Market Update Condos – Feb 2017

Wilton Manors Condos for Sale
Market Update – Feb 2017

Here is my February 2017 market update for Wilton Manors Condos for Sale – Kevin Wirth Realtor

Key Real Estate Facts
  • Larger than normal Inventory of Wilton Manors Condos for Sale fluctuating between  80-90 Condos for Sale
    – Prices range from $75,000 to $580,000
    – Median List Price $189,950
    Nearly 1 out of every 2 condos for sale has lowered their price!
    (there have been over 40 price adjustments)
    – Currently we have 6.5 Months of Supply
  • Strong Pending Sales -Averaging 30 Condos
    – Median Days on Market – 80 Days
  • Strong Sales Last 6 Months 73 Condos Sold
    (period 8/10/2016 – 2/10/2017)
    – Median Sales Price $159,900
    – Median Days on Market – 70 Days
    – Median Sales Price to List Price – 94%
    – Highest Volume of Sales Activity under $149,999

Wilton Manors Condos for Sale
Inventory Levels

We currently have a larger than normal Inventory of Wilton Manors Condos for Sale with homes for sale fluctuating between 80-90 Condos for Sale!

Our market analysis report for these condos is presented below

$$  Beds/Baths SF/FF List Price
High 3 / 3 2,705 $579,900
Low 1 / 1 614 $74,500
Avg 2 / 2 1,344 $253,934
Med 2 / 2 1,180 $189,950

We can see from this report that the average price for a Wilton Manors condo for sale is $253,934 – this being for a 2 bedroom 2 bathroom condo of 1344 square feet with a list price to square foot price of $195.00

We can also see that the median list price for Wilton Manors condos for sale is $189,950this being for a 2 bedroom 2 bathroom 1180 square foot condo with a list price to square foot price of $193.00

It is important to note that in physically reviewing price changes or pricing adjustments for Wilton Manors condos for Sale we noted that – nearly 1 of every 2 condos for sale have lowered their price!

Wilton Manors Condos for Sale
Inventory by Price

Here is our market summary report showing a breakdown of Wilton Manors condos for sale by price range

Price Range Quantity
$149,999 or under 30
$150,000 – $199,999 13
$200,000 – $249,999 3
$250,000 – $299,999 7
$300,000 – $349,999 5
$350,000 – $399,999 9
$400,000 – $449,999 5
$450,000 – $499,999 5
$500,000 – $549,999 3
$550,000 – $599,999 2
Total 82

The highest inventory of Wilton Manors condos for sale are condos priced under $149,999 with 30 condos for sale.

It is important to note that if condos for sale priced under $199,999 with 43 units for sale account for over 50% of all Wilton Manors condos currently for sale!

This absolute affordability attracts many buyers – with many buyers being local and/or from all across the USA and Canada.

Many international buyers are now also seeing the absolute value in Wilton Manors condos for sale!

Wilton Manors Condos for Sale
Pending Sales

At the time of writing this report there are 28 Wilton Manors condos for Sale that are under contract and are pending sale.

Here is our market summary report for these Wilton Manors condos.

 $$ Beds/Baths SF/FF List Price
High 4 / 3 2,047 $459,900
Low 1 / 1 665 $53,000
Avg 1 / 1 1,011 $176,889
Med 2 / 1 750 $144,500

We can see from this report that the average price for a Wilton Manors condo pending sale is $176,889 and the median price is $144,500.

It is important to note that we currently have a strong level of Pending Sales – which has typically averaging 25 – 30 condos

Also important to note is the Median Days on Market for Wilton Manors condos pending sale – which is currently at 80 Days!

Days on market is the time from when the condo was listed for sale till the condo went pending.

Wilton Manors Conods for Sale
Sales Last 6 Months

We have had strong sales of Wilton Manors condos for Sale.  Over the last 6 Months there have been 73 condos Sold! (this covers the period 8/10/2016 – 2/10/2017)

Our market summary report for these condos is presented below.

$$  Beds/Baths SF/FF Sale Price
High 3 / 3 3,571 $545,000
Low 1 / 1 549 $51,500
Avg 2 / 2 1,272 $210,109
Med 2 / 1 1,000 $159,900

We can see from this report that the average sales price for Wilton Manors condos sold over the last 6 months has been $210,109 – this being for a 2 bedroom 2 bathroom condo of 1272 square feet with a sales price to square foot price of $176.00

We can also see from this report that the median sales price for Wilton Manors condos sold over the last 6 months has been $159,900this being for a 2 bedroom 1 bathroom condo of 1000 square feet with a sales price to square foot price of $170.00

Also important to note is that the

– Median Days on Market for Wilton Manors condos sold over the last 6 months has been 70 Days

– Median Sales Price to List Price has been 94%

This means if a Wilton Manors condo for sale is listed for $150,000 then it could be expected to sell for 94% of list price or $141,000 

Wilton Manors Condos Sales
Inventory by Price

Here is our market summary report showing a breakdown of sales of Wilton Manors condos over the last 6 months by price range

Price Range Quantity
$149,999 or under 32
$150,000 – $199,999 11
$200,000 – $249,999 4
$250,000 – $299,999 4
$300,000 – $349,999 9
$350,000 – $399,999 6
$400,000 – $449,999 4
$450,000 – $499,999 1
$500,000 – $549,999 2
Total 73

We can see from this report that the highest Volume of Sales Activity has been for Wilton Manors condos selling under $149,999 – with 32 Wilton Manors condos sold.

We can also see that the next highest Volume of Sales Activity has been for Wilton Manors condos selling in the $150,000 – $199,999 price range with 11 condos sold.

These 2 price ranges account for 33 condos sold – or 45% of all Wilton Manors condo sales!

My Thoughts / Summary

There is currently a great range of Wilton Manors condos for sale!

This high level of condos for sale is however creating a buyers market – and many sellers are responding to this by lowering prices. 

Nearly 1 in 2 condo sellers have lowered their price!

Compounding this are condos for sale in Oakland Park – which include a number of new construction units at great prices!

Important to note however is that both pending sales and recent sales of Wilton Manors condos are strong…

Given the damping effect on Wilton Manors condos for Sale of the recent Presidential Election and the recent increases in interest rates and forecast increases in interest rates – I personally think now is a great time to be buying a Wilton Manors Condo!

Kevin Wirth Realtor

I hope you have enjoyed our February 2017 real estate update on Wilton Manors Condos for Sale

Kevin Wirth P.A. Realtor
954-459-0337