Pompano Beach Condo Sales Market Update – December 2024
The Pompano Beach real estate market for Pompano Beach townhouses in 33062 and Pompano Beach condos for sale in zip code 33062 saw some significant changes in December 2024.
Here’s a detailed look at the numbers and trends shaping the Pompano Beach Condo market:
Closed Condo Sales in Pompano Beach, FL
In December 2024, there were 47 closed sales, a 13% decline compared to December 2023 when there were 54. This drop reflects a slowdown in overall activity in the condo and townhouse sector.
Cash Sales in Pompano Beach
Cash sales dropped by 18.4% year-over-year, with 31 transactions in December 2024 compared to 38 in December 2023. Cash sales now represent 66% of closed sales, down from 70.4% the year before.
Pompano Beach Condo Prices Trending Up
- Median Sale Price: The median sale price increased by 4.6%, reaching $510,000 in December 2024, compared to $487,500 in December 2023.
- Average Sale Price: On the other hand, the average sale price dropped 9.1%, landing at $669,094 compared to $735,802 last year.
This mixed trend suggests that while affordability may be improving in certain segments, higher-priced properties are seeing reduced activity.
Dollar Volume of Pompano Beach Condo Sales
Total dollar volume for the month came in at $31.4 million, a 20.9% decrease from $39.7 million in December 2023. This decline aligns with the reduced number of closed sales and lower average sale prices.
Pompano Beach Condo Inventory and Condo Listings
- Active Inventory: Inventory saw a significant jump of 41.3%, with 544 active listings in December 2024 compared to 385 in December 2023.
- New Listings: New listings dropped 7.5% year-over-year, with 86 added this December compared to 93 last year.
- Months Supply of Inventory: The months’ supply of inventory increased by a striking 48.6%, rising from 7.2 months in December 2023 to 10.7 months in December 2024. This suggests the market is leaning further into buyer’s territory.
Market Time of Pompano Beach Condos
- Median Time to Contract: The median time to contract extended by 27.5%, increasing from 51 days in December 2023 to 65 days this year.
- Median Time to Sale: Similarly, the median time to sale grew by 23.1%, rising from 78 days last year to 96 days this December.
Pending Sales of Pompano Beach Condos
New pending sales dropped by 11.1%, with only 40 transactions under contract in December 2024 compared to 45 a year earlier. Pending inventory also saw a dramatic decline of 26.3%, with 56 units compared to 76 in December 2023.
What Does This Mean for Pompano Beach Condo Buyers and Sellers ?
The Pompano Beach condo market is experiencing a shift. With higher inventory levels and slower sales, buyers now have more options and negotiating power. Sellers should focus on competitive pricing and ensuring their properties stand out in a more crowded market.
If you’re considering buying or selling in the Pompano Beach area, let us help you navigate these market conditions.
Call Pompano Beach Realty at 954-505-6000 today for expert guidance and personalized service.
Whether you’re looking to invest, sell, or find your dream home, now is the time to act while opportunities are abundant.
