Values Market Report Series | Broward County | Q3 2024 | Fort Lauderdale

A Data-Drive Insights Series for Luxury Real Estate

Q3 2024: Broward County

Fort Lauderdale | Sea Ranch Lakes | Lauderdale-by-the-Sea | Pompano Beach | Hollywood | Weston | Southwest Ranches

Welcome to the Values market report series by Jennie Frank Kapoor of Tropical Phoenix Homes. In this series, we take a look at broader luxury market-level insights and trends with a focus on the data in an executive summary format. This part of the series will focus on quarterly updates with a bigger picture in mind, whereas my nearby Values: Key Takeaways sub-series focuses on what’s happening in our local luxury markets each month. Coupled with our neighborhood and building deep dives, this will give my clients, prospective clients, and collaborators both the macro and micro views of the tropical markets we work within. The goal is to help buyers and sellers make better decisions for their real estate goals.

A Few General Notes About This Post:

• All data reflects criteria focused on luxury $1M+ properties, where I specialize in for my sales and REIMAGINE businesses.
• All the data, charts, and analysis presented in this report are broken down between i) Single-Family Homes (SFHs) and ii) Condos / Townhouses to give a more accurate view to our audience of property types and their performance in the market.
• Information is segmented by the local markets I specifically cover and we also zoom out to the broader South Florida counties for context.
• Enjoy a release of the following counties and cities all month!
• Counties and Cities 
• Broward  
• Fort Lauderdale (this post)
• Sea Ranch Lakes
• Lauderdale-by-the-Sea
• Pompano Beach
• Hollywood
• Weston
• Southwest Ranches
• Miami-Dade (coming soon)
• Coral Gables
• Coconut Grove
• Key Biscayne
• Miami Beach
• Pinecrest
• Bal Harbor
• Sunny Isles
• Palm Beach (coming soon)
• West Palm Beach
• Palm Beach
• Delray Beach
• Boca Raton
• Wellington
• For an insightful micro-level understanding of the market, please dig into my neighborhood deep dives and community pages. It's also my pleasure to prepare a complimentary market analysis and broker opinion of value for anyone looking to buy or sell a primary residence, secondary home, or investment property in a particular area.

If you love numbers, charts, graphs – just data in general – this is the series for you. With an understanding of the past, we can help instruct the present and future. With that said, let’s dig in!

 

FORT LAUDERDALE

I. SINGLE-FAMILY HOMES (SFHS)

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SNAPSHOT

1 CLOSED SALES

Observations:

• Luxury closed sales in Q3 saw a directional trend downwards, continuing what we observed in Q2.
• The YoY change has been flat or negative in 4 out of the last 5 months.
• This reinforces that the luxury market is continuing a leveling off or cooling phase after a number of significantly hot years, favoring buyers.

2 CLOSED DOLLAR VOLUME

Observations:

• Luxury closed dollar volume in Q3 continued a downward trend from Q2 with all three months negative YoY.
• Similar to closed sales, September was an especially low dollar volume month, well off the mark from recent months and YoY.

3 MEDIAN SALES PRICE

Observations:

• Following a tumble in late Q2, luxury median sales pricing was relatively flat over Q3, which is a good sign for the state of the market (meaning we aren’t seeing cut rate deals).
• If you look at the last 12 months as a whole, we we’ve recently seen stronger pricing achieved compared to the Fall of 2023; so keep the recent pullback in perspective after a strong runup in pricing after the turn of the year – this is all part of the ying and yang of the market.

4 MEDIAN TIME TO SALE

Observations:

• The Q3 median time on market to a closed sale has remained within a fairly consistent range (between approximately three to four months). Compared to other areas of South Florida, this has been among the quickest categories of property to the closing table.
• Most luxury sellers should expect 4–6 months on the market with realistic pricing goals. This data demonstrates and reinforces that there is still strong demand for Fort Lauderdale luxury SFHs with YoY change down in 7 out of the last 12 months.

5 PENDINGS

Observations:

• New luxury pending sales have been trending up over Q3 – a good sign for the direction of the market – as fresh contracts usually signal upcoming closings in a month or two (stay tuned).

6 ACTIVES

Observations:

• Following national, regional, and local trends, active inventory of Fort Lauderdale luxury SFHs is up considerably over the last year, with the metric in a steady range recently in Q3.
• This is reflected in both nominal listings as well as YoY change (with 12 of the last 12 months up from the prior year). To me, this reflects pent-up demandfrom luxury SFH sellers looking for the right macro and local environment to sell after a few years on the sidelines.

7 NEW LISTINGS

Observations:

• Following national, regional, and local trends, new listing inventory of luxury SFHs in Fort Lauderdale is up in Q3 as we go into Fall / Winter selling season.
• While the nominal new listings have been fairly steady in Q3, what’s notable is that 10 of the last 12 months have seen meaningfully higher increases YoY.

8 MONTHS SUPPLY

Observations:

• Months Supply of luxury SFHs have been fairly steady in Q3 – reflecting consistently replaced inventory as earlier product is absorbed. This metric is another way of looking at the health of the market (buyers, sellers or neutral).
• Following national, regional, and local trends, luxury supply is up considerably over the last year, with consistently added luxury SFH inventory YoY.
• For this property type, the data indicates it’s a relatively strong buyers’ market, and I find that consistent with what I’m seeing on the ground in Fort Lauderdale this quarter (while still achieving strong median sales pricing and time to contract).
• That said, please note that supply is notably lower compared to many other luxury communities and product types within South Florida overall.  

II. CONDOS AND TOWNHOUSES

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SNAPSHOT

1 CLOSED SALES

Observations:

• The last two quarters have been tough for luxury condo / townhouse sales here in Fort Lauderdale.
• Q3 saw negative YoY change in each month with 12-month lows in sales.
• Looking over the last year, there is a fairly established range in the sales cycle, and will be interesting to see if Q4 picks up from here.

2 CLOSED DOLLAR VOLUME

Observations:

• Closed dollar value of luxury condos / townhouses continued a decline in Q3.
• YoY change is also negative in 3 out of the last 5 months.
• Similar to the previous metric, having hit the range of a 12-month low, it will be interesting to see if the market picks up from here.

3 MEDIAN SALES PRICE

Observations:

• Q3 ended with a decline in median sales pricing for luxury condos / townhouses, and also set a 12-month low.

4 MEDIAN TIME TO SALE

Observations:

• A bright spot in the market for this product type has been a decline in the median time to sale during Q3, along with two months marginally up YoY.
• This signals that while prices and activity are down, deals are getting done largely due to realistic concessions in pricing.

5 PENDINGS

Observations:

• Pendings were up YoY in two of the last three months within Q3, which hopefully signals an upcoming boost in closed sales.
• The new pending sales range was fairly consistent over the last 12 months, but exiting Q3 was currently towards the bottom of that.

6 ACTIVES

Observations

• Following national, regional, and local trends, active inventory of Fort Lauderdale luxury townhouses/condos is up considerably over the last year.
• This is reflected in both nominal listings as well asYoY change (with all of the last 12 months up from the prior year). 
• To me, this reflects pent-up demand from luxury townhouse/condo sellers looking for the right macro and local environment to sell after a few years on the sidelines.
• That said, how high active inventory has grown is contributing to the market softness.

7 NEW LISTINGS

Observations:

• Two of the last three months of Q3 saw YoY gains in new luxury listings.
• Nominal new listings are also higher in Q3 compared to earlier months contributing to higher active inventory of luxury condos / townhouses.

8 MONTHS SUPPLY

Observations:

• Months Supply is another way of looking at the health of the market (buyers, sellers, or neutral). Following national, regional, and local trends, supply is up considerably over Q3, with consistently added luxury condo / townhouse inventory.
• YoY change is up in all 12 months of the last year.
• For this property type, the data indicates it’s certainly a strong buyers’ market, and I find that consistent with what I’m seeing on the ground in Fort Lauderdale recently.
• Right now is a great time to be a patient and selective buyer here.

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.