Nurmi Isles (Ft Lauderdale) Market Analysis

Nurmi Isles (Ft Lauderdale) Market Analysis

Year over year, MEDIAN Closed Sale Price DECLINED 7% to $2,350,000 from $2,525,000; AVERAGE Closed Sale Price DECLINED 6% TO $2,711,875 from $2,874,281; Closed Sale Price/LOT (area) DECLINED 14% to $208.28 from $242.51; WATER (front) DECLINED 11% to $22,228 from $24,859, and; LIVING (area) INCLINED 12% to $603.66 from $531.94.

Current Inventory: 11 listings MEDIAN Price $3,900,000; AVERAGE Price $3,638,545; LOT $311.88; WATER $33,215, and; LIVING $658.16.

Of the 10 sales trailing-12 months, 60% of closed sale values (PRICE, LOT, WATER and LIVING) were UNDER AVERAGE (53% trail-24-13 months; 50% trail-36-25). 

Trailing-36-25 months Median Closed Sale Price ($2,900,000) was ABOVE the Average ($2,519,556) and 50% of Values were UNDER Average; Trailing-24-13 months Median ($2,525,000) was BELOW the Average ($2,874,281) and 53% of Values were UNDER Average; Trailing-12 months Median ($2,350,000) was BELOW Average ($2,711,875) and 60% of Values were UNDER Average.

Current Inventory UNDER AVERAGE (Trail-12 Closed Sale Price Values): 23%.

YEAR OVER YEAR Average Days on Market INCLINED to 302 days from 105 (current Inventory DOM: 161 days); Discount (from last list price) INCLINED to 9.6% from 8.6%; the PRICE/RENT Ratio DECLINED to 28.25 from 36.43 (improving affordability); the pace of rentals is remains steady—two per month, and; average ANNUAL RENT INCLINED 18% to $96,000 from $78,900.

Zero property is Pending Sale.

MACRO TRENDS: Trend Line Post-Trough-Low Closed Sale Price/LOT SLIGHT INCLINE $200 (LOW $221 Jan’10) to $220 (last closed sale $128 Aug’15).

MICRO DATA: Rank Closed Sale/LOT TRAIL-60  by ISLE/DOCK-FACE(1) $309.20/LOT Royal Palm East Dock-Face (2) $267.46 Royal SE Point (3) $248.89 Nurmi SE Point (4) $214.95 Nurmi NW Point (5) $209.72 Fiesta East (6) $189.15 Nurmi East (7) $188.17 Nurmi West (8) $166.74 Royal West (9) $164.78 Fiesta West.