Values Market Report Series | Broward County | Q3 2024 | Sea Ranch Lakes

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 
• Sea Ranch Lakes (this post)
• 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!

SEA RANCH LAKES

I. SINGLE-FAMILY HOMES (SFHS)

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SNAPSHOT

1 CLOSED SALES

Observations:

• Luxury closed sales in Q3 saw a directional trend downwards, contrasting to consistent sales activity that what we observed in Q2.
• Typically, at least a sale in a month has occurred in 10 out the last 12 months.
• The YoY change has been flat or negative in the last 3 months.
• Sea Ranch Lakes is truly its own micro-market in the area, but this reinforces a common theme that the luxury market is continuing a leveling off or cooling phase after a number of significantly hot years, now favoring buyers.

2 CLOSED DOLLAR VOLUME

Observations:

• After a 12-month high in July, luxury closed dollar volume in Q3 trended downwards with two of the three months also negative YoY.
• September was an especially low dollar volume month with no sales, well off the mark from recent months and YoY.

3 MEDIAN SALES PRICE

Observations:

• The median sales price in Sea Ranch Lakes is among the highest in the South Florida region.
• Given the small sample size and sporadic recent sales, the data points are highly attributable to the “Ready vs Renovated” or “Rebuild vs Renovation” classifications of the specific properties. (See my in-depth market report from over the summer for more on this.)
• Given my strong knowledge of this neighborhood, the sales prices speak for themselves, but most homes are consistently trading in the $2 – 3M range. July was an outlier due to the specific properties.

4 MEDIAN TIME TO SALE

Observations:

• Once again, analyzing median time to a sale in Sea Ranch Lakes has a small and inconsistent data set.
• That said, the luxury single family homes here do trade faster than most luxury communities in South Florida. This reflects i) the demand for the private neighborhood and ii) appropriate pricing from sellers.

5 PENDINGS

Observations:

• In a good sign for the market, new luxury pending sales have been trending up over Q3 and Q2 – 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 Sea Ranch Lakes luxury SFHs is up consistently over the last year.
• This is reflected in both nominal listings as well as YoY change (with 9 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.
• Given the small sample size, looking at YoY change as a whole, one can conclude we’re seeing additional new inventory hit the market over the last year, including a notable 5 homes hitting the market in July of Q3.

8 MONTHS SUPPLY

Observations:

• Months Supply of luxury SFHs grew consistently in Q3 here. 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 in two out of the last three months.
• There’s no doubt we’re in an increasingly buyer’s market within Sea Ranch Lakes, but, once again, this is down to which specific classification of property.

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.