During the month of April, the available inventory continued to drop in the Fort Lauderdale residential real estate market. There were only 2,094 single family homes on the market in April and 5,011 condo properties listed for sale. If you look at the chart you will see that condos gained in popularity as the number of houses available for sale continued to hit new lows.  As if housing affordability wasn’t a large enough problem for the area, it may actually continue to get worse.

Transaction volume for single-family homes in Fort Lauderdale area

There were a total of 1,782 houses sold during the month of April in Broward County.  The majority of the transactions were traditional sales, and here is the breakdown by deal type:

• 1,756 traditional sales
• 14 foreclosure sales
• 12 short sales

Median sale prices for single-family homes

The median sale price for traditional, foreclosure, and short sale transactions continued to climb during the month of April here is a look at the breakdown:

• Traditional sales- $465,000
• Foreclosure (REO) sales – $427,000
• Short sales – $313,500

Fort Lauderdale condo market update

There were a total of 2,224 condo sales in the greater Fort Lauderdale area during the month of April.  There are still some distressed property sales happening, but not many compared to the number of traditional sales.  Here is a breakdown of the deal volume:

• 2,200 Traditional sales
• 15 foreclosure (REO) sales
• 9 Short sales

Sale prices for condo properties in the Fort Lauderdale area were somewhat mixed for the three transaction types. Here is a look at the median sale prices for April:

• Traditional sales – $220,000
• Foreclosure (REO) sales- $154,900
• Short sales – $171,000

Foreclosure activity for houses and condos

New foreclosure filings have been halted since last spring, but should resume over the summer.  Here is a quick look at the last several years of mortgage foreclosure filings for the area:

This market update was focused on the Greater Fort Lauderdale/ Broward County residential real estate market.  If you are looking for a snapshot of South Florida, make sure to see our last post for the tri-county area.