Fort Lauderdale Housing Market – January 2017

Jan 2017 Broward Home Sales

The January 2017 housing market shows continued strength for the coming year.  Median Prices and Average Prices are on the rise for both single-family homes and condominium/townhouses. Distressed property sales continue to drag down overall statistics, with a 45% drop in those properties over last year.  Excluding distressed properties (short-sales & foreclosures) from the market results in a 9% increase in Single-Family Homes Closed Sales.

Jan 2017 Single Family Home Sales Barchart

Closed Sales for single-family homes priced in the following price ranges increased as follows:

  • 9% for homes priced between $200,000 and $249,999
  • 6.6% for homes priced between $250,000 and $299,999
  • 1.8% for homes priced between $300,000 and $399,999
  • 28.2% for homes priced between $400,000 and $499,999

Inventory of single-family homes is still lower than January 2016, with 7.2% fewer available homes overall, with the biggest reduction in homes priced under $200,000.  Inventory for single-family homes above $400,000 is higher than last year, by 14-16%. However, new listings for homes price between $200,000 and $250,000 increased by 13.4%.

It is still a Seller’s Market for single-family homes with only 3.8 months of available inventory, representing a 9.5% drop over the same period last year.

January 2017 Broward Condo Sales

The condominium & townhouse market is stronger than last year, due to the large drop in distressed properties.  Short-sales declined by 66.7% and foreclosures by 44.2%, with the combination only representing 9.5% of total sales in January 2017. Excluding distressed properties form the Closed Sales figures yields a 14% increase over last year.

January 2017 Broward Condo Sales Barchart

The strongest increases in condo sales were in properties selling between $200,000 and $400,000, with double-digit growth:

  • 42.5% increase for condos selling between $200,000 and $249,999
  • 52.5% increase for condos selling between $250,000 and $299,999
  • 20.9% increase for condos selling between $300,000a and $399,999

Although overall inventory for condos and townhomes is 2.9% lower than last year, the number of new listings coming on the market is stronger. Property Inventory for condos and townhomes priced between $200,000 and $600,000 show increases as follows:

  • 7% increase for properties priced between $200,000 and $249,999
  • 9.8% increase for properties priced between $250,000 and $299,999
  • 12.9% increase for properties priced between $300,000a and $399,999
  • 13.2% increase for properties priced between $400,000 and $599,999

It’s basically a balance market for condos and townhouses with 6.4 months of available inventory.

Notes: Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Wednesday, February 22, 2017. Data revised on Monday, January 16, 2017. 

IF YOU ARE CONSIDERING BUYING OR SELLING PROPERTY, CONTACT ME AT 954-632-5100.