed Sales. This is essentially double the appreciation in home values reported for the state. Median Price for a Single Family in Florida rose 9.6% in 2020. Moreover, the South Florida reporting area, comprised of Miami-Dade, Broward and Palm Beach County, showed an increase in Median Price of 10.6%.
Forget Low-Balling. According to these stats from the Florida Realtors, compiled from the MLS of local real estate associations across the state, Sellers received 97.7% of their asking price in 2020, versus 96.% in the preceding annum, an increase of 1.2%. That's statewide. The numbers are a little less for the reporting area of South Florida: 96.4% Median Percentage of Original List Price Received versus 95.3% in 2019, a 1.1% Rise. In Broward County Seller's received 96.9% of their listed price, up 1.1% from the previous year.
Condominiums & Townhomes
The market for Condominiums and Townhomes in Fort Lauderdale and Broward County has languished for the last several years after shooting up so dramatically. Now that Real Estate has heated up we are finally seeing some upward momentum in these prices, however, not quite as impressive as we find in Single Family.
In Fort Lauderdale, the Average Sale Price for a Condo or Townhouse increased 12.4% to $488,172 based on 1,993 Closed Sales. Statewide, the Average Sale Price for Condominiums and Townhomes rose 10.9% to $303,051. Through the South Florida reporting area of Miami-Dade, Broward and Palm Beach Counties, the AVP increased 9.9% to $333,738, and Broward reported a rise of 11.6% of $247,683.
Once again we see a clear line showing when it comes to Real Estate appreciation Fort Lauderdale is the best location: the whole state reports an increase of 10.9%, South Florida 9.9%, Broward County 11.6%, and Fort Lauderdale 12.4%.
For the record, even in Condos and Townhomes it is still a Seller's Market. Across the state of Florida the Median Percentage of Original List Price received in 2020 was 95.7%, up from 95.0% the previous year, an increase of… Well, hopefully, you can do the math. In the reporting area of South Florida Sellers got 94.5% versus 94.0% the preceding annum. In Broward County this number also increased half a percent, from 94.4% in 2019 to 94.9% in 2020.
Not That Bubble Thing Again
Okay, every time we see such a dramatic rise in home values we get the knee-jerk reaction, ventriloquist dummies running around like Chicken Littles with their heads cut off screaming: "It's a bubble! It's a bubble! It's a bubble!"
First, it is important to view matters in its historical context. Florida Real Estate, and particularly South Florida, has always operated through a series of Boom and Bust Cycles. Broward County and Fort Lauderdale is a unique market all its own which does not march in step with national or statewide trends. Home Values increase steadily - 5-6% annually for a couple years. Then they go nuts, shoot up at a tremendous rate. Twenty percent a year price appreciation is not sustainable, and these sudden increases are usually followed by some kind of a pull back. So it would not be a surprise to see home values retreat somewhat once this incredible hot streak peters out.
What would be a surprise, however, would be for home values to absolutely "crash."
We know the Median Price for a Single Family Residence in Fort Lauderdale rose 19.0% in 2020. Based upon what we are seeing in the market, this trend is continuing so far in 2021. According to statistics the Florida Association of Realtors released for the First Quarter of this year, the Median Price increased 20.8% (over the First Quarter of 2020). Assuming no Acts of God, the total collapse of Western Civilization, this hot market still has a ways to run. Inventory is tight. In large part, much of the run-up in home values has been driven by the influx of buyers from other states: tax refugees from California, others fleeing the Covid-19 ramifications through the Northeast, where housing prices still make Fort Lauderdale look like a bargain.
Remember, there is no more undeveloped land in Broward County, no more wide open tracts upon which to build new developments.
In addition, new reports reveal many Homeowners who have fallen behind in rent or their mortgage have started to make payments, which should eliminate (or at least mitigate) what many thought might be a coming wave of distressed properties hitting the market once the band on evictions and foreclosures was finally lifted.
And (though I get tired of reminding people this) it is inconceivable we will ever seen anything like the real estate crash of 2005. More than just a sudden increase in home prices, that was driven by banks giving out extremely bad mortgages, appraisers getting chummy with Listing Agents.
Even so, following that great market crash, home prices in South Florida simply retreated to where they should have been. I have the illustration above on my "Investor Central" page. It is the Standard & Poor's / Case-Shiller Home Price Index for South Florida, released circa 2015 maybe, which shows the big spike in valuations in the early 2,000s, then the precipitous decline. I added the trend line, for it shows how, even after the fall, home prices still came down to roughly where it should have been, perhaps a bit higher.
You might also check the numbers along the very left. I believe these numbers are the Median Price. According to the Year-end Statistics for 2020, the Median Price for a Single Family Home in South Florida was $398,000.
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