Local Market Watch Fort LauderdaleFort Lauderdale is known as the “Venice of America”, a name that was assumed by the city and added to its seal back in the 1920’s. In reality Fort Lauderdale dwarfs Venice with 165 miles of waterway compared to only 26 miles for our Italian counterpart. Also known as the Yachting Capital of the World, Fort Lauderdale is home to tens of thousands of yachts and hosts the largest in water boat show in the world. Naturally the city attracts recreational boaters and yachties looking to establish a residence or second home in this boating paradise. The property options are plentiful and the real estate market has historically proven to be a pretty safe bet even in the toughest of times. In preparation for this year’s boat show we have updated our data on Fort Lauderdale’s “Ocean Access” single family homes. Below is a summary of the results.

“The hottest segment in the Fort Lauderdale market is Single Family Waterfront Homes with Ocean Access, below ~$1.3 million. This segment only has 4.5 months of inventory with the median home selling in just 48 days.”

 

Landings Neighborhood Fort Lauderdale

“The Landings” waterfront neighborhood in Northeast Fort Lauderdale

 

Ocean Access Market Watch Summary

This report includes all waterfront single family homes in the city of Fort Lauderdale with ocean access. Ocean access includes any property on a waterway that has access to the ocean by boat. This report does not include ocean front homes or homes that are on landlocked bodies of water. The report covers all price ranges and breaks the data down between properties over the median sales price ($1,267,500) and below the median sales price.

Report Date: October 22, 2018

  • Sales Prices – Over the last six months the median sold price for a waterfront ocean access home in Fort Lauderdale was $1,267,500. The high and low sales prices were $7,000,000 and $335,000 respectively.
  • Active List Prices – Currently the median list price for waterfront ocean access homes is $2,695,000 with the high and low being $39,000,000 and $439,000 respectively.
  • Median Price Appreciation – Over the past five years median prices have increased a modest 12%, but more recent gains tell a different story. When we look at the last 6 months the median price is up 9.1% over the same period just one year ago. Also, the market had experienced a slight correction after the double digit annual increases we experienced between 2011 and 2014. If you bought the median waterfront home in 2011 it would have appreciated 45% since then.
  • Sales Volume – Sales volume is extremely consistent over the past 5 years with volume ranging from 295 to 345 units sold per year, a sign of the ongoing and steady demand for waterfront property. Over the last 6 months the number of units sold is up 8% over the same period last year.
  • Inventory – Inventory over the entire market is a bit high with 13 months of supply, but of course inventory levels are much different depending on the price range. The hottest segment in Fort Lauderdale is single family waterfront ocean access homes below the median sales price of $1,267,500. This segment has only 4.5 months of supply with listings selling in only 48 days on the market.

While this summary provides a wonderful snapshot of our overall market, please understand that every neighborhood is different and each waterfront home is unique. You should consult with a licensed real estate professional before making a buy or sell decision in this complicated market segment.

To view the complete report please contact us for a copy.

 

 

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