Pompano Beach Residential Real Estate Market Conditions for Single Family Homes, Condos and Townhomes for July 2024

The Pompano Beach Real Estate market for July 2024 has seen some interesting shifts compared to the same time last year. If you are considering buying or selling in the area, these numbers offer valuable insights into current market trends.

Closed Sales Drop for Pompano Beach Real Estate
In July 2024, Pompano Beach experienced a slight drop in closed sales, with a 5.1% decline year-over-year. There were 148 closed sales this July, compared to 156 in July 2023. This decline may suggest that buyers are becoming more cautious due to economic factors, higher interest rates, or increased inventory, which we’ll explore further below.

Cash Sales Increase for Pompano Beach Real Estate
Despite the dip in overall closed sales, cash sales saw a slight increase, rising by 6.5%. Cash sales made up 44.6% of all transactions, compared to 39.7% the previous year. This indicates that many buyers in Pompano Beach are still in strong financial positions and able to purchase properties without financing, a trend often seen in competitive markets or among investors.

Median and Average Sale Prices Decline for Pompano Beach Real Estate
One of the most significant changes is the drop in both the median and average sale prices. The median sale price dropped by 9.9%, from $352,250 in July 2023 to $317,500 in July 2024. Similarly, the average sale price saw a more dramatic decline of 11.9%, from $483,352 to $425,857. This suggests that the market is cooling slightly, possibly due to increased inventory or changing buyer demand.

Dollar Volume Falls for Pompano Beach Real Estate
With the decline in sale prices and closed sales, it’s no surprise that the dollar volume for July 2024 also dropped by 16.4%. This past July saw $63 million in total volume, compared to $75.4 million in July 2023. For sellers, this indicates the importance of pricing your property correctly in the current market to attract buyers.

Longer Time to Sell for Pompano Beach Real Estate
Homes in Pompano Beach are also taking longer to sell. The median time to contract has increased by a notable 66.7%, from 30 days in July 2023 to 50 days in July 2024. Likewise, the median time to sale is up 47.1%, from 68 days to 100 days. This change could be attributed to higher inventory levels, giving buyers more options and reducing the urgency to act quickly.

Inventory and Listings on the Rise for Pompano Beach Real Estate
The inventory numbers reflect a significant shift in the market. Active inventory is up by 90.1%, with 1,059 homes available in July 2024 compared to just 557 homes in July 2023. Additionally, new listings increased by 27.4%, with 251 new homes entering the market compared to 197 last year.

This increase in inventory has pushed the months’ supply of inventory up to 7.2 months, more than doubling from 3.5 months in July 2023. Typically, a balanced market has around six months of inventory, so this increase indicates that the market may be shifting from a seller’s market toward a more balanced or even buyer’s market.

What Does This Mean for You?
If you are a buyer, the increase in inventory and the slower pace of sales might provide more opportunities to negotiate better deals, especially as prices have softened. If you’re paying cash, you’ll be joining a larger portion of buyers who are capitalizing on the market conditions.

For sellers, the longer time to sell and declining sale prices mean that pricing your home competitively is more important than ever. Working with a knowledgeable realtor who understands the changing dynamics of the Pompano Beach market will help you navigate this environment successfully.

For more information about Pompano Beach real estate, contact Pompano Beach Realty at 954-505-6000