Values, Key Takeaways Fort Lauderdale $1M+ Single Family Homes August and September 2024

Values: Market Report Series

KEY TAKEAWAYS

FTL $1M+ Single Family Homes

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 single family home market.

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

1 CLOSED SALES

Since the summer, luxury Closed Sales were trending up with 46 in August (+9.5% YoY), but there were only 24 such sales in September.

2 CLOSED DOLLAR VOLUME

August closed dollar volume hit $117.5M (-0.3% YoY) but fell sharply to $58.1M in September.

3 MEDIAN SALES PRICE

The median sales price has trended down to $1.89M in August (0.00% YoY). However, that’s rebounded to $2.15M in September.

4 MEDIAN TIME TO SALE

The Median Time to a sale in August was 102 days (-2.9% YoY) and fell sharply in September to a brisk 37 days.

5 PENDINGS

There were 42 new Pendings in August (+23.5% YoY) and 24 September luxury contracts reported so far.

6 ACTIVES

Total luxury houses saw 418 Actives in August (+25.9% YoY) and 412 in September, continuing a recent trend downwards.

7 NEW LISTINGS

There were 80 New Luxury Listings in August (-1.2% YoY) and 99 in September, continuing an upward trend.

8 MONTHS SUPPLY

Months Supply hit 10.4 in August (+15.6% YoY), moving in a consistent recent range. This metric increased slightly to 10.66 in September.

9 BUYERS VS SELLERS OR NEUTRAL

With all of this in mind, and my feel on the ground, I would consider us to be in a Buyer’s Market.

10 NOTABLE SALES

The two highest priced Fort Lauderdale luxury single family home sales in September were:

• Waterfront:
  • 2831 NE 26^th Ct of Coral Ridge for $6.8M ($1,145 / SF)
• Inland:
  • 644 Middle River Dr of Sunrise Intracoastal for $3.3M ($936 / SF)

11 NOTABLE LISTINGS

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

• Waterfront:
  • 26 S Compass Drive in prestigious Bay Colony asking $8.495M ($1,487 / SF).
    • An October luxury auction is scheduled with lower starting bids offered through Concierge Auctions. This is a rare opportunity to own a large waterfront home in a truly private gated community.
• Inland:
  • 3040 Center Ave in one of my favorite neighborhoods, Lauderdale Beach, and is asking $4.995M ($1,123 / SF)
    • On a larger lot and just a few blocks from the ocean.

12 HOT OR NOT

So where is the Fort Lauderdale luxury single family home market heading leaving September? And is the market Hot or Not?

Jennie says it’s – Cool.

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

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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.

6) Copyright © 2024 of all original photos and content within this blog and market report, which are the property of Engel & Völkers, Jennie Frank Kapoor, and/or Tropical Phoenix Homes (“IP Holders”). No photos nor content may be utilized or reproduced without the prior written consent of the IP Holders.