TRENDS BROWARD COUNTY
M I D -Y E A R
AND THE BEAT GOES ON The beat goes on as the Fort Lauderdale real estate market continues to be on the upswing. Inventory continues to drop and the number of sales continue to increase, resulting in price increases in most areas. The residential market over $1 million continues to thrive with a 30% increase in sales over the first six months of 2012. The months of available inventory have dropped to a 16-month supply, which represents a 40% decrease over the same time last year and a whopping 80% decrease from the high of a 78-month supply in December of 2008. As the new construction market tightens in Miami-Dade, much of the new condominium construction focus shifts to Fort Lauderdale. Look for announcements of new projects in the third quarter of 2013. In the meantime, expect prices of resale inventory to continue to rise through the rest of 2013.
4 BRINGING THE WORLD HOME Fort Lauderdale is the fourth most popular city among International House Hunters according to US News and World Report. Source: U.S News and World Report
TIME IS MONEY
Thatâ€™s the average days on the market
for all properties in Broward County for 2013, which is 9 days shorter than this time last year.
Thatâ€™s the number of waterfront properties sold in April 2013, the highest number closed in a single month since 2005.
Luxury Sales Volume Miami-Dade & Broward Counties Single Family Homes
# OF TRANSACTIONS
Sales Over $1 Million
Sales Over $5 Million
Sales Over $10 Million
The super luxury market continued its rise during the first half of 2013. Residential properties in Miami-Dade and Broward closing over $1,000,000 or higher saw an increase of 36% in number of transactions. Those selling over $5,000,000 increased by 24%. The real standout player was the ultra-prime properties over $10,000,000, which saw an impressive 50% increase in transactions with 15 properties over $10,000,000 closing in the first six months of this year, compared to 10 during the same time in 2012.
Average Sales Price Broward County
Single Family Homes
$600,000 $350,000 $300,000 $250,000 $200,000
HOW LOW CAN YOU GO?
The overall Average Sales Price for all sold properties in Broward County is $230,000 for the first six months of 2013, up 16% from the same time period in 2012.
As the inventory of single family homes dips to a scarce 2.8 month supply, the chances of finding a house are down about 45% from the same time last year. Keep on looking as about 1800 new homes come on the market each month.
$100,000 $50,000 $0
As Pritzker Prize-Winning architect Zaha Hadid’s first residential tower in the Western Hemisphere, One Thousand Museum is destined to redefine Miami’s skyline.
SALES REPRESENTATION EXCLUSIVELY BY
ONE Sotheby’s International Realty
onesothebysrealty.com Cover Image: Vela Vista Condos I velavistacondos.com Exclusive Representation: ONE Sotheby’s International Realty Source: Southeast Florida Regional MLS & Trendgraphix.com.This material is based upon information we consider reliable, but because it has been supplied by third parties, we cannot represent it is accurate or complete, and should not be relied upon as such.This offering is subject to errors, omissions, changes, including price, or withdrawal without notice. ©MMXIII Sotheby’s International Realty Affiliates LLC. All Rights Reserved.An Equal Opportunity Company. Equal Housing Opportunity.