Pompano Beach Real Estate market update October 2024

The Pompano Beach real estate market in October 2024 shows notable shifts across both single-family homes and townhouses/condos. Here’s a closer look at the trends shaping the market.

Pompano Beach Single-Family Homes
In October 2024, single-family home sales in Pompano Beach fell by 22% compared to October 2023, with 32 closed sales. However, the median sales price rose slightly by 1.1% to $465,000, reflecting stability in home values. The average sales price saw a significant jump of 19.9%, reaching $1,124,359, signaling strong interest in higher-end properties.

The dollar volume for single-family home sales dropped by 6.4%, totaling $35,979,499. Inventory increased by 28% to 206 homes, resulting in a 5.6-month supply of inventory, up 33.3% from last year. This increase in inventory offers buyers more options but also indicates a shift toward a more balanced market. Homes sold for 95.3% of the original list price, a modest improvement over 2023, and the median time to contract decreased slightly to 41 days.

Pompano Beach Townhouses and Pompano Beach Condos
The townhouse and condo market saw a small decline in closed sales, down 2.9% year-over-year, with 66 transactions in October 2024. The median sales price dropped by 12.4% to $292,500, while the average sales price decreased by 16.8%, settling at $337,019.

Despite lower sales prices, the year-to-date data shows an average sales price increase of 12.6%, indicating overall market growth in 2024. Inventory nearly doubled, jumping 69.2% to 665 units, with a 7.8-month supply—up 77.3% from last year—showing a clear trend toward a buyer’s market. The median time to contract rose to 71 days, reflecting the slower pace of sales.

What does this mean for Buyers and Sellers?

For buyers, the growing inventory and slower pace of sales mean more negotiating power and a wider selection, especially in the townhouse and condo market. Sellers in the single-family market may benefit from the rising median prices but should be prepared for more competition as inventory grows.

If you’re interested in navigating the Pompano Beach real estate market, contact Pompano Beach Realty at 954-505-6000 to work with local experts who can help you make informed decisions.

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