Lauderdale-By-The-Sea Real Estate Market Update for May 2024

As we move into the summer months, the real estate market in Lauderdale-By-The-Sea shows some interesting trends and changes compared to last year. Here’s a detailed look at the key metrics of Lauderdale-By-The-Sea Real Estate and what they mean for buyers, sellers, and investors.

Significant Increase in Closed Sales in Lauderdale-By-The-Sea

In May 2024, closed sales surged to 33, a substantial 73.7% increase from the 19 closed sales in May 2023. This jump indicates a robust demand for properties in Lauderdale-By-The-Sea.

Cash Sales Also on the Rise in Lauderdale-By-The-Sea

Cash sales followed a similar upward trajectory, with 24 transactions in May 2024 compared to 15 in May 2023, marking a 60% increase. Cash sales constituted 72.7% of all closed sales, a slight decrease from 78.9% last year. This high percentage of cash transactions typically signals a competitive market with confident buyers.

Mixed Signals in Sale Prices in Lauderdale-By-The-Sea

The median sale price decreased by 7.4%, from $740,000 in May 2023 to $685,000 in May 2024. However, the average sale price climbed by 15.8% to $937,270 from $809,042 last year. This disparity suggests that while the overall market may have seen some lower-priced sales, there are still high-value transactions driving the average price up.

Dollar Volume Doubles in Lauderdale-By-The-Sea

The total dollar volume of sales more than doubled, reaching $30.9 million in May 2024, compared to $15.4 million in May 2023, a staggering 101.2% increase. This indicates not just a higher number of sales but also a significant increase in the value of transactions.

Listing and Inventory Dynamics in Lauderdale-By-The-Sea

New Listings: There were 26 new listings in May 2024, up 23.8% from 21 new listings in May 2023. This suggests an increased interest from sellers.
Pending Inventory: The pending inventory decreased by 27.8%, from 36 to 26, which could indicate that properties are being sold quickly, leaving fewer pending transactions at the month’s end.
Active Inventory: The active inventory saw a 61.6% rise, with 139 active listings compared to 86 last year. More inventory means more options for buyers.
Months Supply of Inventory: This metric increased by 60.9% to 7.4 months from 4.6 months, suggesting a shift towards a buyer’s market.

Speed of Transactions in Lauderdale-By-The-Sea

Median Time to Contract: The median time to contract soared by 194.1%, from 17 days in May 2023 to 50 days in May 2024.
Median Time to Sale: The median time to sale also increased, reaching 92 days from 59 days last year, a 55.9% rise. These increases suggest that properties may be taking longer to sell, possibly due to the higher inventory.

Take Away

The Lauderdale-By-The-Sea real estate market in May 2024 presents a mixed but generally positive picture. While there is a slight dip in median sale prices and an increase in the time it takes to sell properties, the overall volume and average prices are up, and inventory levels are rising, offering more choices for buyers.

For those looking to buy or sell in Lauderdale-By-The-Sea, now might be an excellent time to engage with a local real estate expert. Contact Pompano Beach Realty at 954-505-6000 for personalized advice and professional assistance.

This comprehensive analysis aims to provide a clear picture of the current market conditions in Lauderdale-By-The-Sea. Whether you’re looking to invest, buy your dream home, or sell a property, staying informed about these trends can help you make the best decisions.

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