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Pompano Beach Market Faces 7-Month Supply Of Condos Listed For Sale
Pompano Beach Market Faces 7-Month Supply Of Condos Listed For Sale
Published on 10/9/2017 11:54:59 AM

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Condo Sellers Ask Nearly 46% Premium For Pompano Beach Units

DOWNTOWN MIAMI (Oct. 9, 2017) - Nearly 450 condo units are formally listed for sale in the Pompano Beach market in the South Florida county of Broward, according to a new report from Condo Vultures® Realty LLC. 

Based on condo sales of nearly 64 units monthly in the first half of 2017, the Pompano Beach market now has about a seven-month supply of units available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach at the end of this year’s Summer Buying Season, according to the report based on data from the Southeast Florida MLS Matrix. 

A balanced market is generally considered to have about six months of supply. More months of condo supply listed for sale suggests a buyer’s advantage and less months typically indicates a seller’s advantage in the market. 

It is worth noting this report only tracks those Pompano Beach condos formally listed for sale. The report does not factor in the nearly 47,275 new condo units currently in the development pipeline east of Interstate 95 in the tricounty region. 

(For the latest South Florida preconstruction condo project pipeline, please visit: CraneSpotters.com.) 

Currently, more than 50 Pompano Beach condo units are under contract and waiting to transact - or pending - at an average asking price of nearly $562,200 each or $323 per square foot, according to the statistics. 

The average asking price of a Pompano Beach condo currently listed for sale is more than $496,300 per unit. This works out to an average asking price of $338 per square foot, according to the data compiled by CondoVulturesRealty.com

In the first six months of 2017, the average transaction price of a Pompano Beach condo was about $340,965 each or about $256 per square foot, according to the statistics. 

This means the current asking price of a Pompano Beach condo listed for sale is nearly 46 percent higher than the average transaction price achieved on a per-unit basis and about 32 percent higher than the average transaction price on a per-square-foot basis between January and June of this year. 

In the first half of 2017, the sellers who were able to unload their units needed at least 107 days to transact a Pompano Beach condo listed for sale. The current Days-On-The-Market average for a Pompano Beach condo listed for sale is about 248, according to the statistics. 

The number of Days-On-The-Market for the Pompano Beach condo units currently under contract - or pending - is about 176, according to the statistics.

CondoVulturesRealty.com is a licensed Florida brokerage that specializes in assisting buyers and tenants in value-oriented condo acquisitions and leases in the tricounty region of Miami-Dade, Broward and Palm Beach.

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