Fort Lauderdale Real Estate Update

The real estate market in Fort Lauderdale, Florida was still soft throughout the month of April although many of the state’s markets saw an easing of the inventory of homes.  In Fort Lauderdale, there was a 21% decrease in sales from April 2006 versus April 2007 with 593 single family homes being sold two months ago as compared to 746 homes a year ago.

The median sale price for single family homes, however, shows a slight improvement from April a year ago. In April 2006, the median sales price for single family Fort Lauderdale Homes was $354,300 and in April of this year the median sales price was $357,000. That is an increase of one percent (+1%).  The median price in March was $374,700. 

The average sales price for a Fort Lauderdale single family home in April was $492,981, an increase of 6% from same period a year ago, however, a decrease of 4% from last month.

The State of Florida median sales price for a single family home in April was $237,800 representing a 3% decrease from same time last year.

Condominium figures are a bit sluggish.  In April 2006 the median sales price for Fort Lauderdale Condos was $210,000 and in April of this year the median sales price was $194,500, a decrease of seven percent (-7%).  There was no change in the median sales price from March to April 2007.

The average sales price for a Fort Lauderdale condo in April was $241,948, a decrease of 2% from the same time last year; and a decrease of 5% from March 2007.

 The State of Florida median sales price for a condominium in April increased 3% from last year to $215,500.

It is believed that housing sales will be impacted significantly as a result of sub prime mortgage loans declining in addition to lending standards that are significantly stricter than before. Nevertheless, there is a silver lining.  It is predicted that in the second half of 2007, home sales will see modest gains and prices should recover a bit as well and this should continue into 2008.

Fixed rate 30 year mortgage interest rates were also down from 6.51 percent in April 2006 to 6.18 percent this past April. That equates to a lot of money saved over the term of the loan. Only time will tell how the market shapes up for the rest of 2007 but it looks positive from the predictions that Fort Lauderdale Real Estate will soon recover.

For more information or if you are considerin buying or selling a Fort Lauderdale home or condo, contact Fort Lauderdale Realtor John Sabia with Coldwell Banker at (954) 850-2397.

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