Contrary to the national trend previously-owned home prices in key East Fort Lauderdale communities and condos have declined, and conforming to the national trend sales of previously-owned homes continue falling.
National sales fell 3.3% in April, according to an article in the May 22nd Wall Street Journal written by Kate Davidson. “If demand was rolling over, we believe that this would show up in a softening of the price data. However, we have seen a pickup in the pace of resale prices to 10% on a year over year basis,” said John Ryding and Conrad DeQuadros, economists for RDQ Economics.
National Association of Realtors economist Lawrence Yun blamed the sales decline on the lack of supply. The median sales price rose 8.9% from a year earlier, the biggest increase since January 2004—just shy of the 2006 peak.
However, in East Fort Lauderdale, prices have declined over the trailing-12 months for the first time since the 2010 trough in these neighborhoods: Victoria Park (South), Las Olas Isles, Nurmi Isles, Seven Isles, Rio Vista (Dry), Victoria Park Town Homes, Hendricks Isle and Isle of Venice; and in these condos: Symphony, Waverly, Watergarden, and Las Olas Grand.