The housing market is alive and well in Fort Lauderdale, but now we have some research statistics from some trusted real estate resources to back that up.
In order to measure the changes in the real estate market, the National Association of Realtors (NAR) uses The Pending Home Sales Index. This indicator is based on contract signings, or pending real estate sales. According to NAR, pending home sales increased by 7.3% in November 2011 to 100.1. Contrast this with November 2010, when the index reflected a much lower index score of 94.5. In one year, there has been a national increase in real estate sales of 5.6%, the highest level in over 19 months. The last time the index was this high was in April 2010, when it was artificially inflated due to the rush to take advantage of home buyer tax credits. This current increase is not an artificial increase, but rather an authentic improvement in economical resources. That is a trend that we see here in Broward County, and we expect to see it continue in the year 2012.
Homes for sale in Fort Lauderdale have certainly been reflective of that trend. We have seen a steady rise in the number of contracts placed on homes, increased competition for single family homes and multifamily housing, and an slight increase in pricing due to said competition. In the very short time we have had to look at activity during 2012, we have seen increased activity in comparison to the last 3 months of 2011. The number of leads we receive on a daily basis from individuals interested in fort lauderdale homes for sale have increased significantly, and the amount of competition for the existing homes for sale seems to have also increased. Our clients often make offers on fort lauderdale homes for sale that are already pending sale, and this is happening 2-3 times in a row as opposed to “occasionally.”
Even Lawrence Yun, the NAR chief economist, seems optimistic. In an article published in Real Estate Insights, he states, “November is doing reasonably well in comparison with the past year. The sustained rise in contract activity suggests that closed existing-home sales, which are the important final economic impact figures, should continue to improve in the months ahead.” Now you’ve heard it from NAR’s expert, and you can read that article here.
Continue reading “Good News for Fort Lauderdale Homes for Sale” »