September 2024 Update on the Pompano Beach Condo Market
Pompano Beach Condo For Sale market experienced notable changes in September 2024, providing buyers and sellers of Condos in Pompano Beach with new insights into current trends. Whether you’re planning to buy or sell a condo, understanding these shifts can help inform your decisions.
Pompano Beach Condo Sales Activity
Closed sales for townhouses and condos in the City of Pompano Beach dropped 21.1% year-over-year, from 95 sales in September 2023 to 75 in September 2024. Cash sales also saw a similar decline of 21.2%, with 41 condos sold in cash versus 52 last year. However, cash sales as a percentage of closed sales remained stable at 54.7%.
Price Trends of Condos in Pompano Beach
The condo market experienced notable price increases. The median sale price rose to $325,000, a 21.7% increase from September’s 2023 $267,000. The average sale price surged to $557,043, representing a significant 69.9% jump year-over-year. This rise in prices reflects the strong demand for Pompano Beach condos.
Pompano Beach Condo Inventory and Market Time
Active inventory nearly doubled, climbing by 88.3% to 838 units. This increase in supply contributed to the months’ supply of inventory reaching 8.7 months, up by almost 98% from the previous year. Median time to contract also increased by 84.6% to 72 days, and the median time to sale stretched by 68.8% to 130 days, indicating that buyers now have more options and are taking a bit longer to make decisions.
Pompano Beach Condo New Listings and Pending Sales
New listings declined by 25.3% compared to last year, with 142 new condos hitting the market in September 2024 versus 190 in September 2023. New pending sales also decreased by 17.2%, totaling 82 for the month.
Pompano Beach Condo Market Insights
Overall, the Pompano Beach condo market in September 2024 reflects a shift toward higher prices and more inventory, giving buyers a wider selection but at higher price points. Sellers can benefit from the increased values but may need to adjust expectations regarding how quickly their properties will sell.
Thinking about buying a Pompano Beach condo?
Contact Pompano Beach Realty at 954-505-6000 for expert assistance in navigating this dynamic market.
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Pompano Beach Condo Market Update September 2024
