Pompano Beach Real Estate Market Update: Single-Family Homes in September 2024
As we dive into the fall season, Pompano Beach Real Estate for single-family homes is showing some interesting trends. September 2024 saw notable shifts in inventory, pricing, and sales, which could impact both buyers and sellers.
Let’s take a closer look at what these latest numbers reveal.
Key Market Highlights pertaining to Single Family Homes in Pompano Beach
- Closed Sales of Single Family Homes in Pompano Beach
There were 46 closed sales in September 2024, marking a 7% increase from September 2023. This rise suggests a healthy demand for single-family homes in Pompano Beach, as buyers continue to show interest despite shifts in inventory and pricing. - Cash Sales of Single Family Homes in Pompano Beach
Cash sales saw a slight drop, with 18 cash transactions compared to 21 in September 2023—a 14.3% decrease. Cash transactions also accounted for a smaller portion of overall closed sales this year, dropping from 48.8% in 2023 to 39.1% in 2024. This trend could indicate more buyers are relying on financing, possibly due to rising property prices. - Median and Average Sale Prices of Single Family Homes in Pompano Beach
Median sale prices dipped 8%, from $489,000 in September 2023 to $450,000 in September 2024, making homes slightly more affordable for buyers. However, the average sale price actually increased by 11.5%, reaching $849,096. The difference between the median and average sale prices may suggest a few high-value property sales are pulling up the average, even as the median—a measure that shows the midpoint—has decreased. - Dollar Volume of Single Family Homes in Pompano Beach
The total dollar volume in the market saw a significant boost of 19.3%, climbing from $32.7 million last year to $39.1 million this September. This increase underscores the high demand and willingness of buyers to invest in Pompano Beach real estate, even with rising property values. - Original List Price to Sale Price of Single Family Homes in Pompano Beach
Homes in Pompano Beach sold for a median of 93.3% of their original listing price, a slight decline from 96.5% last year. Sellers may need to consider adjusting prices or negotiating more in response to market conditions, as buyers appear to have more leverage in today’s market. - Time to Contract and Time to Sale
Homes are taking longer to sell this year. The median time to contract has surged by 90.5%, going from 21 days in 2023 to 40 days this year. Similarly, the median time to sale rose from 67 to 76 days. This increase in market time could be due to a larger inventory or buyer hesitation at higher price points. - Inventory and New Listings of Single Family Homes in Pompano Beach
Inventory levels have notably increased in Pompano Beach. Active inventory rose by 46%, from 189 homes in September 2023 to 276 in September 2024. The months’ supply of inventory also grew significantly, from 3.5 months to 5.4 months—an increase of 54.3%. With more homes on the market, buyers have greater choice, which might explain why homes are staying on the market longer. New listings also rose by 13%, indicating a growing interest from sellers looking to capitalize on current demand.
What does this mean for Buyers and Sellers of Single Family Homes in Pompano Beach
For buyers, the increase in inventory and extended time on the market could mean more negotiating power. The dip in the median sale price may also provide some relief for buyers who found last year’s prices challenging. With more properties available and sellers showing more flexibility, this may be an opportune time to explore the Pompano Beach market.
For sellers, the growing inventory and longer time to contract mean that competitive pricing and property appeal are essential. Homes are no longer flying off the market as quickly, so focusing on making a strong first impression and setting realistic prices can help attract serious buyers.
Pompano Beach’s single-family home market in September 2024 highlights the shifts in the real estate landscape. Rising inventory and a slight decline in cash sales reflect a more balanced market where both buyers and sellers have opportunities to make smart moves. As we continue into the fall, it will be interesting to see how these trends develop and if Pompano Beach maintains its strong appeal.
Whether you’re buying or selling, staying informed on these key market indicators is crucial to making the right decision.
To start your home search in Pompano Beach, call a Pompano Beach Realty Realtor at 954-505-6000.
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