Fort Lauderdale Foreclosure Homes Sales Affect Prices
August 27th, 2009 by 
Joseph Smith
Real estate market data showed that the number of closed and pending sales involving single family homes, condominiums and townhomes in Fort Lauderdale, Florida dropped slightly in July.
According to the market data, closed sales for condominiums and townhomes in Fort Lauderdale dropped by 4 percent in July compared with the previous month. But the volume of closed sales in July was higher by 35 percent compared with the same month a year ago. And out of the total condominium closed sales, 39 percent were foreclosures, an increase of 34 percent from June.
Meanwhile, condominiums and townhomes posted an increase of 3 percent in average sales price last month compared with June and a drop of 39 percent from July last year.
July’s median sales price increased by 4 percent compared with the previous month and declined by 46 percent from July a year ago.
Pending sales of condominiums dropped by 2 percent in July compared with June sales but up by 147 percent from July last year.
The inventory for condominiums and townhomes last month dropped by 3 percent from the previous month and 29 percent below from July 2008. Meanwhile, available inventory of homes in Fort Lauderdale in July was about 14 months. And out of the total available inventory, 27 percent consisted of condominium foreclosures and short sales.
On the other hand, closed sales of single-family homes dropped by only 1 percent in July compared with the previous month and 22 percent higher from July the previous year. Also last month, 37 percent of closed sales deals involving single-family homes were bank foreclosures compared with 29 percent in June.
The average single-family home sales price dropped by 4 percent in July compared with June and 30 percent below from July a year earlier.
According to industry analysts, short sales and Fort Lauderdale foreclosure homes sales continue to pull down the average sales price in the area. The median sales price jumped by 4 percent in July but was 27 percent below from the same month the previous year.
Additionally, pending home sales in July dropped by 11 percent compared with the previous month. However, the July figures represented a 128 percent increase from the same month last year.
Despite the declines in closed and pending sales last month, industry analysts are hopeful that the housing market in Fort Lauderdale will soon show modest indications of a recovery.
