Pompano Beach Luxury Market Faces 43-Month Supply Of Condos Listed For Sale

Buyers Purchased Six Pompano Beach Luxury Condos In First Half Of 2017   

DOWNTOWN MIAMI (Oct. 9, 2017) - Nearly 45 luxury condo units are formally listed for sale at a minimum price of at least $1 million in the Pompano Beach market in the South Florida county of Broward, according to a new report from Condo Vultures® Realty LLC.

Based on luxury condo sales of one unit monthly in the first half of 2017, the Pompano Beach market now has about a 43-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 luxury 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 South Florida region.

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

Currently, five Pompano Beach luxury condo units are under contract - or pending - and waiting to transact at an asking price of more than $2.3 million or about $717 per square foot, according to the statistics. 

The average asking price of a Pompano Beach luxury condo currently listed for sale is nearly $1.6 million per unit. This works out to an average asking price of about $591 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 luxury condo was more than $1.3 million or $393 per square foot.

This means the current asking price of a Pompano Beach luxury condo listed for sale is nearly 21 percent higher than the average transaction price achieved on a per-unit basis and about 50 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 this year, the sellers who were able to unload their units needed about 194 days to transact a Pompano Beach luxury condo listed for sale. The current Days-On-The-Market average for Pompano Beach luxury condos listed for sale is about 812, according to the statistics.

The number of Days-On-The-Market for the luxury condo units currently under contract is about 121 in the Pompano Beach area, 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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