Pompano Beach Real Estate Market Update – August 2024

The real estate market in Pompano Beach saw notable shifts in August 2024, with both single-family homes and townhouses/condos showing varied performance. Here’s a detailed overview of the key trends.

Single-Family Homes

• Closed Sales: There was a significant 50% increase in August closed sales, from 36 in 2023 to 54 in 2024. However, year-to-date (YTD) sales slightly decreased by 2.3%, with 302 homes sold compared to 309 the previous year.
• Median Sales Price: YTD, the median sales price surged by 15.2%, from $399,250 to $460,000. For August, the increase was more modest at 1%, reaching $485,000.
• Average Sales Price: The average sales price grew 22.7% YTD, climbing from $565,294 to $693,531. August showed a slight decline of 0.4%, from $718,635 to $715,686.
• Dollar Volume: Total sales volume skyrocketed 84% YTD to $37.45 million. In August, however, there was a slight decrease of 2.7%, dropping to $216.1 million.
• Percent of Original List Price Received: Sellers are receiving a lower percentage of their list price compared to last year, with a 5.1% YTD drop to 92.3%.
• Median Time to Contract: Homes are taking significantly longer to sell, with an 87.5% YTD increase in median days to contract, from 32 to 60 days.
• Inventory: Inventory has risen by 49.2%, with a 4.9-month supply, up 58.1% from the previous year.

Townhouses/Condos

• Closed Sales: August closed sales saw a 20.7% increase, rising from 58 in 2023 to 70 in 2024. However, YTD sales dropped 6%, with 711 sales compared to 756 last year.
• Median Sales Price: The median price dropped 7.3% YTD, from $304,000 to $281,923. However, August saw a slight 1.7% increase, reaching $299,999.
• Average Sales Price: The average sales price remained stable, decreasing by just 0.2% YTD. However, August saw a 6.3% increase in average prices, now at $382,391.
• Dollar Volume: Total dollar volume increased by 20.5% YTD, with $26.15 million in sales. For August, the volume remained unchanged compared to last year.
• Percent of Original List Price Received: Sellers received less of their list price in 2024, with a 3.9% drop YTD, from 93.2% to 89.6%.
• Median Time to Contract: Townhouses and condos are also taking longer to sell, with a 56% increase YTD in median time to contract, now 78 days.
• Inventory: The inventory of homes for sale more than doubled YTD, increasing by 109.9%. The months’ supply of inventory rose to 7.6, up 117.1% from 2023.

Market Insights

• Single-Family Homes: Strong sales growth in August and higher prices YTD signal demand, but the increasing time to contract and growing inventory may shift the market toward buyers.
• Townhouses/Condos: August brought higher sales and prices, but YTD data shows a cooling trend, with more inventory and longer selling times.

As Pompano Beach continues to see shifts in market dynamics, buyers and sellers should closely monitor these trends to make informed decisions.

Data Source: BeachesMLS, September 16, 2024​(PompanoBeach).