We have watched the supply in the Greater Fort Lauderdale area condo market continue to slide, so what types of transactions are closing?

In April 2013, there were a total of 1,664 closed transactions in the Broward County, Florida condo & townhouse market and here is the breakdown:

• 1,239 closed sales were traditional transactions (74.5% of all closings)
• 225 closed sales were foreclosure / REO transactions (13.5% of all closings)
• 200 closed sales were short sale transactions (12% of all closings)

Aside from the inventory that hit the market at the beginning of 2013, the available condo/townhouse inventory continues to slide.

How is the decline in available inventory for sale impacting the sale prices?

It is obvious from the above chart that the tradtional yield a greater price and here is the summary for April 2013:

• The median sale price for Broward County condo/townhouse properties was $124,000
• The median sale price for Broward County foreclosure/REO condo/townhouse transactions was $76,000
• The median short-sale closing price in the Broward County condo/townhouse market was $80,000

So where to you think we will get the inventory from?

Take a look at the city-by-city chart of where over 16,000 condo/townhouse properties are in foreclosure throughout Broward County, Florida.  Some of the chart leaders (as of 4/26/13) are as follows:

• Fort Lauderdale –  2,495 condo & townhouse properties in foreclosure
• Coral Springs – 1,407 condo & townhouse properties in foreclosure
• Hollywood – 1,330 condo & townhouse properties in foreclosure
• Pompano – 1,317 condo & townhouse properties in foreclosure

These are just a few of the Broward County cities with elevated levels of foreclosures.  These numbers have been climbing dramatically and you will notice the increase the next time we post the figures.  Next, let’s see how the distressed property sales are doing.

Luckily, the distressed property sales are outpacing the new foreclosure filings in the local condo/townhouse market.  If we could just get the distressed properties (shadow inventory) on the market and in the hands of people who will pay for them, we could start making progress toward a true recovery.  Until then, we are faced with the following supply imbalance, certainly not to be confused with an actual recovery: