Fort Lauderdale Beach Real Estate

Jon C. Mumford, REALTOR-ASSOCIATE, CRS, ePRO, GRI, GREEN, RECS, SFR, SRES

Archive for September, 2008

August Sales Statistics

Posted by fortlauderdalebeachrealestate on September 25, 2008

New Listings

  • Single Family-2,158(13% lower than 07′, a year ago it was 17% lower)
  • Condo/Townhome-2,323(21% lower than 07′, a year ago it was 7% lower)
  • Total all property types-7,401(15% lower than 07′, a year ago 5% lower)

Total Available Inventory

  • Single Family-12,010(3% lower than 07′, a year ago it was 16% higher)
  • Condo/Townhouse-15,253(10% lower than 07′, a year ago it was 27% higher)
  • Total all Property Types-36,608(7% lower than 07′, a year ago it was 24% higher)

Single Family Sold

  • 643 closed sales, 15% up from 07′, a year ago it was down 31%
  • Median sales price, $295,000, down 22% from last year

Condo/Townhome Sold

  • 595 closed sales, 1% higher from 07′, a year ago it was down 21%
  • Median sales price, $127,000, 32% down from 07′, a year ago it was down 10%

Pending Inventory or homes under contract

  • Single family homes are up 144% over 2007
  • Condos are up 102% over 2007

Given our current inventory and sales levels, if there were to be nothing else listed, we have a 19 month supply of single family homes on the market(down 15% from the previous year) and a 26 month supply of condos on the market(down 10% from the previous month)

As I’ve said over the last 4 to 6 months, our market here in South Florida is seeing some positive signs in the market.  Decreasing inventory levels and an increase in pending and closed sales for condos and homes are strong signal of the market recovering.  i just recently had a listing go under contract that was only on the market 59 days.  The buyer is from out of state and is paying all cash.  We have seen a lot more cash transactions in recent months, quite a few of them being from outside the United States.

Jon

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