Fort Lauderdale Housing Market Analysis - August 2024
The Fort Lauderdale, FL metro area housing market has experienced notable shifts in August 2024, reflecting a combination of price adjustments, inventory changes, and sales dynamics.
Price Trends
The Median Sales Price for homes in Fort Lauderdale stands at $437,750, marking a 2.7% decrease year-over-year (YoY). Similarly, the Median List Price has declined by 2.2% YoY to $450,000. Despite these decreases, the median Price Per Square Foot has risen by 2.3% YoY to $304.30, while the Median List Price per square foot has increased by 4.6% YoY to $319.44. These figures suggest a nuanced market where price per unit area is appreciating even as overall home prices show a slight decline.
Sales Activity
Home sales have seen a significant downturn, with 2,360 Homes Sold, representing a 9.6% decrease YoY. Pending Sales have also dropped sharply by 17.2% YoY to 2,554. This decline in sales activity is indicative of a cooling market, possibly influenced by the rising inventory levels and longer time on the market.
Inventory and Supply
Inventory levels have surged by 53.4% YoY to 14,239 homes, contributing to a substantial increase in the Months of Supply, which now stands at 6.0 months, up by 240.0% YoY. This significant rise in inventory and supply indicates a shift towards a buyer's market, where buyers have more options and potentially more negotiating power.
Market Dynamics
The Median Days on Market have increased by 23.0% YoY to 75 days, reflecting slower market activity. The average sale to list ratio has slightly decreased by 0.9% YoY to 96.3%, indicating that homes are selling closer to their list prices. The percentage of Homes Sold above list price has dropped by 8.4% YoY to 11.6%, further emphasizing the cooling market conditions.
Price Adjustments and Off-Market Activity
Price Drops have become more common, with 24.5% of listings experiencing price reductions, up by 4.7% YoY. Additionally, the percentage of homes going off-market within two weeks has decreased by 17.2% YoY to 19.1%, suggesting that homes are taking longer to sell and are less likely to be snapped up quickly.
In summary, the Fort Lauderdale housing market in August 2024 is characterized by declining sales prices and sales activity, rising inventory and supply, and longer time on the market. These trends point towards a market that is becoming more favorable for buyers, with increased options and potential for price negotiations.
