View of beach from Playa Del Sol here in Ft Lauderdale FL

Galt Ocean Mile Condos for Sale

Galt Ocean Mile Condos
Sales Prices Up 10% / Listing Prices Soften

Median Prices for New Listings of Galt Ocean Mile Condos for Sale over the last 90 days have softened by nearly $13,000 – down from $411,950 to $399,000 .

Note: This softening of GOM list prices was also reported is our June Report when the median new listing price was $419,900.

However Median sales prices for Galt Ocean Mile condos over the same period are up by $36,500 just over 10% from the 3 months prior.

In this post we review Galt Ocean Mile condos for sale, new listings, and recent sales – and then I share my thoughts on these statistics.

View of Galt Ocean Mile Beach and Condominiums

Galt Ocean Mile Condos for Sale
Market Analysis Report

There are currently 149 Galt Ocean Mile Condos for Sale / Oceanfront Zip 33308 Condos for Sale – down from 167 condos as per our last report

The market analysis report(s) for these units is presented below.

Pricing #Beds #FBaths SF/FF List Price LP$/SqFt
High 5 5 4,500 $4,200,000 $939
Low 0 1 310 $145,000 $0
Average 2 2 1,657 $537,877 $336
Median 2 2 1,550 $425,000 $294

 

We can see from this report that the median price across all of the Galt Ocean Mile Condos currently for sale is $425,000 – this being for a 2 bedroom 2 bathroom unit of 1550 square feet.

In our last report the median of $414,900 was also for a 2/2 – a unit of 1550 square feet.

View from a Galt Ocean Mile condo for Sale

Galt Ocean Mile Condos for Sale
New Listings Last 90 Days

There have been 63 new listings for Galt Ocean Mile condos over the last 90 days – which is well down from our last report

The market analysis report for these new listings is presented below.

Pricing #Beds #FBaths SF/FF List Price LP$/SqFt
High 3 4 3,379 $1,499,000 $643
Low 0 1 769 $145,000 $207
Average 2 2 1,583 $472,221 $310
Median 2 2 1,450 $399,000 $290

 

We can see from this report that the median price for a new listing is $399,000 – this being for a 2 bedroom 2 bathroom unit of 1450 square feet.

Note: the list price to square foot price at $290.00

Galt Ocean Mile Condos for Sale
Units Listed Prior to the Last 90 Days

If we then look at 86 units listed prior to the last 90 days we see the following.

Pricing #Beds #FBaths SF/FF List Price LP$/SqFt LP$/SqFt
High 5 5 4,500 $4,200,000 $939 $939
Low 0 1 310 $145,000 $0 $0
Average 2 2 1,673 $560,810 $353 $353
Median 2 2 1,600 $411,950 $295 $295

 

The median price is $411,950 – this being for a 2 bedroom 2 bathroom unit – a unit of 1600 square feet.

Note: the list price to square foot price at $295.00

What is important to note is the following:

  • The median price for new listing – last 90 days is $399,000  – down by $12,950
  • The median price for a listing entered earlier than that last 90 days is  $411,950 – it had been is our last report $419,000

From my perspective this indicates that the market is softening – and new listings are being priced more aggressively against existing active listings.

View of the Sun Deck and Pool at Ocean Summit

Galt Ocean Mile Condos
Recent Sales

Here is the data for recent sales spanning the last 6 months.

We analyze this data in two ways – recent sales over the last 90 days and then we review sales for the preceding 90 days – giving us two reports and a 6 month snap shot.

Galt Ocean Mile Condos
Sales Last 90 Days

There have been 74 closed sales on Galt Ocean Mile condos over the last 90 days.

The market analysis report for these units is presented below.

Pricing #Beds #FBaths SF/FF Sale Price SP$/SqFt SP$/LP$ DoM
High 4 5 3,001 $2,500,000 $833 100.04 662
Low 1 1 660 $145,000 $219 N/A 2
Average 2 2 1,691 $528,136 $296 90.78 122
Median 2 2 1,650 $404,500 $264 93.33 94

We can see from this report that the median sales price over the last 90 days has been $404,000 – this being for a 2/2 unit of 1650 square feet.

We can also see that the Days on Market has been 94 days (DoM) – this the time from when the condo was listed for sale till the unit sold AND then closed.

Galt Ocean Mile Condos
Sales the 3 Months Prior

Here is the report for sales covering the 55 sales of units 3 months prior to the report above.

Pricing #Beds #FBaths SF/FF Sale Price SP$/SqFt SP$/LP$ DoM
High 3 4 3,412 $1,325,000 $598 102.75 1,091
Low 0 1 660 $210 $0 0 2
Average 2 2 1,554 $409,578 $249 89.99 134
Median 2 2 1,486 $365,000 $245 93.69 96

 

We can see from this report that the median price for a unit sold 3 months prior was $365000 – this also being based on a 2/2 of 1486 square feet.

The median days on market for this period was 96 days. 

What is important to note is the following:

  • The median sales price over the last 90 days has been $404,500
  • The median price for a unit sold 3 month prior was $365,000

This is a $36,500 increase in median prices or just over 10%

From my perspective this indicates a period of strong and robust sales over the last 3 months.

Kevin Wirth Realtor / Real Estate Agent

My Thoughts / Summary

In our last post New Listing Prices had also softened – suggesting perhaps an overly aggressive approach to pricing by listing agents.

This softening of list prices when compared to the strong increase in median prices paid of 10% – however creates a real opportunity for buyers.

For sellers looking to achieve a good price  – a strong focused marketing approach is needed combined with an understanding that some inventory has been priced low and needs to clear.

For sellers a positive note is the Days on Market (DoM) is strong at 94 days (just over 3 months) – so I expect much of the lower priced new listing inventory will clear in a similar timeframe.

I hope you enjoyed this post on Galt Ocean Mile Condos for Sale – Kevin Wirth Realtor