Fort Lauderdale Housing Market: September 2024 Analysis
The Fort Lauderdale, FL metro area housing market in September 2024 presents a complex landscape characterized by both growth and challenges. The Median Sales Price for homes stands at $450,000, reflecting a modest year-over-year increase of 2.3%. This suggests a steady appreciation in home values, albeit at a slower pace compared to previous years.
Interestingly, the Median List Price remains unchanged from the previous year at $450,000, indicating a potential stabilization in seller expectations. The median Price Per Square Foot has risen by 2.0% to $303.77, while the Median List Price per square foot has seen a more significant increase of 3.6%, reaching $321.89. These figures suggest a slight upward pressure on pricing, particularly in terms of list prices.
However, the market is experiencing a notable decline in sales activity. The number of Homes Sold has decreased by 18.1% year-over-year, totaling 1,936 units. Pending Sales have also dropped by 12.9%, with 2,365 transactions currently in the pipeline. This decline in sales activity could be attributed to various factors, including potential buyer hesitation or affordability concerns.
On the supply side, New Listings have increased by 1.6% to 3,401, while inventory has surged by a substantial 50.5%, reaching 14,657 homes. This significant rise in inventory has contributed to an increase in the Months of Supply, which now stands at 7.6 months, a dramatic 350.0% increase from the previous year. This shift indicates a transition towards a more balanced market, or even a buyer's market, as supply begins to outpace demand.
The Median Days on Market have extended by 20.0% to 71 days, suggesting that homes are taking longer to sell. The average sale to list ratio has slightly decreased by 1.1% to 96.2%, indicating that homes are selling closer to their list prices, but with less frequency above list price. The sold above list ratio has dropped by 11.3% to 10.0%, further emphasizing the shift in market dynamics.
Price Drops have become more common, with 23.6% of listings experiencing reductions, marking a 3.2% increase from last year. Additionally, the percentage of homes going off the market within two weeks has decreased by 15.2% to 17.0%, highlighting a slowdown in the pace of transactions.
Overall, the Fort Lauderdale housing market in September 2024 is characterized by a stabilization in pricing, increased inventory, and a slowdown in sales activity. These trends suggest a shift towards a more balanced market, with potential opportunities for buyers as supply increases and price growth moderates.
