Lighthouse Point Real Estate Market Update April 2024

Lighthouse Point Home Sales Trends April 2024 vs. April 2023

The Lighthouse Point real estate market has shown significant changes over the past year, particularly in the single-family home sector. Comparing the data from April 2023 to April 2024, we observe a variety of trends that indicate both growth and shifts in buying patterns. Here, we break down the key statistics and what they mean for buyers, sellers, and investors.

Closed Sales of Single Family Homes in Lighthouse Point
Closed sales increased by 45.5%, from 11 in April 2023 to 16 in April 2024. This rise indicates a healthy demand for single-family homes in Lighthouse Point, showing that more transactions are being successfully completed.
Cash Sales for Single Family Homes in Lighthouse Point
A remarkable change is observed in cash sales, which jumped from 2 in April 2023 to 10 in April 2024, a 400% increase. Cash sales now constitute 62.5% of all closed sales, up from 18.2% the previous year. This surge suggests a significant influx of cash buyers, potentially investors or affluent buyers preferring to avoid mortgage financing.
Sale Prices of sold Single Family Homes in Lighthouse Point
– Median Sale Price: Increased by 23.4% from $950,000 to $1,172,500. This substantial rise reflects an appreciation in property values, likely driven by high demand and possibly a limited supply of desirable properties.
– Average Sale Price: Rose by 45.2%, from $1,279,495 to $1,857,469. The larger increase in the average sale price compared to the median suggests that there have been several high-end property sales pushing the average up.
Dollar Volume of sold Single Family Homes in Lighthouse Point
The total dollar volume of sales more than doubled, from $14.1 million in April 2023 to $29.7 million in April 2024, a 111.2% increase. This growth underscores the overall increase in market activity and higher property values.
Sale-to-List Price Ratio of sold of Single Family Homes in Lighthouse Point
The median percent of the original list price received by sellers improved from 87.6% to 93.5%, a 6.7% increase. This indicates that properties are selling closer to their asking prices, reflecting strong market conditions and buyer willingness to meet seller expectations.
Market Speed for Single Family Homes For Sale in Lighthouse Point
– Median Time to Contract: Decreased significantly from 102 days to 44 days, a 56.9% reduction. Properties are selling much faster, suggesting high buyer interest and competitive bidding.
– Median Time to Sale: Also dropped from 145 days to 68 days, a 53.1% decrease. This reduction in the total time on the market further emphasizes the brisk pace at which transactions are occurring.
Market Activity for Single Family Homes in Lighthouse Point
– New Pending Sales: Decreased by 15.8% from 19 to 16, which might indicate a slight cooling in new contracts or a reduction in the number of available properties.
– New Listings: Increased by 11.8% from 17 to 19, showing more homeowners are putting their properties on the market, possibly to capitalize on rising prices.
– Pending Inventory: Dropped by 25% from 28 to 21, suggesting a faster turnover of properties and a potentially tighter market.
Inventory Levels
– Active Inventory: Increased by 34.3% from 67 to 90, indicating more properties are available for buyers.
– Months Supply of Inventory: Rose by 23.6% from 5.5 to 6.8 months, showing a slight shift towards a buyer’s market, though still relatively balanced.

Conclusion

The Lighthouse Point Real Estate and single-family home market is experiencing notable growth, with rising sales prices, increased cash transactions, and a significant reduction in time to sell properties. The data indicates a vibrant market with robust demand, driven possibly by investors and high-income buyers. For sellers, this is an opportune time to list properties, given the higher prices and quicker sales. Buyers, on the other hand, should be prepared for a competitive market, especially when considering high-value homes.

For more detailed market insights and personalized advice, contact a Lighthouse Point Realtor at 954-505-6000 who can provide guidance tailored to your specific needs.