Inventory is Stable, Median Prices Mixed
Our condo market has been a bit of a roller coaster ride in recent years. The pandemic brought a slew of new condo buyers to South Florida, decimating our condo inventory. Then two new Florida condo laws were passed that caused some major challenges for older associations. Inventory creeped back up in the past year, but higher interest rates and condo renovations kept buyers on the sidelines. What’s next? Well, interest rates have come down a bit and many buildings are completing their required renovations. We anticipate a return to normal for our condo market in 2025. Here are the facts:
At the start of the busy season in early February, we had 13 months of supply in the oceanfront condo market. We now have just over 10 months supply in NE Broward County. With the exception of the top-heavy Fort Lauderdale Beach market, inventory is close to an equilibrium and only slightly in favor of buyers. If inventory stays in the 10 to 13 month range between now and February, we will consider that a sign that the market is stabilizing again.
Total sales were up only 1.3% over last year, but this is an election year, so it is not unusual for sales volume to be down a bit. We always get some extra buyer demand during the the boat show and then the busy winter season is right around the corner.
Median sale prices for oceanfront condos are mixed across the markets, but overall median sale prices are up 6% since last year in NE Broward County. This is great news for sellers who were concerned about prices coming down due to the new laws and large amount of construction in the marketplace. After the large price increases in 2021 and 2022, the market has corrected and we expect price appreciation to return to normal levels in 2025.
All Northeast Broward County Historical Sales of Oceanfront Condos
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 15.7 months of supply. That is about double last year’s inventory, but down from the peak of 18.3 months in May of this year. Fort Lauderdale Beach is a top-heavy market though, with an abundance of inventory for buyers with deep pockets. However, the lower price ranges are still very competitive.
Median sale prices on Fort Lauderdale Beach are down again to $1,058,000. We believe this is the last of a series of price corrections that began after prices peaked in 2022 at $1,900,000. That peak was due in part to high demand during the pandemic and a large number of closings for new luxury condo buildings. We anticipate a return to normal price appreciation for the Fort Lauderdale Beach condo market.
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Galt Ocean Mile
Galt Ocean Mile has performed very well over the past year with inventory under control and stabilized at just under 10 months of supply. Buildings on the Galt are still in demand as they complete their required repairs and renovations. Sales volume was down only 2% from last year and is likely to pick up significantly this winter.
The median sale price of a condo in Galt Ocean Mile is $691,000 which is up 9.2% over last year. What is interesting about Galt is the median list price right now is $699,000, just $8,000 more than the median sale price. This should keep inventory low since active listings are priced to accommodate recent buyer demand.
Pompano Beach
Oceanfront inventory in Pompano Beach has ticked up since the last report to 10.7 months of supply, which is about average for NE Broward. Sales volume in Pompano is up 2.8% over last year, which is the largest increase in volume of all our markets. Demand is still high for Pompano Beach condos.
The median sale price of an oceanfront condo in Pompano Beach is $595,000. This is the lowest in the area, but up only 1.7% since last year. Despite a large number of renovation projects, deals are still getting done and the market is operating at close to equilibrium. Pompano provides excellent value and is still attracting plenty of value conscious buyers. Pompano is also adding units to its luxury inventory, attracting developers with International brands like Ritz Carlton and Waldorf Astoria.
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 $660,000. Inventory is the lowest in NE Broward at only 6.4 months. This is a seller’s market. The newest condos on the beach in Old Town are Villas-by-the-Sea which are always in high demand. Other popular condos that are currently undergoing improvement projects are Oriana, Hampton Beach Club and Sea Ranch Club.
Browse Lauderdale-by-the-Sea Condos
Hillsboro Beach and Deerfield Beach
With the exception of Fort Lauderdale, inventory in Hillsboro Beach and Deerfield Beach is the highest in the area at 12.4 months of supply. This is a buyer’s market. Sales volume is flat and median sale prices are up a modest 3.5% to $615,000. This is also 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 newcomer to Hillsboro Beach and is currently in pre-sale.
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 in recent years our condo market has held on strong and is poised to make a tremendous comeback in 2025. 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. Fair deals are getting done at 94% of list price. We are anticipating a “back to normal” market in 2025 with inventory at an equilibrium and price appreciation near historical norms. 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.
