Market Stats: Las Olas Area: Zip Code 33301

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Zip Code 33301 is in the Las Olas /Fort Lauderdale area.

Since one year ago, the number of active listings is up 13.1% while the sold properties are down 6.7%.  We are looking at annual figures,

The pended are up 52.4%. When the PENDED LISTINGS indicator is rising, our market is in recovery. Contracts have been written and are anticipated to close.

Average home prices are up 30.3% from last year.  The price per square foot of a condominium or townhome residence (NOT PENTHOUSES), is approximately $344 per square foot – which is an increase of 19% over last year.

Part of the reason for the increase of inventory:  The competition could be all the new construction and incentives that developers are offering.  Also, homes remain on the market an average of 125 days — an increase of 28.9% over last year. Homes are selling within 93% of their originally listed price.

The average listed price in zip code 33301 is $813,000 — a 30.3% increase over last year.  The average sold price is $576,000.

Important information: Months of Inventory.  Currently, the Las Olas area is experiencing 8.6 months of inventory which is indicative of hedging towards a buyer’s  market. This is a 21.1% increase from a year ago.

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It is time to list, time to sell, time to upsize, time to downsize — money is still inexpensive to borrow.

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