Symphony Condo (Ft Lauderdale) Market Analysis: DECLINING VALUES

Symphony Condo (Ft Lauderdale)

Year over year Closed Sale Price VALUES DECLINED (for the first time in five years): Median Price 4% to $335,000 from $350,000; Average Price 10% to $389,282, and; LIVING (area) 2% to $324.27 from $331.17.

Current Inventory, 13 listings: Median Price $370,000; Average Price $416,600, and; LIVING $349.36.

Pending Sales, four:  Average $522,500, and; LIVING $356.29.

Of the 38 closed sales trail-12 months, 57% of the Values (PRICE and LIVING) were UNDER the AVERAGE (52% trail-24-13 months; 55% trail-36-25 months; 56% trail-48-37 months). 

Current Inventory UNDER AVERAGE (Trail-12 Closed Sale Price Values): 46%.

Year over year, Average Days on Market INCLINED to 78 days from 69 (current Inventory DOM: 161 days); Discount (from last list price) DECLINED to 4.69% from 5.20%; PRICE/RENT Ratio DECLINED to 13.73 from 15.05 (improving affordability); ANNUAL RENT DECLINED 2% to $28,348 from $28,847, and; Trend Line Post-Trough-LOW Closed Sale Price/LIVING INCLINE $200/LIVING (LOW $158/LIVING Aug’10) to $350/LIVING (last closed sale $332/LIVING Nov’15).

MICRO DATA: Rank Closed Sale TRAIL-36 by LIVING/Model/View Top 10/32: 1 C3NE View $418.70, 2 D3NE $391.70, 3 D3S $370.84, 4 E3SW $368.54, 5 D2N $366.91, 6 D1SE $355.15, 7 E2SE $351.23, 8 E8NE $351.19, 9 E6SW $349.65, 10 CSE $348.26; Bottom 5: 28 C4NW $272.01, 29 C1S $271.73, 30 C3N $267.73, 31 C4NW $249.07, 32 D1SW $241.64.