Pompano Beach real estate, with its high-profile beaches and vast stretches of endless ocean, continues to attract buyers and investors alike despite an ongoing pandemic. To put things in perspective, the median price for a single-family home in Pompano Beach is up to over $230,775 up 9.7% from last year. Meanwhile, the median price of Pompano Beach condos for sale is now almost $375,000, up by 7% in 2019.
This indicates great investment opportunities for buyers looking to build a thriving Pompano Beach real estate portfolio. But they’ll have to act soon since Pompano Beach Real Estate prices are climbing month-over-month, a trend that may continue well beyond 2020.
According to Zillow, the value of seasonally adjusted Pompano Beach homes for sale is projected to increase by 7.4% between October 2020 and October 2021. This forecast is very optimistic considering the previous forecast predicted a 4.3% increase in Pompano Beach home prices between September 2019 and October 2020.
Investors looking to invest in Pompano Beach Real Estate should note luxurious real estate properties in Pompano Beach are usually relatively unaffected by global trends. The demand for luxury Pompano Beach Real Estate is attractive to high net-worth clients, which explains why Pompano Beach waterfront condos for sale routinely fetch prices averaging in the 7 and 8 figures. The inventory of luxury homes for sale in Pompano Beach is decreasing rapidly compared to 2019 caused by the influx of residents moving from states like New York and California to call Pompano Beach their new home.
The real estate company Redfin has seen a 3 times increase of searches relating to Pompano Beach Real Estate compared to the same time last year.
It is worth pointing out that Pompano Beach Real Estate sales in 2020 have seen slightly lower sales activity compared to the 2019 primarily due to the low housing inventory in Pompano Beach.
The price increase of Pompano Beach Real Estate is indicative of sharply rising demand, which can be attributed to the pent-up demand for real estate during the March-July period during which a large part of the country was in complete lockdown as well as many out of state people moving to Pompano Beach like mentioned above.
Pompano Beach Real Estate Inventory is Tight
In general, we use supply and demand to evaluate the market, but inventory (supply) is frequently the more telling indicator of the two when it comes to predicting trends in real estate.
When the Pompano Beach Real Estate inventory is high, prices tend to flatten or drop out, and there are more desirable investment opportunities for buyers from all spectrums and budgets. However, when the Pompano Beach Real Estate inventory is low, prices tend to hold or increase as investment opportunities for buyers are fewer and far between.
The latter seems to be our current problem in the Pompano Beach Real Estate market as inventory for single-family homes plummet. Next year, however might be different due to high projected foreclosures as property owners fall behind on their mortgage payments. The higher inventory could keep the market moving forward for both buyers and sellers.
Could the Housing Market Decline in 2021?
Many market pundits believe that the housing forecast for Pompano Beach could decline in 2021. This is because supply in the form of foreclosed homes could overwhelm demand by many folds in 2021. As a result, Pompano Beach Real Estate prices could pivot back to pre-pandemic levels and cool off the otherwise hot Pompano Beach real estate market.
Wrapping Up – Why Pompano Beach is Worth Your Investment in 2020-21
No matter what the trends predict – the real estate market in Pompano Beach has never been more attractive especially to families and retirees moving to Pompano Beach who want to enjoy an endless stretch of beautiful Florida beaches.
In addition, Pompano Beach has several features that make the community a great fit for year-round residents. From local public schools with their academic prowess and technological know-how to large franchise stores such as Bealls Outlet and Home Depot – there is a lot to love.
As long as people love to spend time outdoors and exploring new places, the Pompano Beach real estate market can provide great investment opportunities for buyers and sellers alike. Now could be the best time to explore Pompano Beach waterfront homes for sale.
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