September 2024
Fort Lauderdale Market Update
The Fort Lauderdale real estate market continued to show notable shifts in September 2024, with different trends emerging between single-family homes and townhouses/condos. While the market remains dynamic, rising inventory levels and varying sales trends indicate a changing landscape for buyers and sellers.
Fort Lauderdale Single-Family Home
The single-family home segment in Fort Lauderdale is experiencing increased inventory and slightly higher prices, which could provide more options for buyers and signal a more balanced market moving forward.
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Closed Sales: Down 23% from a year ago, totaling 106 closed sales. This decline highlights slower sales activity compared to last year.
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Median Sales Price: Increased by 1.7% from last year, reaching $600,000. This steady rise suggests sustained buyer interest and demand for single-family homes.
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Active Inventory: Up by 33% from last year, now at 819 homes. This significant growth in available listings points to a more balanced market.
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Months’ Supply of Inventory: Increased to 6.5 months, up from 5.1 months a year ago, signaling a shift toward a more buyer-friendly market.
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New Listings: Decreased by 1.9% from last year, with 206 new listings in September. This slight drop may reflect a cautious approach by potential sellers.
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New Pending Sales: Up 12% from a year ago, totaling 149 new pending sales, indicating a positive momentum in future closings.
Fort Lauderdale Townhouses and Condos
The townhouse and condo market in Fort Lauderdale has seen a surge in active inventory, paired with an increase in median prices, potentially giving buyers more negotiating power.
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Closed Sales: Down 22% from last year, totaling 99 closed sales, reflecting slower market activity in this segment.
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Median Sales Price: Increased by 3.3% from a year ago, reaching $475,000, showing steady appreciation in value.
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Active Inventory: Up 71% from a year ago, reaching 1,492 listings, which is a significant increase, providing more options for buyers.
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Months’ Supply of Inventory: Surged to 10.9 months, up from 5.7 months last year, indicating a strong shift toward a buyer’s market.
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New Listings: Increased by 8.2% from last year, with 265 new listings added in September, signaling more availability in the townhouse/condo market.
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New Pending Sales: Up 4.4% from a year ago, with 119 new pending sales, suggesting a gradual recovery in buyer activity.
The Fort Lauderdale real estate market in September 2024 reveals diverging trends across property types. While single-family homes saw an increase in prices and active listings, townhouses/condos experienced a substantial rise in inventory and a more marked shift toward a buyer’s market. This evolving landscape could offer more opportunities for prospective buyers, while sellers may need to adjust strategies in response to the changing conditions.
