October 2024
Pompano Beach Real Estate Market Stats
The October 2024 real estate market in Pompano Beach showcased a mix of challenges and opportunities for buyers and sellers alike. Single-family homes and townhouses/condos experienced significant shifts in key metrics compared to the previous year, reflecting changing dynamics in inventory, pricing, and demand. Here's a closer look at the data:
Pompano Beach Single-Family Home
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Closed Sales: 45, a 25% decrease compared to October 2023.
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Median Sales Price: $450,000, a modest 3.4% decline year-over-year.
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Active Inventory: 305, a substantial 37% increase compared to last year.
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Months Supply of Inventory: 6.1 months, up from 4.1 months in October 2023, signaling a shift towards a more balanced market.
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New Listings: 85, a 15% drop from the same period last year.
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New Pending Sales: 36, a sharp 37% decline year-over-year.
With a rising inventory and fewer closed and pending sales, buyers may find greater opportunities in Pompano Beach's single-family home market. Meanwhile, sellers face increased competition and may need to price strategically to attract buyers.
Pompano Beach Townhouses and Condos
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Closed Sales: 69, a 20% decrease from October 2023.
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Median Sales Price: $285,000, reflecting a 14% decline year-over-year.
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Active Inventory: 846, a dramatic 72% increase compared to last year.
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Months Supply of Inventory: 8.9 months, up significantly from 4.8 months a year ago, indicating a strong tilt towards a buyer’s market.
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New Listings: 161, a 5.8% decrease compared to October 2023.
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New Pending Sales: 75, down 31% year-over-year.
The townhouse/condo market is feeling the impact of surging inventory and declining demand. With nearly nine months of supply available, buyers have a wealth of options to explore, while sellers may need to adjust expectations and marketing strategies in this competitive environment.
