Lighthouse Point Real Estate Market Trends
The real estate market in Lighthouse Point for May 2024 has presented some intriguing trends and significant changes compared to the same period last year. View the Town of Lighthouse Point website
Here’s an in-depth look at the key Lighthouse Point Real Estate metrics:
Closed Sales of Single Family Homes in Lighthouse Point
- May 2024: 17
- May 2023: 17
- Year-over-Year Change: 0%
Despite fluctuations in other areas, the number of closed sales has remained steady, indicating a stable demand for single-family homes in Lighthouse Point.
Cash Sales of Single Family Homes in Lighthouse Point
- May 2024: 10
- May 2023: 9
- Year-over-Year Change: +11.1%
Cash sales, which represent a significant portion of the market, have increased slightly, showing continued investor interest and buyer confidence in the market.
Median Sale Price of Single Family Homes in Lighthouse Point
- May 2024: $1,400,000
- May 2023: $1,800,000
- Year-over-Year Change: -22.2%
The median sale price has seen a substantial decrease, making it a more attractive market for buyers looking for value. This drop may be a result of changing market dynamics or a shift in the types of properties being sold.
Average Sale Price of Single Family Homes in Lighthouse Point
- May 2024: $1,552,157
- May 2023: $2,494,031
- Year-over-Year Change: -37.8%
Similarly, the average sale price has also dropped significantly. This could be indicative of more lower-priced properties being sold or a reduction in high-end property transactions.
Dollar Volume of Single Family Homes in Lighthouse Point
- May 2024: $26.4 Million
- May 2023: $42.4 Million
- Year-over-Year Change: -37.8%
The total dollar volume of sales has mirrored the drop in average sale prices, reflecting the overall decrease in market value transactions.
Median Percent of Original List Price of Single Family Homes in Lighthouse Point
- May 2024: 92.7%
- May 2023: 92.7%
- Year-over-Year Change: 0%
This consistency suggests that sellers are still achieving close to their asking prices, indicating a well-balanced market between buyers and sellers.
Median Time to Contract of Single Family Homes in Lighthouse Point
- May 2024: 31 Days
- May 2023: 53 Days
- Year-over-Year Change: -41.5%
Homes are selling faster, with the median time to contract significantly reduced, reflecting a more competitive market.
Median Time to Sale of Single Family Homes in Lighthouse Point
- May 2024: 84 Days
- May 2023: 92 Days
- Year-over-Year Change: -8.7%
The overall time from listing to sale has also decreased, further emphasizing the market’s increased efficiency.
New Pending Sales of Single Family Homes in Lighthouse Point
- May 2024: 14
- May 2023: 18
- Year-over-Year Change: -22.2%
There has been a decline in new pending sales, suggesting a slight cooling in buyer activity or possibly a limited inventory.
New Listings of Single Family Homes in Lighthouse Point
- May 2024: 21
- May 2023: 16
- Year-over-Year Change: +31.3%
More new listings have come onto the market, providing more options for buyers and potentially balancing the supply-demand equation.
Pending Inventory of Single Family Homes in Lighthouse Point
- May 2024: 17
- May 2023: 30
- Year-over-Year Change: -43.3%
Pending inventory has decreased significantly, which might indicate that properties are being sold and closed more quickly.
Active Inventory of Single Family Homes in Lighthouse Point
- May 2024: 95
- May 2023: 59
- Year-over-Year Change: +61.0%
The active inventory has increased substantially, offering more choices for prospective buyers and suggesting that the market is not as constrained as in the past.
Months Supply of Inventory of Single Family Homes in Lighthouse Point
- May 2024: 7.2
- May 2023: 4.6
- Year-over-Year Change: +56.5%
The months supply of inventory has risen, indicating a shift towards a more buyer-friendly market with more homes available relative to the pace of sales.
Take Away
The Lighthouse Point real estate market in May 2024 shows a mix of stability and dynamic changes. While the number of closed sales remains constant, significant decreases in both median and average sale prices could signal opportunities for buyers. Faster sales times and increased inventory levels indicate a competitive yet accessible market. For detailed insights and personalized advice, contact Pompano Beach Realty at 954-505-6000.
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