November 2024 Market Analysis for Townhouses and Condos in 33062
The November 2024 Pompano Beach real estate market report for townhouses and condos in the 33062 area of Pompano Beach highlights a changing market landscape. With shifts in closed sales, inventory levels, and pricing, understanding these dynamics is crucial for buyers and sellers alike.
Comprehensive Pompano Beach Real Estate Market Overview in 33062
- Closed Sales and Cash Sales, Condos/Townhomes in Pompano Beach zip code 33062
– Closed Sales: 40 properties were sold in November 2024, an 11.1% decrease from 45 sales in November 2023.
– Cash Sales: Cash purchases saw a significant drop of 34.3%, falling from 35 in 2023 to 23 in 2024.
– Cash Sales as a Percentage of Closed Sales: Cash transactions accounted for 57.5% of closed sales,
a sharp decline from 77.8% the previous year (-26.1%). - Sale Prices of Condos/Townhomes in Pompano Beach zip code 33062
– Median Sale Price: $390,500, reflecting a 21.1% decrease compared to $495,000 in November 2023.
– Average Sale Price: $670,155, down 14.5% from $783,870. - Dollar Volume of Condos/Townhomes in Pompano Beach zip code 33062
– The total dollar volume of sales dropped by 24%, from $35.3 million in November 2023 to $26.8 million in 2024. - Median Percent of Original List Price of Condos/Townhomes in Pompano Beach zip code 33062
Despite declining prices, sellers achieved an average of 92.1% of their original list price, a slight increase from 91.6% in 2023 (+0.5%). - Market Timing
– Median Time to Contract: Homes took longer to go under contract, with a median of 64 days, up 36.2% from 47 days in 2023.
– Median Time to Sale: The time from listing to sale lengthened by 44.6%, rising from 74 days to 107 days. - Inventory and New Listings of Condos/Townhomes in Pompano Beach zip code 33062
– New Listings: 107 new properties hit the market, a 9.2% increase compared to 98 in November 2023
– Pending Inventory: Pending sales decreased by 24.4%, with only 68 units under contract compared to 90 last year.
– Active Inventory: The number of available properties surged by 51.6%, increasing from 372 in November 2023 to 564 in 2024.
– Months’ Supply of Inventory: This metric rose sharply by 55.7%, growing from 7.0 months to 10.9 months. - New Pending Sales of Condos/Townhomes in Pompano Beach zip code 33062
New pending sales fell dramatically by 31.3%, with 44 contracts signed in November 2024, down from 64 in 2023.
What Do These Metrics Mean for Condo Buyers and Sellers in zip code 33062?
For Buyers
This market is tilting in your favor. The increased inventory and slower sales pace mean you have more options and more negotiating power. The decline in both median and average sale prices provides opportunities to secure a home at a more competitive price.
For Sellers
The extended time to contract and sale highlights the importance of pricing your property competitively. While inventory levels have risen, maintaining flexibility and ensuring your property stands out in a crowded market is key to securing a buyer.
Summing it all up
The November 2024 report underscores the changing dynamics in the City of Pompano Beach’s townhouse and condo market. Whether you’re looking to buy or sell, understanding these trends is essential for making informed decisions.
At Pompano Beach Realty, we’re dedicated to helping you navigate this evolving market.
Contact us at 954-505-6000 for expert advice and personalized service to achieve your real estate goals!
Condos For Sale in zip code 33062
