South Florida's Housing Market is Slowing Down – Fort Lauderdale Fares the Best

South Florida's Housing Market is Slowing Down - Fort Lauderdale Fares the Best

By Hannah Goodman of Trulia

Florida is a popular destination for home buyers and investors alike. Not only are prices affordable to a wide demographic in a diversity of locales. After all, who doesn’t want a home in paradise? As inventory increases and prices rise, the fast-paced Florida real estate market of 2014 and 2015 appears to be slowing down.

Between 2014 and 2015 the nationwide housing market saw a large peak in the speed and amount of homes moving in most of the nation’s coastal metros.

According to Trulia’s fastest moving markets report, the first few months of 2016 showed signs that those areas are finally beginning to slow, while historically slower metros are heating up.

Nationwide as of April 2016, 66.6 percent of homes were still on the market after 30 days, down from 67.8 percent last year. In Florida that wasn’t the case. Key destinations like Miami, Sarasota, Fort Myer, West Palm Beach and Fort Lauderdale saw an increase in the number of homes still on the market after 30 days when comparing 2016 to 2015. Fortunately, Fort Lauderdale faired the best.

South Florida Housing Markets Fastest Moving to Slowest Moving
#	U.S. Metro	% of homes still for sale after one month April 2016	% of homes still for sale after one month April 2015	Percentage Point difference in share still for sale, 2016 vs 2015	Median Home Value, April 2016
1	Fort Lauderdale, FL	69.6%	67.1%	2.5 points	$210,000
2	Cape Coral-Fort Myers, FL	72.0%	67.9%	4.1 points	$214,900
3	West Palm Beach, FL	72.2%	70.0%	2.2 points	$213,050
4	North Port-Sarasota-Bradenton, FL	72.4%	67.8%	4.6 points	$239,000
5	Miami, FL	75.4%	70.8%	4.3 points	$250,000
Note: Among the 100 largest U.S. metros. The one month shares and the difference are rounded to the nearest percentage point, and the difference was calculated before rounding; therefore, the rounded difference might not equal the difference between the rounded shares.

There may be some relief ahead for first time home buyers who have struggled to compete with foreign investors. According to the Miami Herald, in December 2015 there was only a 4 month supply of single family homes. However, According to Trulia, the percentage of Fort. Lauderdale starter homes still on the market after a month has actually increased by 2.4 percent. With 69.6 percent of homes still on the market after 30 days, up 2.5 percent from last year’s 67.1 percent.

Homes in Fort Lauderdale are also valued lowest out of all the top five South Florida markets, with a median value of $210,000, which is great news for those interested in investing, as a home for sale in Fort Lauderdale has ample opportunity to grow equity.

Considering a move to Fort Lauderdale? Families will love the amenities that a home for sale in Rio Vista offers. Many properties have on-site access to the Intracoastal Waterway, and while the average sales price for the area is a pricey $2,133,000 there are almost always deals to be found. The younger generation will find a perfect home in Victoria Park, just a few blocks from Fort Lauderdale’s bustling downtown, a home for sale in this up and coming neighborhood offers walkable access to restaurants, nightlife and shopping. All at a more affordable median sales price of $487,000.

If you are considering investing or buying some Fort Lauderdale real estate, there’s no place like Ft. Lauderdale and no time like the present. Contact Marina Sarabia and Kathleen Costanzo at 954.914.8060 or 954.914.8060 to start your search today!