The coastal communities included in this report are Fort Lauderdale, Pompano Beach, Lauderdale-by-the-Sea, Lighthouse Point, Hillsboro Beach, Deerfield Beach, Oakland Park and Wilton Manors. This part of Northeast Broward County is a relatively densely populated area with a high percentage of condominium units. We will analyze condos and single family homes separately below, but lets first look at the overall market.
As you can see, we started the year with slightly less inventory than the same time last year, so we were already behind prior to the start of the pandemic in the spring. While inventory levels increased throughout the summer, increased sales in the fall quickly absorbed inventory and we ended the year with December 2020 inventory at 3,400 units versus 3,707 units in December 2019.
Check out New Construction Condo Inventory
Average inventory for the current month as of January 27th is at 3,327 active units including condos and single family, out lowest levels in recent history and down almost 15% from January 2020.
Over the last 6 months of 2020 we sold 3,576 units, up over 30% from the same period in 2019.
Single Family vs. Condo – Supply and Demand
Our real estate market has a large percentage of condominiums versus single family homes, and we are experiencing some different dynamics in the 2 market segments. Single family homes have definitely been in higher demand since the pandemic began which is causing higher inventory in the condo markets and lower supply in single family. Despite the lopsided nature of our inventory, condo supply under the median list price of $400,000 is quite low with just over 5 months of supply, whereas condos in the higher price ranges are experiencing excess supply at just under 9 months. Single family inventory is historically low at less than 3 months for all price ranges.
In the under $1million category single family inventory is at a staggering 1.76 months.
Single Family Homes Up To $1,000,000
This is our tightest market segment in Fort Lauderdale with inventory down at the end of 2020 almost 30% from the previous year. Despite a temporary down tick in sales last spring, we have more than caught up with record sales in the summer and fall, and buyers competing for less and less inventory every day. Sales in the second half of the year are up over 30% compared to 2019.
Inventory is down 30% while sales went up 30% in the last 6 months of 2020!
Single Family Homes Over $1,000,000
We started to see this segment equalize in August and it hasn’t slowed down since. Inventory levels are significantly lower than last year and while the volume is relatively low compared with sub $1m homes, closed sales have almost doubled in the second half of 2020.
Sales in the high end single family market are up 88% in the last 6 months versus the same period last year.
Condominiums and Townhouses Up To $400,000
Inventory levels in the affordable condo market have normalized, with closed sales steadily increasing throughout the second half of 2020.
With single family prices on the rise, affordable condos are hot again with inventory levels now favoring sellers again.
Condominiums and Townhouses Over $400,000
This is the only remaining segment that is technically a buyers market, but with closed sales up 43% in the second half of 2020 this market could also soon trend towards equilibrium.
How is inventory affecting your property value in this sellers market?
While this report provides us with a good overview of the overall market in Northeast Broward County, it does not necessarily provide you with relevant data for your specific home or condo. We can provide you with a more precise inventory report for your neighborhood or building, helping you to price your property in this highly competitive real estate market. Ask us for a custom report today!