Pompano Beach Real Estate Market Update June 2024 for SFH
The real estate market for Single Family Homes in Pompano Beach has seen notable changes from June 2023 to June 2024. Here’s an in-depth analysis of the key metrics and what they mean for buyers, sellers, and investors.
Closed Sales for Single Family Homes in Pompano Beach
In June 2024, there were 43 closed sales of single-family homes in Pompano Beach, down 21.8% from 55 sales in June 2023. This decrease reflects a slower market, potentially influenced by various economic factors.
Cash Sales for Single Family Homes in Pompano Beach
Cash sales saw a significant drop, with only 6 transactions in June 2024 compared to 22 in June 2023, marking a 72.7% decline. Cash sales as a percentage of closed sales also fell from 40.0% to 14.0%, a 65.0% decrease. This suggests that fewer buyers are paying in cash, possibly due to changes in investment strategies or interest rates.
Pompano Beach Real Estate Market: June 2024 vs. June 2023
Despite the drop in sales volume, the median sale price increased by 3.3%, from $455,000 in June 2023 to $470,000 in June 2024. However, the average sale price decreased by 11.4%, from $699,206 to $619,824. This indicates that while the middle of the market saw price growth, higher-end homes may have sold for less, pulling down the average price.
Dollar Volume for Single Family Homes in Pompano Beach
The total dollar volume of sales in June 2024 was $26.7 million, a 30.7% decrease from $38.5 million in June 2023. This decline is consistent with the lower number of closed sales and the reduced average sale price.
Pricing Metrics for Single Family Homes in Pompano Beach
The median percent of the original list price received by sellers remained stable at around 96.0%, showing that sellers are still getting close to their asking prices despite market fluctuations.
Time to Contract and Sale for Single Family Homes in Pompano Beach
Homes took longer to sell in June 2024, with the median time to contract increasing by 55.6%, from 18 days in June 2023 to 28 days in June 2024. Similarly, the median time to sale rose slightly by 3.2%, from 63 days to 65 days. This indicates a slower market with buyers taking more time to make decisions.
New and Pending Sales for Single Family Homes in Pompano Beach
New pending sales dropped by 13.4%, from 67 in June 2023 to 58 in June 2024. However, new listings increased by 16.2%, from 68 to 79. The pending inventory also decreased by 7.1%, from 99 to 92, suggesting a slight cooling in buyer activity.
Inventory Levels for Single Family Homes in Pompano Beach
Active inventory surged by 53.3%, from 169 homes in June 2023 to 259 homes in June 2024. The months’ supply of inventory also increased by 64.5%, from 3.1 months to 5.1 months. This indicates a shift towards a buyer’s market, with more homes available and less pressure on buyers to make quick decisions.
The Pompano Beach real estate market in June 2024 for Single Family Homes shows a mixed picture. While the number of sales and cash transactions have declined, median sale prices have edged up, and inventory levels have increased significantly. This suggests that while the market is cooling, there are still opportunities for both buyers and sellers. Buyers may benefit from the increased inventory and longer time to contract, while sellers can take heart that prices remain relatively stable.
For personalized advice and to explore the current listings, contact Pompano Beach Realty at 954-505-6000.
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