Values, Key Takeaways Fort Lauderdale $1M+ Condos & Townhouses August and September 2024

Values: Market Report Series

KEY TAKEAWAYS

FTL $1M+ Condos & Townhouses

August and September 2024

Watch the Video or Read the blog below

Welcome to, Key Takeaways, a quick monthly highlight as a part of my Values market report series.

As we transition from late Summer into Fall, we take a macro level view of the $1M and up Fort Lauderdale condo and townhouse market.

What are the trends? What does the data say? And is the market hot or not?

1 CLOSED SALES

There were 19 luxury Closed Sales in August (-13.6% YoY) and 15 in September, continuing a summer trend lower.

2 CLOSED DOLLAR VOLUME

August closed Dollar Volume hit $35.2M (+7.7% YoY) and fell lower to $24.6M in September, continuing a recent decline.

3 MEDIAN SALES PRICE

The Median Sales Price was $1.35M in August (0.00% YoY) and climbed to $1.495M in September.

4 MEDIAN TIME TO SALE

The Median Time to a Sale in August was 120 days (+100% YoY) but fell to 71 days in September.

5 PENDINGS

There were 29 new Pending Sales in August (-3.3% YoY) with 6 September luxury contracts reported so far.

6 ACTIVES

There were 333 Active luxury condo and townhouse listings in August (+38.2% YoY) and 346 in September, continuing a trend higher over the last year.

7 NEW LISTINGS

August saw 57 New Luxury Listings (+23.9% YoY) and there were 61 in September, also continuing a trend higher.

8 MONTHS SUPPLY 

Months Supply hit 13.7 in August (+48.9% YoY) and climbed to 15.72 in September, continuing an upward trend over the last year.

9 BUYERS VS SELLERS OR NEUTRAL

With all of this in mind, I would consider us to be steadily within a Buyer’s Market for this property type.

10 NOTABLE SALES

The two highest priced Fort Lauderdale luxury condo and townhouse sales in September were:

• Waterfront:
  • 525 N Fort Lauderdale Beach Blvd #1604 at the Four Seasons for $3.65M ($1,764 / SF)
• Inland:
  • 215 SE 10th Ter # 215, a Colee Hammock townhouse, for $2.1M ($759 / SF)

11 NOTABLE LISTINGS

Two Notable September listings that are opportunities that I’d love to discuss further with you include

• Waterfront:
  • 4444 El Mar Dr # 3402 in Villas By The Sea, a beautiful community I love along the ocean, asking $1.945M ($1,299 / SF)
• Inland:
  • 1616 NE 5th Ct, a charming townhouse in vibrant Victoria Park asking $1.865M ($674 / SF)

12 HOT OR NOT

So where is the Fort Lauderdale luxury condo and townhouse market heading leaving September? And is the market Hot or Not?

Jennie says it’s – Cool.

Deals are happening, but it’s a great time to be a selective buyer here in Fort Lauderdale.

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And those are my Key Takeaways for the Fort Lauderdale $1M+ luxury condo and townhouse market – August and September 2024.

Are you interested in more analysis around South Florida? Visit my full Values market report and other series on my blog and podcast channels.

DISCLAIMERS AND NOTICES

1) Data relied on within this blog and market report are from i) BeachesMLS and ii) MIAMI Association of REALTORS as of the date of this blog. This data is not verified for authenticity or accuracy and may not reflect all real estate activity in the market. Based on information © 2024 BeachesMLS, Inc. Click on any individual listing page link in the market report tables to visit the property on the IDX feed to my website for the latest information.

2) This blog and market report are not to be considered investment advice nor a solicitation for investment.

3) Purchasing or selling real estate is an important financial decision. Make your own buying, selling, or investment decision based on your own analysis and due diligence, along with the consultation of your own professional advisors.

4) The content of this blog and market report are for information and educational purposes only. Any commentary is solely the professional opinion of Jennie Frank Kapoor and/or Tropical Phoenix Homes and does not reflect the opinion of Engel & Völkers, any MLS, nor any other group. Errors and typos are possible, and you should verify all information before taking any actions.

5) This blog and market report are not an advertisement for any other broker’s particular listing (property) nor a solicitation of the seller they may be representing. Listings reviewed in this blog and market report may be those of other brokerages and listing agents. Every listing links directly to their respective auto-synced IDX page and displays the appropriate credits in accordance with local MLS rules and guidelines. In no way is this an attempt to advertise these listings as those of Engel & Völkers and/or Jennie Frank Kapoor. Any such listings will be clearly marked and credited to Engel & Völkers.

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