Fort Lauderdale Housing Market: A Cooling Trend with Rising Inventory
The Fort Lauderdale, FL metro area housing market in November 2024 presents a cooling trend, characterized by a decrease in Median Sales Prices and a significant increase in inventory. The Median Sales Price stands at $450,000, reflecting a year-over-year decline of 3.2%. This decrease in sales price is accompanied by a slight drop in the Median List Price, which is currently $445,000, down 1.1% from the previous year.
Despite the decline in sales prices, the market shows an increase in the median Price Per Square Foot, which has risen by 3.3% to $307.01. Similarly, the Median List Price per square foot has increased by 4.0%, reaching $322.58. These figures suggest that while overall prices are decreasing, the value per square foot is appreciating, indicating a potential shift in buyer preferences towards smaller, more affordable properties.
The number of Homes Sold has decreased significantly, with a 14.1% drop from the previous year, totaling 1,718 Homes Sold. Pending Sales have also declined by 6.0%, with 2,131 transactions currently in progress. In contrast, New Listings have increased by 4.2%, reaching 3,336, contributing to the substantial rise in inventory, which has surged by 38.7% to 15,412 homes. This increase in inventory has led to a dramatic rise in the Months of Supply, now at 9.0 months, a 340.0% increase year-over-year, indicating a shift towards a buyer's market.
The Median Days on Market have increased by 23.0%, with homes now taking an average of 79 days to sell. This extended time on the market reflects the cooling demand and increased competition among sellers. The average sale to list ratio has slightly decreased to 95.8%, down 0.9% from last year, while the percentage of Homes Sold above list price has dropped by 7.1% to 8.1%, further highlighting the market's cooling trend.
Price Drops have slightly decreased by 0.8%, with 21.8% of listings experiencing reductions. Additionally, the percentage of homes going off the market within two weeks has declined by 9.0%, now at 15.6%, suggesting that buyers are taking more time to make purchasing decisions.
Overall, the Fort Lauderdale housing market in November 2024 is characterized by declining sales prices, increased inventory, and extended time on the market. These trends indicate a shift towards a more balanced market, providing potential opportunities for buyers to negotiate better deals as sellers adjust to the changing conditions.
