The Covid-induced real estate fog lifted in July 2020 and a turbo engine was started for South Florida’s real estate market. This blog will examine the Ft Lauderdale condo market, and analyze market influences, selling trends, and inventory levels. We’ll also be looking at the top-selling luxury condos and making our selections for the best remaining inventory.
To provide perspective for this section a review was made of the DSG condo report produced at the beginning of 2020. At the end of Q1 2020, there was a 22-month supply of inventory in the luxury condo market ($1+m). Let’s now move on to Q1 2021. Ft Lauderdale currently has a supply of luxury inventory that is only 8 months old. This represents a 63% decrease in luxury inventory year-over-year. Amazingly, the Ft Lauderdale condo market with a price tag below $1m has only a 4 month supply. The chart below allows you to visually examine the sales trajectory. It shows the sales trend with a Q1 comparison. The luxury market had the highest increase in units sold in Q1 2021.
Ft Lauderdale Condo Market Influences
Below is a chart that shows Q1 historical sales over the same three-month period between 2012 and 2021. With a 49% increase in sales over Q1 2020, Q1 2021 has set a new record. Q1 2013 was the historic sales leading up to this point. According to the analysis data, 2013 sales were 32% higher than Q1 2012. This was the worst year for sales. Q1 2018 was another significant year in sales. The Q1 2018 sales year was another important one. Sales then declined in 2019 and 2020.
The current market was influenced by the accumulation of inventory in 2019 and 2020. Sellers attempted to attract limited buyers away from the competition as inventory grew. The era of Covid is here, with buyers from foreign countries and high-tax states moving to South Florida. Sales were accelerated by our increased inventory and lower prices per square foot for condo products. Sellers responded to this rapid market shift by increasing their list prices. Below is a price per foot chart that details the increases in square footage.
This post was written by a real estate expert from the Dotoli group. Josh Dotoli is Paramount Residences #1 Selling Realtor with nine sales in 2021, 3x more sales than any other Realtor selling in the building. The https://paramountresidences.net/ enjoys a prime beach area location. It is a Ft. Lauderdale oceanfront condo located across from the beach.