Fort Lauderdale Housing Market – February 2016

Broward Real Estate Market - Feb 2016

Although January and February are typically the slowest months for real estate, market statistics show an increase in sales activity and median and average pricing. Pending home sales increased 4.9% compared to last year, and 9.3% over January 2016.  Closed sales of all single-family homes increase by 13.1% over February 2015, and almost 20% higher than January 2016.  The condo market is still showing sluggish activity, with a 3% drop in closed sales over February 2015, with near the same amount of Pending Sales with only a 2.4% increase over the same period last year.

Single-Family home inventory levels continue to cause concern among the real estate industry and to home buyers. In February 2016, just under 6,000 homes were on the market, representing a 9% decrease from February 2016. However, new listings are 9.6%higher than last year. It is still a seller’s market for single-family homes in Broward County.

In contrast, the condominium market inventory has exploded with over 21% more active listings than the same time last year, with almost 7 months supply of housing inventory, resulting in a buyer’s market for condominium and townhouse purchases.

Traditional sales continue to show steady growth in both markets with 9% growth for Single-family home sales and 12% increase in condo/townhome traditional sales.  Foreclosure sales, however, differ based on property type.  While condo/townhome foreclosures continue to decline at a rate of approximately 32%, February 2016 saw a 37% increase in single-family home foreclosures. The increase in median sales price for single-family foreclosures is catching up to the traditional median sales price with a variance of only 23%.  But the large amount of inventory in the condo/townhome market is keeping bank-owned condos median sales price about 35% lower than traditional condo prices.

Speaking in general about my current client base, I can tell you that buyers are looking at more property than in previous years.  Prospective buyers are more educated about the current market conditions, and are not jumping into a home purchase that doesn’t make sense for either their financial situation or lifestyle options. Buyers also don’t feel rushed into a purchase when interest rates are staying at historically low levels. This sometimes has not worked in the buyer’s favor, as waiting even a day can result in a home being snatched up by another buyer.  Finding something similar then becomes a challenge, and the search continues on longer than expected.

You can read and download the February 2016 Broward Market Statistics for FREE.

Feb 2016 Real Estate Market Statistics

CONTACT ME AT (954) 632-5100