Fort Lauderdale Home Prices Rise

Posted by Eric Miller on Sunday, July 27th, 2014 at 2:15pm.

Prices of Fort Lauderdale Homes and Condos Continue to Rise   

Fort Lauderdale Real Estate prices and the Broward County real estate market in general was recently qouted in an article in the Miami Herald as "still having legs". From 2013 to 2014 home prices in Broward County have shown a 5.7% increase. 

Sales of existing single family rose 5.4% in June; historically this is a quieter time of year for the South Florida real estate market. The condo market say a rise from last year in prices of 23.8%, please be aware that this number is skewed by the fact that the lowest price points of inventory are simply gone.  Condo sales are reported as up 10.1% over last June.

Fort Lauderdale Inventory Rising But Well Below Historic Levels

As prices rise, inventory is rising as well, with more people able to sell their homes and enticed to do so. However inventory is still extremely low, and multiple offers often happen when a property is priced correctly. 

Fort Lauderdale Realtor Discusses Market Concerns

Some people are starting to get nervous and feel that Fort Lauderdale real estate prices appear like “old times” with prices rising too quickly. For those people I want to point out that this time around the rising price situation is a totally different story for three reasons.

 #1-  price are not rising anywhere near as quickly as they did during the period from 2003 to 2006 where we were seeing prices rise at over 1% per month.

#2 – during the last period of price increases we came off a long period where price just sat, and only went up at about the rate on inflation, this time we are recuperating from a 50% drop.

#3 – When prices came crashing down it was an inventory problem not a sales problem. Sales went along at a steady rate while inventory climbed to 3 times its historic level.  Today we would need inventory to quadruple to reach the inventory level of 2006.  

If you have been waiting to buy in the South Florida market it is still a great time to do so, and now you can be sure that the bottom has passed. The market today dictates that when you find a property you like you need to come to the table with a solid offer, and present yourself a serious, uncomplicated buyer, that the seller would like to do business with.

Eric Miller is an award winning Florida Realtor, salesperson and broker. His website, FortLauderdaleGroup.com provides an up-to-date guide to Fort Lauderdale Condos for sale, and the most complete buyer, seller and investor information for the Fort Lauderdale Real Estate Market.

2 Responses to "Fort Lauderdale Home Prices Rise"

Auberge Fort Laudedale - New Construction Condominiums in Fort Lauderdale wrote: [...]Market.


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