Inventory Down, Median Sale Prices Flat
Market Area: Northeast Broward County Oceanfront Condos: Includes oceanfront condos in Fort Lauderdale, Lauderdale-by-the-Sea, Pompano Beach, Hillsboro Beach and Deerfield Beach.
Welcome to a normal condo market. Oceanfront condo inventory peaked at about 16 months last Spring, and has slowly been absorbed to our current level of 11.2 months of supply. While 11 months of supply may seem like a lot, it is actually an equilibrium in our market.
Median prices seem to have stabilized as well. This is good news for condo owners, and a sign to condo buyers that prices may have bottomed out. Look for a bit more inventory on the market by January/February and continued flat prices until the winter season demand kicks in. Buyers will have plenty of inventory to choose from, but we expect condo prices to go back up fairly soon.
Why the sudden rebound in the condo market? Lower mortgage interest rates have certainly been a factor. We are also seeing more condo buildings get in compliance with the new Florida condo laws. Buyers are getting comfortable buying older condos again and there is very little new condo inventory coming on the market.
Total condo sales were down only 3.4% from last year with 313 condos sold on the beach over the last 6 months. We are estimating about 634 closed sales by the end of 2025. This is still below pre-pandemic volume of about 700 sales, but it won’t take much for our condo market to return to normal sales volume.
All Northeast Broward County Historical Sales of Oceanfront Condos
Summary of Oceanfront Condo Markets in NE Broward County, Florida
Northeast Broward County has a large number of oceanfront condo buildings located in the communities of Fort Lauderdale, Lauderdale-by-the-Sea, Pompano Beach, Deerfield Beach and Hillsboro Beach.
Fort Lauderdale
Fort Lauderdale Beach’s inventory has come down significantly since last spring, but we still have almost 16 months of supply. Despite the excess inventory in the market, the median price of a Fort Lauderdale Beach condo is up over 12% to $1,250,000. Developers continue to build new condominium projects in Fort Lauderdale, including the St. Regis Bahia Mar, Andare, and Selene on Fort Lauderdale Beach which is fully operational with units ready for immediate occupancy.
Browse Fort Lauderdale Beach Condos
Galt Ocean Mile
Sales volume in Galt Ocean Mile is down a bit from last year, but inventory is about average with 10.3 months of supply. Median sale prices are down almost 9% to $640,000 with buyers absorbing the lower priced units on The Galt. With the exception of L’Hermitage and L’Ambiance, all the buildings on Galt Mile are over 45 years old, but many of them are attractive to buyers as they get in compliance with new Florida condo laws.
Pompano Beach
The oceanfront condo market in Pompano Beach has performed well in recent years, but inventory is now a little higher than average at 12.6 months of supply. Median sale prices are flat and and condos are selling at 95% of list price, so buyers are still finding some good deals in Pompano Beach. As more condo buildings in Pompano complete their re-certifications we expect prices to come back up soon. New construction is booming in Pompano Beach. New projects include The Ritz Carlton, Salato, Ocean 580, Waldorf Astoria and The W Residences.
Lauderdale-by-the-Sea
Lauderdale-by-the-Sea is a smaller condo market compared to Fort Lauderdale and Pompano Beach, so it tends to have more fluctuation in supply and median sale prices. The median sale price of an oceanfront condo in Lauderdale-by-the-Sea is currently $667,500 which is down only 2.6% from the same period last year. However, year over year prices are flattening and inventory is the lowest in NE Broward at only 6.5 months. This is a seller’s market and we should expect prices to increase in the coming year. The newest and most popular condos on the beach in Old Town are Villas-by-the-Sea and Oriana. Other popular condos currently undergoing renovations include Hampton Beach Club and Sea Ranch Club.
Browse Lauderdale-by-the-Sea Condos
Hillsboro Beach and Deerfield Beach
Inventory in Hillsboro Beach and Deerfield Beach is the highest in the area at 16.1 months of supply. Sales volume and median prices are down 9.4% and 11.4% respectively, but that should not be concerning for buyers or sellers. This is a smaller market with more fluctuations in median sale prices and inventory. With the exception of some newer buildings like Ocean Grande, Orchid Beach and Ocean Plaza, most of the buildings on this stretch were built prior to 1980 and there are plenty of renovations going on. Rosewood Residences is the luxury condo newcomer to Hillsboro Beach.
Browse Hillsboro Beach Condos | Browse Deerfield Beach Condos
View All Oceanfront Condo Market Watch Reports
- All Northeast Broward County
- Fort Lauderdale Beach (excluding Galt Ocean Mile)
- Galt Ocean Mile
- Lauderdale-by-the-Sea
- Pompano Beach
- Hillsboro Beach / Deerfield Beach
Summary
Despite the challenges with new condos laws and lower median sale prices in recent months, our condo market is already staring to rebound. Many of our older buildings seem new again and developers continue to build new and exciting projects. The selection of condos for buyers is excellent. Most sellers still have plenty of equity and they are negotiating fair deals with qualified buyers. Condos are selling at 94% of list price. Whether you are buying or selling, make sure you have an agent on your side who can help you negotiate the best deal.
Northeast Broward County has a plentiful supply of oceanfront condos. Our barrier island condo markets include Fort Lauderdale Beach, Galt Ocean Mile, Lauderdale-by-the-Sea, Pompano Beach, Hillsboro Beach and Deerfield Beach.
Buying and selling waterfront condos can be tricky business these days. Please make sure you have a local waterfront specialist to assist you.
