Real Estate Market Trends in Pompano Beach: April 2024 Analysis
The Pompano Beach Real Estate Market has shown some interesting dynamics over the past year, particularly in the Pompano Beach Townhouse and Pompano Beach Condos For Sale segments. The data comparing April 2024 with April 2023 reveals several key trends that are crucial for both buyers and sellers in the Pompano Beach Real Estate Market to understand.
Increased Closed Sales and Cash Transactions in Pompano Beach for Condos/Townhomes
One of the most notable changes is the increase in closed sales. In April 2024, there were 128 closed sales, up from 118 in April 2023, marking an 8.5% year-over-year increase. This uptick indicates a robust demand in the Pompano Beach market.
Cash sales also saw a rise, although more modest. They increased by 5.0%, with 84 cash transactions in April 2024 compared to 80 in April 2023. Despite this increase in cash transactions, the percentage of cash sales relative to closed sales slightly decreased by 3.2%, from 67.8% to 65.6%. This suggests that while cash buyers remain significant, there is a growing participation of financed buyers in the market.
Price Trends: Median vs. Average
The median sale price for townhouses and condos rose by 3.5%, from $296,250 in April 2023 to $306,500 in April 2024. This steady increase reflects a healthy appreciation in property values. However, the average sale price saw a decline of 5.6%, from $397,229 to $374,870. The disparity between median and average price trends could indicate a higher number of transactions in lower-priced properties, pulling the average price down.
Market Dynamics and Seller’s Perspective of the Pompano Beach Real Estate market
The dollar volume of sales increased by 2.4%, reaching $48.0 million from $46.9 million. This growth, although moderate, aligns with the increase in closed sales and the higher median sale price.
However, sellers might notice a slight dip in the median percent of the original list price received, which dropped by 2.0% from 95.5% to 93.6%. This suggests that properties are selling a bit below their initial asking prices, potentially indicating a more negotiable market.
Time Metrics: Contract and Sale
The median time to contract has significantly increased by 90.9%, jumping from 22 days in April 2023 to 42 days in April 2024. Similarly, the median time to sale also rose by 31.3%, from 64 days to 84 days. These longer durations may reflect buyers taking more time to make decisions or potentially a greater number of listings in the market.
Pompano Beach Condo Inventory Insights
The number of new pending sales has decreased by 8.6%, from 151 to 138, while new listings have surged by 35.3%, from 156 to 211. This influx of new listings has contributed to a substantial rise in active inventory, which more than doubled, increasing by 121.0% from 362 to 800.
As a result, the months’ supply of inventory has surged by 122.9%, from 3.5 months to 7.8 months. This significant increase indicates a shift towards a more balanced market, or potentially even a buyer’s market, where there are more options available for buyers and less pressure on prices to rise rapidly.
The Pompano Beach real estate market for townhouses and condos has experienced a dynamic shift over the past year. With increasing sales and a higher number of listings, the market presents opportunities for both buyers and sellers. Buyers can benefit from the increased inventory and potentially more negotiable prices, while sellers can take advantage of the steady appreciation in median sale prices.
Understanding these trends is essential for making informed decisions in the real estate market. Whether you’re considering buying or selling, staying informed about market conditions will help you navigate the complexities of the real estate landscape in Pompano Beach.
Call a Realtor at Pompano Beach Realty at 954-505-6000 to talk about Condos and Townhomes For Sale in Pompano Beach.
