Those who have been in the South Florida real estate community long enough know market fluctuations are common. Like any marketplace, highs and lows in home values can tip the scales from real estate buyer’s market to seller’s market – and back again. By working closely with a veteran realtor team with a skilled home appraiser and pricing analyst on staff, homeowners and buyers alike can stay attuned to market fluctuations to try to capitalize on opportunities. It’s the definition of the state of the market in real estate.
The Gary Lanham Group at Coldwell Banker Fort Lauderdale Beach Office -- we know data is different from knowledge and how it reveals the real estate current state of the market. You use one to arrive at the other. With more than 60 years of combined experience in the greater Fort Lauderdale real estate marketplace, our team of real estate leaders is unmatched in expertise. We spot market real estate trends, establish market status, discover unique gems for the right buyer, and help sellers appraise, valuate, and list their home for the right price for a timely sale.
We know “timing” the market is critical, though “gaming” the market – or trying to time your buy to maximize your deal – can be risky.
That’s especially challenging in times that seem on the cusp of flux and macro-economic market uncertainty. This could be one of those times. Whether it is, no one can be sure. So, it’s best to tread cautiously – and wisely.
The State of the Market
Drive around Fort Lauderdale to neighborhoods like Coral Ridge, Lake Ridge, Sailboat Bend or Wilton Manors, and you’ll see For Sale signs in the yards and on the curbs. Visit real estate websites and you’ll see listings across the marketplace.
Behind those signs and listings, however, is a greater story being told. It speaks to the state of the Broward County and South Florida real estate market for 2019.
So, what is the state of the South Florida and Greater Fort Lauderdale real estate market? Our housing market analysis reveals, in short, prices remain high. On a daily basis, our team pores over the “hot sheets,” the most recent collection of listings from the Multiple Listing Service, or MLS. Studying Florida housing market statistics allows us a daily glance of new properties on the market, those with price decreases or price increases, the number of closed sales, and all the pending sales.
This gives us a holistic view of the housing market in South Florida and the housing market in greater Fort Lauderdale.
These figures can be broken down by county, by city, even neighborhood. To those versed in reading the MLS and pricing homes – or assessing the value or worth of a listing a buyer may be interested in – the MLS can be a treasure trove of invaluable information.
In looking at the MLS, we saw that greater Fort Lauderdale has about 1,300 new homes for sale on any given day, or in some sort of flux. This includes that list above: new listings, price decreases and increases, and those which may have gone back on the market. The MLS also revealed 275 closed market sales on the same date, and 200 pending sales on the same date.
A Deeper Dive
Research into the South Florida market report requires a deep dive to arrive at a truly useful snapshot.
Consider the macro-view of Broward County. Inbound traffic is critical. The current population of Broward County – close to 2 million people – and daily Florida arrivals of almost 1,000 people means there’s a robust and growing demand for new and existing single-family homes and condominiums.
Take one look at all the construction cranes just north of downtown Fort Lauderdale to know we also see a rich demand for rental apartments. Those cranes, along with the For Sale signs on single-family homes and condominiums, sends various tidings depending on the neighborhood in question.
The current market analysis in Fort Lauderdale, single-family home sales prices in the luxury sector are up, with listing discounts and inventory both down. In the condominium sector, sales are down and listings are up, with days on the market, listing inventory, and listing discounts all down. In Boca Raton, results are mixed, with days on the market up, but listing discounts and inventory both down.
The Boca Raton luxury market indicators are favorable for sellers. Median sales price and price per square foot rising are up, and days on the market and listing discounts are down.
Lessons from the State of the Market
Experience tells us that by comparing the pending and closed sales to what’s available on the market, we’re clearly in a real estate buyer’s market.
Anyone in real estate clearly knows homes priced right move quickly. Over-price them, and you risk a home becoming stagnant and losing its allure to agents and their prospective buyers.
For example, we recently wrote about a seller, Ken. Eileen Mulkey, the Gary Lanham Group’s valuation specialist, helped arrive at what our research told us was a sensible asking price for his impeccable town home in Lake Park. Our research was spot on; the home went under contract within four days at the listing price.
Meanwhile, Ken recently reported that another home in his neighborhood was stagnant on the market and recently dropped $25,000. That’s a dramatic change when you consider most price reductions occur in $5,000 increments; even motivated sellers may take on a price reduction of up to $10,000.
So, the question becomes: Is the home you’re listing priced to reach enough buyers at your price point? We know that a home priced $10,000 too high can eliminate countless prospective buyers.
Our experience also tells us that conditions can vary widely by neighborhood. Take Coral Ridge, Imperial Point, Lake Ridge, Las Olas, and niche markets like Poinsettia Heights, Pompano Beach, Sailboat Bend, Tarpon River, and Victoria Park or Wilton Manors. Each of these cities or enclaves has its own unique set of factors that drive pricing, inventory, demand, and ultimately, offers, contracts, and closings.
While they might tell you they know the state of the market, few Realtors have the time-tested experience and insights to derive knowledge from data. That’s what turns those listings into closings.
Our Expertise Says it All
If you’re seeking a real estate team with the expertise needed to shorten the time between listing and closing, let’s talk.
Gary Lanham Group at Coldwell Banker Fort Lauderdale Beach Office is a boutique real estate organization offering sales, leasing, and brokerage services to the Greater Fort Lauderdale area. A listings agent matches home sellers with buyers and tenants with landlords. While Broward County is our universe, we focus on real estate in Fort Lauderdale, Coral Ridge, Imperial Point, Coral Ridge Isles, Oakland Park, and Pompano Beach. Call us today at (954) 695-6518 or visit www.GaryLanhamGroup.com.