Local Fort Lauderdale Real Estate Market Beginning To Cool
Even though the recent median price for existing homes increased 32% in September over a year ago there are indications that the market is showing signs of stabilizing which will lead to a bit of a cool down.
Everyone knows that the recent increase in values is something that is not sustainable. Not only were prices up there was also 13% increase in the number of sales in Fort Lauderdale over September 2012.There are several reasons for this and it is primarily supply and demand. Many investors jumped into the real estate market when the prices were at their lowest point which drove up home values because the inventory was so low. Supply and demand is the oldest game in the world and drives all markets worldwide. Now that prices have increased, many homeowners who have been underwater on their homes are now able to list them for sale and sell without taking too much of a financial hit. Hence, increasing the inventory with will lead to stabilization in our local real estate market.
Broward County’s median home price has dipped slightly over the past 2 months showing that the recent spikes may be slowing a bit. This is not bad news by any means, it means more opportunity for those who want to sell and for those who are looking to buy. In Broward County there was an increase of 16% of new listings over what was on the market last September.
A stable market is a great market. Because of the increase in inventory, now is the time to sell and buy in Fort Lauderdale. Sellers are ready to sell because prices have finally come up to realistic numbers which takes the investors out of the game and allows homeowners to participate. Properties are still selling in record time so don’t take your eye off the target!
