Pompano Beach Real Estate Market Update – All Properties vs Condos vs Townhomes for December 2024 vs December 2023
The Pompano Beach Real Estate market saw some notable shifts in December 2024 compared to December 2023. Here’s an analysis of all property types, with a focused comparison between single-family homes and condos/townhouses.
All Pompano Beach Property Types Overview
In December 2024, the Pompano Beach real estate market experienced declines across several metrics:
- Closed Sales: Down by 14.1%, with 122 transactions compared to 142 in December 2023.
- Median Sale Price: Fell by 6.7%, dropping from $402,000 to $375,000.
- Dollar Volume: Declined by 17.4%, reflecting the decrease in sales and prices.
- Active Inventory: Increased by 51.1%, reaching 1,204 listings.
- Months of Inventory: Jumped to 8.4 months, a 61.5% increase, suggesting a shift toward a buyer’s market.
However, new listings remained relatively stable, rising slightly by 0.9%. On the downside, homes took longer to sell, with the median time to contract increasing by 29.5% to 57 days.
Single-Family Homes vs. Condos/Townhouses
Pompano Beach Single-Family Homes
- Sales Performance: Closed sales for single-family homes dipped by 4.7% year-over-year, with 41 sales in December 2024.
- Prices: The median sale price jumped significantly by 16%, reaching $557,000. This suggests strong demand and higher-value transactions.
- Dollar Volume: Increased by 12.3%, reflecting the price growth.
- Inventory:
Active inventory rose by 26.3%, with 298 properties on the market.
Months of inventory grew by 31.1%, reaching 5.9 months, which indicates a slight easing of market tightness.
Key Insights: Single-family homes saw price appreciation and robust dollar volume, despite slight declines in sales.
Pompano Beach Condos and Pompano Beach Townhouses
- Sales Performance: Closed sales fell sharply by 18.2%, with only 81 transactions compared to 99 in December 2023.
- Prices: The median sale price dropped by 7% to $323,500, and the average sale price fell even more significantly by 21.1%.
- Dollar Volume: Declined dramatically by 35.5%, indicating weaker market activity.
- Inventory:
Active inventory surged by 61.6% to 905 listings.
Months of inventory soared by 78.2%, reaching 9.8 months, strongly favoring buyers.
Key Insights: Condos and townhouses experienced a challenging year, with declines in sales, prices, and dollar volume, alongside rising inventory.
Comparison: Pompano Beach Single-Family Homes vs. Pompano Beach Condos and Townhouses
- Market Strength: Single-family homes outperformed condos/townhouses in terms of price appreciation (+16% vs. -7%) and dollar volume (+12.3% vs. -35.5%).
- Inventory Pressure: Both segments saw inventory growth, but condos/townhouses had a steeper increase in supply (61.6% vs. 26.3%) and months of inventory (9.8 months vs. 5.9 months).
- Buyer’s Market Conditions: While both markets leaned toward buyers, condos/townhouses showed much weaker performance, with falling prices and slower absorption of inventory.
Take away;
The Pompano Beach real estate market is showing clear signs of a slowdown, with rising inventory and longer selling times. However, single-family homes maintained their value, driven by strong demand, while condos and townhouses struggled with declining prices and slower activity.
For buyers, this market presents opportunities, particularly in the condo/townhouse segment. Sellers, especially in the single-family home market, should remain competitive with pricing and prepare for potentially longer selling timelines.
Pompano Beach continues to evolve, and market trends will depend heavily on economic conditions and buyer sentiment in 2025.
You can reach a Pompano Beach Real Estate agent at 954-505-6000
