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Market focus: Condo market transaction types, prices and available inventory

Today we are going to focus on the Fort Lauderdale area condo market and see how the charts are shaping-up through May, 2014.  Beginning with the median sale prices, here is a look at the numbers:

  • In May, the median sale price of a condo/townhouse in Broward County was $140,000, up from $129,000 in April
  • The median sale price of a foreclosure sale in the condo/townhouse segment was $84,000, down from $87,000 in April
  • The median short sale price was $110,000, up from $95,000 in April

Median prices for condos

What’s next?  How about the breakdown of sales by transaction type?  Out of 1,497 closed sales, here ais the breakdown by transaction type:

  • 1,151 or 77% of all sales were traditional transactions
  • 240 or 16% were foreclosure sales
  • There were 106 short sales, making up 7% of the total

Condo transaction types

The available inventory listed for sale dropped slightly from 7,969 in April to 7,946 in May.  Take a look at the chart and you will see how inventory is leveling-off for now:

Condo Inventory

How about the pace of foreclosure filings compared to the monthly distressed sales?  In the month of May there were 446 new foreclosure filings and only 346 distressed sales.  Remember that the distressed sales are a combination of all short sales and foreclosure transactions.  At least the gap between the two has narrowed recently.

Condo foreclosures vs. distressed sales

The only way to reduce the massive shadow inventory of foreclosures in the Greater Fort Lauderdale area is to increase the amount of distressed sales and of course the pace of new foreclosures will need to slow down.  Here is a snapshot of all the condo & townhouse properties in some stage of foreclosure throughout Broward County.  Feel free to click on the chart to enlarge and see how your city compares to others.

Broward condo foreclosures

And finally, we have included a chart of the monthly foreclosure filings in the condo & townhouse market in Broward County, Florida and a look at the averages:

  • In 2012, the monthly average of new foreclosure filings in the condo market was 379
  • In 2013, the monthly average of new foreclosure filings in the condo market was 558
  • So far in 2014, the monthly average of foreclosure filings in the condo market is 513

Condo foreclosure filings