Fort Lauderdale, Florida
2Q-2012
Quarterly Survey of Fort Lauderdale Residential Sales
Condo/Townhouse • Price indicators posted double-digit gains as sales slipped Median sales price
was up 21.2% to $209,000, from $172,440 in the prior year quarter. Average sales price and price per square foot showed similar double-digit gains over the same period. The number of sales declined 7.7% to 608 from 659 in the prior year quarter. With 1,035 listings at the end of the second quarter, the 5.1-month absorption rate was considered tight for the region.
• Days on market and listing discount edged lower The average sale took 125
days, 4 days faster than in the same period last year. The percent spread in price between seller and buyer was 6.1% in the second quarter, less than 6.6% in the prior year quarter.
Single Family • Sharp decline in days on market and listing discount Listing discount fell to
5.7% from 7.4% in the same period last year. Days on market was 113, 18 days faster than in the same period last year. There were 745 listings and as a result, the absorption rate was 5 months, considered fast relative to other markets in the region.
• Price indicators showed large yearover-year gains Median sales price was
$209,000, up 21.2% from $172,440 in the prior year quarter. The other price indicators showed similar patterns; however, the gains were not as a result of larger sized home sales. The average size of a single family sale increased 6.4% to 1,989 square feet over the same period.
Ft. Lauderdale Market Matrix (Condos/TH)
1Q-2012
% Chg (yr)
6.8%
$192
15.2%
$178
$209,000
10.0%
$190,000
21.2%
$172,440
608
36.9%
444
-7.7%
659
Days on Market (From Last List Date)
125
9.6%
114
-3.1%
Listing Discount (From Last List Price)
6.1%
7.2%
6.6%
1,035
N/A
N/A
5.1
N/A
N/A
Average Sales Price
2Q-2012 % Chg (qrt) $303,289
15.4%
$205
Average Price per Sq Ft Median Sales Price Number of Sales (Closed)
Listing Inventory (active) Absorption Rate (mos)
Quarterly Average Sales Price
$262,769
$251,193
129
Number of Sales
FORT L AUDERDALE CONDO/ TOWNHOUSE
$625,000
2Q-2011
20.7%
750
$500,000
600
$375,000
450
$250,000
300 150
$125,000 $0
06
07
08
09
10
11
0
12
Note: All condo/townhouse closed sales in Fort Lauderdale within the South Florida MLS.
Quarterly Average Sales Price Ft. Lauderdale Market Matrix (Single Family) $625,000 Quarterly Average Sales Price
Average Sales Price $500,000 $1,000,000 Average Price per Sq Ft $375,000 $800,000 Median Sales Price $250,000 $600,000 Number of Sales (Closed) $125,000 $400,000 Days on Market (From Last List Date) $0 06 $200,000 Listing Discount (From Last List 07 Price) $0 Listing Inventory (active) 06 07
Number of Sales FORT L AUDERDALE 2Q-2012 % Chg ( qrt ) 1Q-2012 % Chg (of yr) 2Q-2011 750 CONDO/ TOWNHOUSE Number Sales FORT L AUDERDALE $489,197
13.5%
$246
14.4%
$215
$215,000
-2.3%
$220,000
443
8.8%
407
113
-4.2%
SINGLE FAMILY
08 08
Absorption Rate (mos)
5.7%
09
745
09
$431,136
118 6.6%
10 10
5.0
Quarterly Average Sales Price $1,000,000 Quarterly Average Sales Price $1,000,000 $800,000
N/A
30.8%
$373,928 600 750 23.0% $200 450 600 31.1% $164,000 300 450 -3.7% 460 150 300 -13.7% 131 0 7.4% 11 12 150 11
12
N/A
0 N/A N/A
Number of Sales FORT L AUDERDALE Number of Sales SINGLE FAMILY FORT L AUDERDALE LUXURY CONDO/ TOWNHOUSE
750 100 600
$800,000 $600,000
450 80
$600,000 $400,000
300 60
$400,000 $200,000
150 40
$0 $200,000
06
07
08
09
2Qsales 11 in Fort Lauderdale 3Q 11 4Q 11MLS. Note: All single$0 family closed within the South Florida
Quarterly Average Sales Price
10 1Q 12
FORT L AUDERDALE
11
12 2Q 12
2Q 11
3Q 11
4Q 11
1Q 12
$00
2Q 11
3Q 11
4Q 11
1Q 12
Quarterly Average Sales Price $2,500,000
0
Number of Sales
The Douglas Elliman Report series is recognized as the industry standard for CONDO/ TOWNHOUSENumber of Sales $1,000,000 Quarterly Average Sales Price LUXURY FORT L AUDERDALE providing the state of the residential real estate market. The report includes $2,500,000 $800,000 LUXURY SINGLE FAMILY an extensive suite of tools to help readers objectively identify and measure $2,000,000 $600,000 market trends, provide historical context to current information and provide $1,500,000 $400,000 comprehensive analysis of the results. $1,000,000 $200,000 $0 $500,000
020
2Q 12
100 100 80 80 60 60 40 40 20 020
0 2Q 12 Prepared by Miller Samuel Inc. Appraisal and Consulting Services
FORT L AUDERDALE LUXURY SINGLE FAMILY
Number of Sales
100
150
$125,000
2Q-2012
$0
07
08
09
10
11
0
12
The Elliman Report • Quarterly Survey of Fort Lauderdale Residential Sales Quarterly Average Sales Price $625,000 Quarterly Average Sales Price
Luxury
Condo/Townhouse
• Days on market and listing discount fell sharply The time to sell a home was 55 days faster than in the same period last year. Buyers and sellers were closer together on price, as the listing discount fell to 8.3% from 11% over the same period.
• Price indicators posted large gains, greater than increase in square footage
Median sales price was $820,000, up 14.3% from $717,500 in the prior year quarter. Price per square foot and average sales price also showed similar gains over the same period. The average size of a sale was 2,647 square feet, up a modest 2.8% from the prior year quarter.
Luxury
• Time to market a property fell by 3 months Days on market fell to 192 days,
nearly 3 months faster than in the prior year quarter. Listing discount expanded slightly to 13.2% from 12.1% in the prior year period, probably due to more optimistic pricing by sellers as the market saw more traction.
• Price indicators surged, helped by a shift towards larger homes Median
sales price of all transactions in the period surged 47.3% from the prior year quarter to $2,125,000, skewed by larger sized sales. The average sale measured 5,051 square feet, up 5,051, up 13.9% from 4,436 in the same period last year.
Waterfront
• Condo price indicators up as market share expanded Median sales price was $266,250, up 13.3% from the prior year quarter. Market share jumped to 59.5% of all sales from 51.1% in the prior year quarter.
• Single family price indicators rose, skewed by larger sized sales Median sales price was $842,500, 44.8% above prior year levels, as average square footage increased 12.9% to 3,256 over the same period.
Douglas Elliman Florida Real Estate 912 E Broward Blvd, Suite C Ft.Lauderdale, FL 33301 954.522.2803 / ellimanflorida.com
Luxury Market Matrix (Condos/TH) $500,000 $1,000,000 Average Sales Price $375,000 $800,000 Average Price per Sq Ft $250,000 $600,000 Median Sales Price $125,000 $400,000 Number of Sales (Closed)
$0 06 $200,000 Days on Market (From Last List 07 Date) $0 Listing Discount (From 06 Last List Price) 07
Number of Sales FORT L AUDERDALE CONDO/ TOWNHOUSE Number of Sales 750 FORT L AUDERDALE 2Q-2012 % Chg ( qrt) 1Q-2012 % Chg (yr) 2Q-2011 600 750 SINGLE FAMILY
$1,015,573
18.4%
$857,733
18.7%
$384
-1.3%
$389
15.7%
$820,000
12.3%
$730,000
14.3%
61
35.6%
45
211
08 08
8.3%
09
26.3%
09
167
10 10
7.6%
-7.6% 11
$855,753 450 600 $332 300 450 $717,500 150 300 66 0 150 266
-20.7%12
11
12
0 11.0%
Listing Inventory (active)
247
N/A
N/A
Absorption Rate (mos)
12.1
N/A
N/A
Quarterly Average Sales Price Quarterly Average Sales Price $1,000,000 $1,000,000 $800,000 $800,000 $600,000
Number of Sales FORT L AUDERDALE Number of Sales SINGLE FAMILY FORT L AUDERDALE LUXURY CONDO/ TOWNHOUSE
$600,000 $400,000 $400,000 $200,000 $200,000 $0
750 100 600 80 450 60 300 40 150
06
$0
07
2Q 11
08
09
3Q 11
10
4Q 11
11
1Q 12
12
0 20 0
2Q 12
Note: This sub-category is the analysis of the top ten percent of all condo/townhouse sales in Fort Lauderdale within the South Florida MLS. The data is also contained within the other markets presented.
Quarterly Average Sales Price Luxury Market Matrix (Single Family) Quarterly Average Sales Price $1,000,000
Single Family
Douglas Elliman Florida LLC. ©2012
06
Average Sales Price $2,500,000 $800,000 Average Price per Sq Ft $2,000,000 $600,000 Median Sales Price $1,500,000 $400,000 Number of Sales (Closed) $1,000,000 $200,000 Days on Market (From Last List Date)
Number of Sales FORT L AUDERDALE 2Q-2012 CONDO/ % Chg (qrt ) 1Q-2012 Number % Chgof (yrSales ) 2Q-2011 100 LUXURY TOWNHOUSE FORT L AUDERDALE $2,383,384 28.6% $1,853,744 30.0% $1,832,838 100 LUXURY SINGLE FAMILY 80 $472
33.3%
$2,125,000
$500,000 $0 2Q 11 Listing Discount (From Last List Price) 3Q 11 $00 2Q 11 3Q 11 Listing Inventory (active) Absorption Rate (mos)
$354
32.8% $1,600,000
44
7.3%
41
192
3.2%
186
13.2% 4Q 11
1Q 12 11.6%
224 4Q 11
1Q 12 N/A
15.3
Quarterly Average Sales Price $2,500,000
14.3%
$413 80 60 47.3% $1,442,500 60 4046 -4.3% 40 20 -31.7% 281 20 0 2Q 12 12.1% 0N/A
2Q 12
N/A
N/A
Number of Sales
FORT L AUDERDALE LUXURY SINGLE FAMILY
100
$2,000,000
80
$1,500,000
60
$1,000,000
40 20
$500,000 $00
2Q 11
3Q 11
4Q 11
1Q 12
2Q 12
0
Note: This sub-category is the analysis of the top ten percent of all single family sales in Fort Lauderdale within the South Florida MLS. The data is also contained within the other markets presented.
Waterfront Market Matrix (Condos/TH) Average Sales Price
Average Price per Sq Ft Median Sales Price Number of Sales (Closed)
Waterfront Market Matrix Average Sales Price
Average Price per Sq Ft Median Sales Price Number of Sales (Closed)
(Single Family)
2Q-2012 % Chg (qrt) $381,812
6.8%
1Q-2012
% Chg (yr)
$357,438
13.9%
2Q-2011
$335,281
$297
5.7%
$281
34.4%
$221
$266,250
2.5%
$259,800
13.3%
$235,000
362
66.1%
$1,227,720
24.6%
$377
2Q-2012 % Chg (qrt)
218
7.4%
337
1Q-2012
% Chg (yr)
8.6%
$347
12.2%
$336
$842,500
2.1%
$825,000
44.8%
$582,000
112
5.7%
106
4.7%
107
$984,968
26.5%
2Q-2011
$970,546
Note: This sub-category is the analysis of Fort Lauderdale single family and condo/townhouse sales tagged as “Waterfront” by South Florida MLS. The data is also contained within the other markets presented.
Miller Samuel Inc. Real Estate Appraisers & Consultants 21 West 38th Street New York, NY 10018 212.768.8100 / millersamuel.com
©2012 Douglas Elliman Florida LLC and Miller Samuel Inc. All worldwide rights reserved. For more information or electronic copies of this report please visit ellimanflorida.com. Email report author Jonathan J. Miller at jmiller@millersamuel.com with questions or comments. Methodology: http://www.millersamuel.com/research-reports/methodology
Equal Housing Opportunity. All material presented herein is intended for information purposes only. While this information is believed to be correct, it is represented subject to errors, omissions, changes or withdrawal without notice. All property outlines and square footage in property listings are approximate.