Real Estate MLS Statistics Fort Lauderdale, Fl – March 2012

The winter selling season officially ended after Easter and what a season it was.  My apologies for my absence from blogging  while I was helping home buyers and home sellers.

Inventory of homes and condos is very low in many areas. The market has definitely turned a corner and we are seeing multiple offers on many homes.

Fort Lauderdale Fl real estate market March  statistics from the Realtors Association of Greater Fort Lauderdale are out. It is hard to make an accurate analogy of the entire Southeast Florida Region by viewing the general statistics. Every neighborhood is a different market & every condo building is a different market.

Waterfront properties retain more desirability than non waterfront. In neighborhoods with good school districts there is fierce competition for the best homes.

If you want a true picture of a neighborhood market ask a Realtor you trust to review the market statistics for that neighborhood to determine which way the market is headed.

Our Board of Realtors tracks our market statistics. To review the greater Fort Lauderdale real estate market statistics for March 2012 click on the link below. This is the exact report that I receive every month.

http://www.r-world.com/mls/statistics/mls-statistics-2012-03.pdf

Here are a few notes to get you started.

MLS is an acronym for the Multiple Listing Service. This is the Realtors database where all real estate activity is stored for The Greater Fort Lauderdale area which includes the western suburbs. These are March 2012 numbers.

RAGFL is an acronym for Realtors Association of Greater Fort Lauderdale.

The most interesting statistics for March are

Available inventory of single family homes is down 37% from March of 2011. It is amazing how much the inventory of single family homes has decreased. This is having a an effect of rising prices.

Available inventory of condos/townhomes is down 38 % from March of 2011.  This is for the fifth month in a row.  You thought the condo market had crashed. It has recovered quite well and prices will rise. The choices are now few for waterfront condo homes in price ranges under $300,000.

The percentage of available inventory that is bank owned or a short sale is 25 % for single family homes. That number is down from March 2011 which was 32%. Banks continue to bring the foreclosure inventory to the market place very slowly. No doubt this is an attempt not to flood the market and to effect prices.

The percentage of available inventory that is bank owned or a short sale is 19% for condos and town homes.  That number is down from March 2011  which was  30%.

The number of single family closed sales is up 4% from March 2011.

The number of condo closed sales is down 6% from March 2011

Are prices going in an upward trend? Yes. At the present time we are seeing small price increases in many neighborhoods and condo communities. This is unexpected as the market normally remains flat for a year or two after a declining market. There still are a large number of foreclosures coming through the courts so it will interesting to see what happens, however I am optimistic that prices should remain relatively stable especially in desirable waterfront & East Fort Lauderdale locations and neighborhoods with good school districts.

Has the Fort Lauderdale, Fl real estate market improved?  Yes! Inventory of levels are low and buyers are responding to interest rates in the low fours. The economy and the interest rate will be major determining factors of the future of the Fort Lauderdale real estate market.

There is now 6 months of inventory for single family homes & and 5 months of inventory for condos. When you consider the top 25% of the inventory is over priced and will never sell you are looking at inventory levels that are consistent with a sellers market.

Need more detailed information about your neighborhood? Call or write to me. I’ll be happy to provide you with answers without sales pressure.

Fort Lauderdale Beach, Fort Lauderdale Fl