Waterfront Single Family Market Watch – October 2024

Inventory Up Slightly, Median Sale Prices Still Correcting

Northeast Broward County – Single Family Waterfront

Our single family waterfront market is still trying to find its equilibrium. Inventory has increased year over year to 10.7 months of supply in Northeast Broward County. This is up from the 7.4 months we had last October, but down from 11.3 months in February. If our inventory levels stabilize in this range then we can expect a slow return to normal supply. We will be watching inventory carefully this winter.

Total sales were down 10.5% from last year. This is not unusual for an election year, so we are not concerned and we are predicting total sales to end up around the same as last year at 538 waterfront homes sold. We always get an extra bump in volume from the boat show and then the busy winter season is right around the corner.

Median sale prices were down almost 12% from last year. We consider this a further correction from the massive price gains we had during the pandemic. However, price per square foot was up 1.7% to $766/ft. This is due in part to the fact that buyers are purchasing smaller more affordable homes. Much like the broader single family market, we expect waterfront price appreciation to return to normal levels in 2025. Normal appreciation in South Florida is 5% to 6% annually.

All Northeast Broward County Historical Sales of Ocean Access Single Family Homes
Historical Sales Fort Lauderdale Waterfront Homes
Single family waterfront home prices are still correcting after the huge gains in 2021 and 2022

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.

Market watch summary - Fort Lauderdale Waterfront Reports
Summary of ocean access communities in the Fort Lauderdale area

Northeast Broward County Waterfront Market Watch Report

Fort Lauderdale

Inventory levels are quite a bit higher in Fort Lauderdale with 13 months of supply. This is the highest in NE Broward. This is a buyer’s market, especially in the higher price ranges. Sellers in Fort Lauderdale are more negotiable with homes still selling for 93% of list price on average.

The median sale price over the last 6 months in Fort Lauderdale has begun to stabilize and currently sits at $1,995,000. Just like the overall NE Broward market, we expect sale prices in Fort Lauderdale to return to normal appreciation levels in 2025 as long as inventory doesn’t go much higher than the current 13 months of supply.

Bermuda Riviera - Fort Lauderdale
Bermuda Riviera in Fort Lauderdale is a boaters paradise in walking distance to the beach

Inventory levels are quite a bit higher in Fort Lauderdale with 13 months of supply. This is a buyer’s market, especially in the higher price ranges.

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 8.3 months of supply. Median list prices are also the lowest in the area at $1,685,000, providing buyers with the best value on the waterfront.

The median sales price of a single family waterfront home in Pompano is also the lowest in the area at $1,425,000. This is down from the peak of $1,550,000 earlier in the year, but still up 5.6% from the same period last year. Pompano Beach is the only waterfront market where median prices have increased year over year. Price per square foot is also up 12.7% over last year.

Cypress Point Pompano Beach Waterfront Homes
Cypress Point in Pompano Beach offers fantastic views over Lake Santa Barbara

While median sale prices in the rest of NE Broward have declined, Pompano Beach is the only waterfront market where median prices have increased year over year.

Pompano Beach Waterfront Market Watch Report

Lighthouse Point

Lighthouse Point currently has the highest median list price at $4,497,000 and inventory levels just below 10 months of supply. Inventory has almost doubled from last year, but down from a peak of 10.6 months in May.

The median sales price in Lighthouse Point has dropped to $1,880,000, which is down over 18% from last year. However, the price per square foot is the highest in the area at $851/foot. This is a smaller market than neighboring Pompano and Fort Lauderdale, so inventory and median prices tend to fluctuate more.

Lighthouse Point Waterfront Property
The Lighthouse Point Marina is home to the Nauti Dawg Cafe as well as a fuel dock and bait shop.

Lighthouse Point currently has the highest median list price at $4,497,000 and inventory levels just below 10 months of supply.

Lighthouse Point Waterfront Market Watch Report

Summary

Just like the broader single family market in the Fort Lauderdale area, the waterfront market is finding its equilibrium and slowly returning to normal. Inventory levels are technically favoring buyers, but I am still not going to call it a buyer’s market. The lower half of the waterfront market is still highly competitive. On the other hand, buyers with deep pockets are finding excellent deals in the top half of the market.

The bottom line is that prices have adjusted and deals are getting done with the average waterfront home selling for 93% of list price. Don’t expect this trend to continue much longer. We anticipate an increase in activity after the election and the busy winter season is right around the corner.

Buying and selling waterfront property can be tricky business these days. Please make sure you have a local waterfront specialist to assist you.

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