Inventory Down Slightly, Median Sale Prices Still Trending Up
Northeast Broward County – Single Family Waterfront
After reaching normal pre-pandemic inventory of 11.6 months of supply in May of this year, inventory is currently down to 9.7 months. This is typical market fluctuation and it feels like a normal market again. We expect to see supply increase again in January and February, so it is safe to say that our single family ocean access inventory has found its equilibrium. This is great news for buyers and sellers in this very popular market segment.
Sales volume, on the other hand, is still struggling to recover. Sales are starting to trend in the right direction however, and with inventory back to normal, we expect that trend to continue. We are estimating 548 sales by the end of 2025, which is still well below our pre-pandemic average of 700 annual sales.
Median sale prices are trending up slightly as well. The median sale price of a single family waterfront home over the past 6 months is $1,750,000, which is up 2.9% from last year. Year to date the median sale price is even higher at $1,850,000, due to higher priced sales earlier in the year. Bottom line, it is reasonable to expect that waterfront property will once again return to normal appreciation levels, which is in the range of 4% to 6% annually.
All Northeast Broward County Historical Sales of Ocean Access Single Family Homes
Scroll down for individual waterfront reports for Fort Lauderdale, Pompano Beach and Lighthouse Point
Northeast Broward County has the most plentiful supply of ocean access lots in all of South Florida. They don’t call this the Venice of America for nothing. The majority of our waterfront homes are located in Fort Lauderdale, Pompano Beach and Lighthouse Point.
Inventory levels of single family ocean access homes are slightly below normal at 9.7 months of supply
Northeast Broward County Waterfront Market Watch Report
Fort Lauderdale
Inventory levels in Fort Lauderdale are also close to normal at 11.4 months of supply. Sales volume has increased slightly over the past 6 months keeping inventory in check. Buyers and sellers are negotiating fair deals with homes selling for 94% of list price on average. This normal sale price to list price ratio is another indicator of an equilibrium market.
While the median sale price in Fort Lauderdale is down slightly over the past 6 months, the year to date median sale price is up to $2,315,000. Much like the broader market, we expect this trend to continue, with Fort Lauderdale price appreciation to return to normal levels.
Inventory levels in Fort Lauderdale are back to normal at 11.4 months of supply. Normal price appreciation is expected.
Fort Lauderdale Waterfront Market Watch Report
Pompano Beach
Single family waterfront homes continue to be in high demand in Pompano Beach. The inventory is still the lowest in NE Broward at only 7.9 months of supply. Median list prices are also the lowest in the area at $1,799,500, providing buyers with the best value on the waterfront.
The median sale price of a single family waterfront home in Pompano is also the lowest in the area at $1,275,000. This is down 8.9% from last year when median sale prices peaked close $1,500,000. It is safe to say that Pompano Beach is experiencing a bit of a price correction from last year. With such low inventory, it is likely prices jump back up again this winter season.
The median list price of a single family waterfront home in Pompano is the lowest in the area at $1,799,500.
Pompano Beach Waterfront Market Watch Report
Lighthouse Point
Lighthouse Point also has low inventory with only 8.5 months of supply. Median sale prices are up 23% to $2,790,000 due to a high number of luxury sales. This is a smaller market than neighboring Pompano and Fort Lauderdale, so inventory and median prices tend to fluctuate more.
Median sale prices in Lighthouse Point are up 23% due to a higher number of luxury sales.
Lighthouse Point Waterfront Market Watch Report
Summary
It is safe to say that our waterfront single family market has returned to normal. While we have seen some fluctuation in inventory and median sale prices, this is totally normal and the market is settling nicely into equilibrium. Buyers are finding plenty of inventory to choose from, sellers are still negotiable and homes are selling for 93% of list price on average.
With interest rates down and the winter season right around the corner, we expect sales volume to slowly return to normal as well. It has been a wild 5 years on the waterfront. We are all ready to return to normal.
Buying and selling waterfront property can be tricky business these days. Please make sure you have a local waterfront specialist to assist you.
