Fort Lauderdale condo sales fall 46 percent

Fort Lauderdale’s resale condominium sales activity fell 46 percent in the first quarter, while the median sales price rose 23 percent in the first quarter, according to a report from Condo Vultures. Activity in the downtown Fort Lauderdale and beach market totaled 130 resales in the first three months of the year, compared to almost 240 in the same period last year. “The downtown Fort Lauderdale and beach coastal condo resale market appears to be experiencing a classic example of supply and demand condo economics,” said Peter Zalewski, founder of Condo Vultures. “As condo resale prices have moved upward, buyers have pulled back with their transaction velocity.” — Alexander Britell