Inventory Normal, Median Sale Price Trending Back Up
Northeast Broward County – Single Family Waterfront
In May of 2019, we had exactly 11 months of single family waterfront inventory in Northeast Broward County. This is a normal inventory level for this segment. Beginning in the summer of 2020, people swarmed to South Florida from all over the country to buy our affordable waterfront property. Prices skyrocketed and our inventory was quickly absorbed. By May of 2021, our inventory was reduced to 3 months. This was a direct result of the pandemic. Ever since then our inventory has slowly recovered to our current level of 11.6 months of supply.
Sales volume, on the other hand, has not quite recovered. Sales are trending in the right direction though, and with inventory back to normal, we expect that trend to continue. We are estimating 571 sales by the end of the year, which is still well below our pre-pandemic average of 700 sales.
Sale prices are trending up this year as well. The median sale price of a single family waterfront home in NE Broward is up 11.3% from the same 6 month period last year. Price per square foot is also up 7.1% over last year. This is due in part to an increase in luxury sales over the past 6 months. We still expect waterfront price appreciation to return to normal levels, which is 5% 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 back to normal levels at 11.6 months of supply
Northeast Broward County Waterfront Market Watch Report
Fort Lauderdale
Inventory levels in Fort Lauderdale are also back to normal at 11.8 months of supply. Sales volume has increased over the past 6 months keeping inventory in check. Sellers are still quite negotiable with homes selling for 92% of list price on average.
The median sale price and price per square foot are both up significantly over the last 6 months in Fort Lauderdale. This is mostly due to a higher than normal sales volume of luxury homes over $3,000,000. Much like the broader market, we expect Fort Lauderdale price appreciation to return to normal levels.
Inventory levels in Fort Lauderdale are also back to normal at 11.8 months of supply
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 10.7 months of supply. Median list prices are also the lowest in the area at $1,700,000, 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 $1,250,000. This is down 16.7% from last year when inventory was still extremely low and sale prices peaked around $1,500,000.
The median list price of a single family waterfront home in Pompano is the lowest in the area at $1,700,000.
Pompano Beach Waterfront Market Watch Report
Lighthouse Point
Lighthouse Point has the highest inventory levels in the market with almost 13 months of supply. Much like Fort Lauderdale, the median sale price is up significantly due to a higher 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 more than normal due to a higher number of luxury sales.
Lighthouse Point Waterfront Market Watch Report
Summary
Much like the broader single family markets in Northeast Broward County, the waterfront markets have returned to pre-pandemic inventory levels. Volume is still below normal, but price reductions are more common and deals are getting done at 93% of list price. Just like inventory has normalized, we expect sales volume and price appreciation to also return to normal over the next year.
Buying and selling waterfront property can be tricky business these days. Please make sure you have a local waterfront specialist to assist you.
