The beat goes on as the Fort Lauderdale real estate market continues to be on the upswing. Inventory continues to drop and the number of sales continue to increase, resulting in price increases in most areas.
The residential market over $1 million continues to thrive with a 30% increase in sales over the first six months of 2012. The months of available inventory have dropped to a 16-month supply, which represents a 40% decrease over the same time last year and a whopping 80% decrease from the high of a 78–month supply in December of 2008.
As the new construction market tightens in Miami Dade, much of the new condominium construction focus shifts to Fort Lauderdale. Look for announcements of new projects in the third quarter of 2013. In the meantime, expect prices of resale inventory to continue to rise through the rest of 2013.
Click here to read TRENDS: 2013 Mid-Year Update