For many property owners, it’s the perfect time to sell
Everybody’s situation is different, but for many property owners this is an ideal time to sell your home or condo in South Florida. For starters, if you’ve watched the news you know that many people are moving to Florida. This is a trend that started long before the pandemic and now demand is at an all time high with many buyers in town for our beautiful winter weather. Also, interest rates are still at historical lows, so anyone who needs to finance their purchase has more buying power right now. Finally, inventory levels are extremely low which is propping up real estate prices in the Fort Lauderdale area, at least for the time being. If you are considering selling in the near future anyway, then there is no better time than the present.
Our market data for this report includes the NE Broward cities of Fort Lauderdale, Pompano Beach, Lighthouse Point, Lauderdale-by-the-Sea, Hillsboro Beach, Deerfield Beach, Oakland Park and Wilton Manors.
Single family median prices up over 22%
Our hottest market right now is single family homes on the waterfront with sales volume up 53% and median prices up over 22% in the last 6 months compared to the same period last year. When we look at single family homes that are not on the water, volume is up 36% and sale prices are almost 16% higher than last year. These are the greatest single year gains we have seen in property values since after the great recession. If you own a single family home in Northeast Broward County right now and you are considering selling, then now is the time. These prices are driven primarily by high buyer demand and extremely low inventory. In some market segments the housing supply is as little as one month! In our market 6 or 7 months of inventory is a normal equilibrium, so its an understatement to say the single family market is tight.
Waterfront Single Family – 6 month sales analysis
What about Condos?
Condo inventory and prices are relatively stable on the other hand. In NE Broward County we have 6.9 months of supply of waterfront condos with median prices up only 3.5% over last year. This is actually welcome news for buyers who have more options to purchase condos during the busy winter buying season. While condo sales have been more sluggish during the pandemic and have lagged behind single family, that trend is changing as more buyers reconsider condominium living. In the past 6 months condo sales volume is up 32% over last year and the most desirable units are selling quickly at a premium, especially larger units with 3 or more bedrooms. If this trend continues, then condo inventory should tighten more and push median prices higher.
Should you sell now?
Bottom line, the answer to this question is different for everyone, but if you want to get top dollar in the next couple years then now is definitely time to consider selling real estate in South Florida. Talk to a local agent about your options and your plans. If you want to sell and need to buy something else, then you need a plan for a replacement home. Whether you are looking to step up into a larger single family home or scale down and buy a condo on the beach, we can help you to evaluate your options.