We haven’t provided a condo property update for the Greater Fort Lauderdale area in a few months, so now is a good time to provide some new charts and data.  Today we will drill down on the existing inventory, transaction volume, average sale prices, foreclosure trends and distressed sales.

Fort Lauderdale area Condo Property Inventory

A few months ago the existing inventory was looking scary.  During the month of February, there were 9,710 condo properties listed for sale throughout Broward County and it sure looked like we would breach the 10,000 unit level within a few months.  Luckily, inventory has declined 15% since then to 8,265 units listed for sale as of July.

Condo Property Market Transaction Volume

The amount of closed transactions dropped a whopping 18% month over month from 1,685 transactions in June to 1,375 in July.

• Traditional sales dropped from 1,432 in June to 1,196 in July
• Short sales dropped from 78 in June to 28 in July
• Foreclosure sales dropped from 175 in June to 151 in July

Condo Property Market Average Sale Price

Our chart shows that the average sale price of condos in this market most likely peaked in May when the average price was $197,100.  During the month of July, the average sale price declined to $185,050.

Foreclosure Activity

This next chart shows an interesting development in the trend of new foreclosure filings.  We have added a trend line to show how although the monthly figures have fluctuated, the overall trend is moving higher.  This is certainly worth watching as we move into the end of 2016.

Foreclosures and Distressed Sales

The pace of distressed sales has been declining since the beginning of last year while new foreclosure filings continue to climb.  If this continues, you will see these two lines cross in the next month or two and the overhang of distressed properties will continue to grow.