Pompano Beach Real Estate market update August 2024
The Pompano Beach real estate market experienced notable shifts between August 2023 and August 2024, with considerable differences in both the Pompano Beach single-family homes and Pompano Beach condo segments. Let’s break down the key metrics for each category to understand how the market evolved over this period.
Pompano Beach Single-Family Homes:
In the single-family home sector, there was a dramatic increase in activity. Closed sales skyrocketed by 50%, rising from 36 in August 2023 to 54 in August 2024. This surge indicates a significant boost in buyer activity and demand within the Pompano Beach area.
Pompano Beach Median Sales Price:
The median sales price increased by 15.2%, climbing from $399,250 in August 2023 to $460,00 in August 2024. This upward trend reflects both rising home values and buyer willingness to pay more for properties in the area.
Pompano Beach Average Sales Price:
The average sales price saw an even larger jump, increasing by 22.7% from $565,294 in 2023 to $693,531 in 2024. The increase in both median and average prices reflects a strong seller’s market.
Pompano Beach Dollar Volume:
The dollar volume in the market also surged significantly, with an increase of 84.0% from $20,350,600 in August 2023 to $37,450,649 in August 2024. This shows the overall financial growth in the Pompano Beach single-family market, largely driven by higher sales prices and volume.
Pompano Beach Real Estate Inventory & Supply:
The inventory of homes for sale rose by 49.2%, from 124 homes in 2023 to 185 homes in 2024, offering more options for potential buyers. However, the months’ supply of inventory increased by 58.1%, from 3.1 months in 2023 to 4.9 months in 2024, indicating a more balanced market than before.
Pompano Beach Median Time to Contract:
Another significant change was in the median time to contract, which increased by 87.5%, going from 32 days in 2023 to 60 days in 2024. This longer time to secure contracts may reflect buyer caution as prices rise or increased competition.
Pompano Beach Pending Sales and New Listings:
Pending sales slightly decreased by 8.3%, from 48 in 2023 to 44 in 2024, suggesting that while the market is hot, not all homes are moving off the market as quickly. New listings, on the other hand, grew by 9.9%, with 78 new homes listed in August 2024 compared to 71 in 2023, giving buyers more opportunities.
Pompano Beach Townhouse/Condo Market:
The townhouse/condo market in Pompano Beach also saw a surge in activity, though the trends were a bit different from the single-family home market.
Pompano Beach Condo Closed Sales:
Sales increased by 20.7%, from 58 in August 2023 to 70 in August 2024. This growth shows sustained interest in condo living, perhaps due to affordability or convenience
Pompano Beach Condo Median Sales Price:
In contrast to the single-family market, the median sales price for townhouses and condos decreased by 7.3%, dropping from $304,000 in 2023 to $281,923 in 2024. This could indicate more entry-level condos being sold, or it could reflect a softening in demand for higher-priced units.
Pompano Beach Condo Average Sales Price:
The average sales price remained relatively stable, with a marginal decrease of 0.2%, from $374,386 in 2023 to $373,681 in 2024. This suggests that while the median price dropped, overall values held steady.
Pompano Beach Condo Dollar Volume:
The dollar volume for condo and townhouse sales increased by 20.5%, rising from $21,714,400 in August 2023 to $26,157,636 in 2024, fueled by the increase in closed sales.
Pompano Beach Condo Inventory & Supply:
Inventory exploded in the condo market, increasing by a staggering 109.9%, from 313 units in 2023 to 657 units in 2024. This surge in available condos is reflected in the jump in the months’ supply of inventory, which more than doubled from 3.5 months to 7.6 months—indicating that the market is tilting in favor of buyers, offering more options and potentially driving down prices.
Median Time to Contract:
The median time to contract also rose sharply by 56%, from 50 days in 2023 to 78 days in 2024, which might suggest more negotiation time or simply a reflection of increased inventory levels.
Pending Sales and New Listings in Pompano Beach:
Pending sales in the condo market saw a decline of 11.3%, dropping from 80 in 2023 to 71 in 2024, while new listings surged by 64.2%, from 106 to 174, further contributing to the growth in inventory.
Year-to-Date Trends:
Looking at the year-to-date statistics, the single-family market remained relatively stable, with a slight drop in closed sales (-2.3%) and a minor uptick in median sales price (1.0%). In contrast, the townhouse/condo market saw a 6.0% decline in closed sales but a 6.3% increase in the average sales price, showing that while fewer units are selling, they are selling for higher amounts.
Take Away:
The Pompano Beach real estate market in August 2024 is showing clear signs of growth, particularly in the single-family sector, with rising prices and increased activity. The townhouse and condo market is becoming more buyer-friendly with increasing inventory, making it a great time to explore your options in Pompano Beach.
To take advantage of the dynamic Pompano Beach Real Estate market, contact Pompano Beach Realty at 954-505-6000 for expert guidance in buying or selling your home. Whether you’re looking to capitalize on rising prices or seeking a great deal on a condo, our team is here to help!
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