The Single Family Home, Pompano Beach real estate market has shown intriguing trends in May 2024, offering valuable insights for potential buyers, sellers, and investors looking to buy Pompano Beach Real Estate. Let’s delve into the key metrics that define the current landscape of single-family homes in Pompano Beach.
Closed Sales and Cash Transactions of Single Family Homes in Pompano Beach
In May 2024, Pompano Beach saw 53 closed sales, a slight decline of 5.4% from 56 closed sales in May 2023. However, cash sales have increased by 11.8%, with 19 transactions compared to 17 in the previous year. Cash sales now represent 35.8% of all closed sales, up from 30.4% last year. This indicates a growing preference for cash transactions in the Pompano Beach real estate market.
Median and Average Sale Prices in Pompano Beach
The median sale price for single-family homes in Pompano Beach has risen by 3.4%, reaching $530,000 compared to $512,500 in May 2023. Additionally, the average sale price has increased by 6.7%, from $714,786 to $763,012. These upward trends reflect the strong demand and increasing property values in Pompano Beach.
Market Activity and Inventory in Pompano Beach
New pending sales have slightly decreased by 4.3%, from 69 to 66. However, new listings have gone up by 4.7%, with 90 new properties listed compared to 86 last year. Despite this, the pending inventory has decreased by 10.1%, indicating a quicker turnover of properties. The active inventory has significantly increased by 46%, from 174 to 254, which translates to a 58.1% rise in the months supply of inventory, now at 4.9 months.
Time Metrics and Pricing Strategies
The median time to contract has seen a notable increase of 37.5%, now standing at 44 days compared to 32 days last year. Similarly, the median time to sale has risen by 23.1%, from 65 days to 80 days. These metrics suggest a slight cooling in the market, giving buyers more time to make decisions. The median percent of the original list price received by sellers has improved by 1.5%, now at 95.2%, indicating effective pricing strategies in the Pompano Beach real estate market.
Dollar Volume
The total dollar volume of sales in May 2024 was $40.4 million, showing stability compared to May 2023’s $40.0 million. This steady dollar volume amidst fluctuating sales figures highlights the robust nature of the Pompano Beach real estate market.
Take Away
The Pompano Beach real estate market in 2024 exhibits a blend of rising single family property values, increased cash sales, and expanding inventory. While there is a slight increase in the time properties stay on the market, the overall demand and value remain strong. For buyers, this might mean more choices and a bit more time to decide, while sellers can benefit from the appreciating property values and a steady market demand.
Whether you’re looking to buy, sell, or invest, staying informed about these trends is crucial. The Pompano Beach real estate market continues to offer opportunities for those ready to navigate its dynamic landscape.
View the 20 latest Pompano Beach Single Family Homes for sale below
