Fort Lauderdale Real Estate - How The Market Is Recovering From The Housing Crunch
The city of Fort Lauderdale in Broward County, Florida has more to offer than just the wonderful, sunny climate and pristine with-sand beaches. And while these are obviously one of the best attractions of the area, the city is also a vibrant business, educational and cultural destination.
The metropolis is famous for being known as the Venice of America, and has over 300 miles of waterways, so getting a home on a waterway or canal would not be as hard as one might think, and there are currently many options available for prospective home buyers, despite the glitches created by the current US housing market crisis.
Current Home Sales And Inventory Figures
The real estate agent's association of Ft. Lauderdale has provided a more current observation of real estate trends and news, which shows the current home sale listings and price trends.
According to recent property values and home sales information, for new listings, single family units amounted to 1,881, which is 7% lower than 2007, a year ago was 37% higher. For condos and townhouses, the listings were 2,333, and these were 17% lower than in 2006.
For total available inventory levels, single family homes were pegged at 12,142, which was 14% higher than in 200, for condos and townhouses, the inventory levels were at 16,438, which was 12% higher than in 2007. Close sales for single-family homes were placed at 391, and these were 35% down from 2007, and a year ago it was up 1%. The city's median sales price is $325,000, and was down by 7% from last year .
Has The Local Market Shifted To Favor Buyers Now?
According to real estate analysts, Fort Lauderdale's residential real estate market has began to shift from being a seller's market, where home prices rose up by 20% to 30% each year, to one that is now being viewed as a robust and vibrant, yet a more equitable environment for home buyers. In retrospect, in June 2006 there were more than 20,000 homes and condominiums on the selling block in the whole of Broward County, so with the high levels of home inventories, many consider this to be a good time to buy homes.
The out-of-state markets in Pembroke Pines, Weston, Miaramar, Davie and this city, however will take a little longer to slow down, because of the high-income levels of the residents in this bracket, and a small rise in interest rates should not be able to totally deter most of these folks from buying.
A more beneficial economic environment has helped Fort Lauderdale institute itself as a major state and global business center, with more commercial zones for new or expanding businesses and multinational firms. While formerly renowned as a tourism destination, this city now is supporting a wider array of industries, which include manufacturing, finance, logistics, insurance, real estate, high technology and aerospace, as well as film and television production.
The city's lovely Riverwalk serves as the the area's arts and science, cultural, and historic district, and features the Broward Center for the Performing Arts, the Museum of Discovery and Science, the Museum of Art, and also the Old Fort Lauderdale Village and Museum.
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