October 2024
Lighthouse Point Market Stats
The October 2024 real estate market in Lighthouse Point showcased a mixture of significant shifts and evolving trends in both the single-family home and townhouse/condo segments. Here's a detailed breakdown of the market performance:
Lighthouse Point Single-Family Homes
The market for single-family homes in Lighthouse Point experienced notable changes compared to the same period last year:
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Closed Sales: There were 11 closed sales, a substantial 27% decrease from October 2023, reflecting a slower pace of transactions.
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Median Sales Price: The median sales price was $899,900, a significant 51% drop year-over-year, indicating a possible shift in buyer preferences or market dynamics.
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Active Inventory: Inventory rose to 97 active listings, up 33% from last year, offering more options for potential buyers.
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Months Supply of Inventory: At 8.0 months, the supply of inventory increased from 5.7 months in October 2023, signaling a market leaning towards buyers.
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New Listings: There were 24 new listings, an increase of 26% year-over-year.
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New Pending Sales: Pending sales climbed by 50%, with 9 new pending sales this month.
Lighthouse Point Townhouses and Condos
The townhouse and condo market also demonstrated varied trends:
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Closed Sales: Closed sales dropped sharply by 44%, with only 5 transactions completed in October 2024.
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Median Sales Price: Despite the decline in sales, the median sales price rose to $320,000, an increase of 33%, showing demand for higher-priced units.
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Active Inventory: The number of active listings surged to 68, up 89% from a year ago.
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Months Supply of Inventory: The supply of inventory increased to 7.8 months, compared to 4.5 months last year, further emphasizing a buyer's market.
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New Listings: New listings grew by 38%, with **11 properties hitting the market in October.
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New Pending Sales: Conversely, new pending sales fell by 45%, with only 6 properties under contract this month.
Lighthouse Point's October 2024 market highlights a transition with increasing inventory and fluctuating demand across both segments. While the market tilts towards buyers, rising median prices in the townhouse/condo segment suggest selective interest in higher-value properties. Buyers and sellers should navigate these dynamics carefully to make informed decisions.
