Inventory Up, Median Sale Prices Down
It sounds like Economics 101. When inventory increases to a certain level in any market, buyers have more options and prices come down. 2 years ago we had less than 6 months of oceanfront condo inventory in Northeast Broward County. We now have 13 months of supply and arguably a strong buyer’s market. There are multiple reasons for the increase in supply, most notably two new Florida condo laws were passed that caused some major challenges for older associations. Affordability has taken a toll as well with higher interest rates and insurance premiums both adding to the cost of owning a condo.
What’s next? Interest rates have stabilized below 7% and we are hearing about lower insurance premiums for condos that have completed their re-certifications. The stock market has rebounded nicely and depending on how the tariffs shake out, we could see an increase in demand and a quick return to normal for our condo market. Bottom line, its a great time to buy a condo in South Florida.
Total condo sales were down 4.4% from last year with only 307 condos sold on the beach over the last 6 months. We are estimating about 650 closed sales by the end of 2025. This is only about 10% below pre-pandemic levels, so it won’t take much for our condo market to return to normal sales volume.
With the exception of Fort Lauderdale Beach, median sale prices are down 9% in Northeast Broward County from last year. List price reductions are common and oceanfront condos are selling for 93% of list price on average. Again, this is a buyer’s market, at least for now. If interest rates come down a bit more and if more tariff deals come together, then watch for a quick spike in buyer demand and a return to an equilibrium market.
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 has the most inventory in NE Broward and is a strong buyer’s market with over 20 months of supply. This is historically high inventory driven by very low sales volume over the past 6 months. Despite the increase in supply, median sale prices in Fort Lauderdale are up 4.2% to $1,250,000. Developers continue to build new condominium projects in Fort Lauderdale, including St. Regis Bahia Mar and Selene on Fort Lauderdale Beach which is scheduled to be completed this summer.
Browse Fort Lauderdale Beach Condos
Galt Ocean Mile
Sales volume in Galt Ocean Mile is about the same as last year, but inventory is still up to almost 14 months of supply. This is also a buyer’s market and it is reflected in the median sale prices which are down a whopping 14.3% to $600,000. With the exception of L’Hermitage and L’Ambiance, all the buildings on Galt Mile are over 45 years old and many are still undergoing renovations. Prices should level off again as these older buildings catch up with the new condo laws.
Pompano Beach
The oceanfront condo market in Pompano Beach has performed well in recent years, but inventory is now at its highest level since before the pandemic. Condos are selling for 93% of list price on average, with median sale prices down 7.8% to $580,000. 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, 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 $577,000 which is down 5.4% from the same period last year. However, inventory is the lowest in NE Broward at only 7.7 months, which is technically an equilibrium market. This is a seller’s market. 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 about average for the area at 12.8 months of supply. Sales volume is up over 21%, but median sale prices are still down 1.7% to $585,000. 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 has held on strong and is poised to make a tremendous comeback. Older buildings seem new again and developers continue to build new and exciting projects. The selection of condos for buyers is excellent and most sellers have managed to build and maintain excellent equity in their units. Buyers and sellers are negotiating deals at 93% 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.
