Pompano Beach Real Estate Market Report – 2020 Update

Pompano Beach Real Estate Market Report

Pompano Beach real estate, with its high-profile beaches and vast stretches of endless ocean, continues to attract buyers and investors alike despite an ongoing pandemic. To put things in perspective, the median price for a single-family home in Pompano Beach is up to over $230,775 up 9.7% from last year. Meanwhile, the median price of Pompano Beach condos for sale is now almost $375,000, up by 7% in 2019.

This indicates great investment opportunities for buyers looking to build a thriving Pompano Beach real estate portfolio. But they’ll have to act soon since Pompano Beach Real Estate prices are climbing month-over-month, a trend that may continue well beyond 2020.

According to Zillow, the value of seasonally adjusted Pompano Beach homes for sale is projected to increase by 7.4% between October 2020 and October 2021. This forecast is very optimistic considering the previous forecast predicted a 4.3% increase in Pompano Beach home prices between September 2019 and October 2020.

Investors looking to invest in Pompano Beach Real Estate should note luxurious real estate properties in Pompano Beach are usually relatively unaffected by global trends. The demand for luxury Pompano Beach Real Estate is attractive to high net-worth clients, which explains why Pompano Beach waterfront condos for sale routinely fetch prices averaging in the 7 and 8 figures. The inventory of luxury homes for sale in Pompano Beach is decreasing rapidly compared to 2019 caused by the influx of residents moving from states like New York and California to call Pompano Beach their new home.
The real estate company Redfin has seen a 3 times increase of searches relating to Pompano Beach Real Estate compared to the same time last year.

It is worth pointing out that Pompano Beach Real Estate sales in 2020 have seen slightly lower sales activity compared to the 2019 primarily due to the low housing inventory in Pompano Beach.

The price increase of Pompano Beach Real Estate is indicative of sharply rising demand, which can be attributed to the pent-up demand for real estate during the March-July period during which a large part of the country was in complete lockdown as well as many out of state people moving to Pompano Beach like mentioned above.

Pompano Beach Real Estate Inventory is Tight
In general, we use supply and demand to evaluate the market, but inventory (supply) is frequently the more telling indicator of the two when it comes to predicting trends in real estate.
When the Pompano Beach Real Estate inventory is high, prices tend to flatten or drop out, and there are more desirable investment opportunities for buyers from all spectrums and budgets. However, when the Pompano Beach Real Estate inventory is low, prices tend to hold or increase as investment opportunities for buyers are fewer and far between.
The latter seems to be our current problem in the Pompano Beach Real Estate market as inventory for single-family homes plummet. Next year, however might be different due to high projected foreclosures as property owners fall behind on their mortgage payments. The higher inventory could keep the market moving forward for both buyers and sellers.

Could the Housing Market Decline in 2021?
Many market pundits believe that the housing forecast for Pompano Beach could decline in 2021. This is because supply in the form of foreclosed homes could overwhelm demand by many folds in 2021. As a result, Pompano Beach Real Estate prices could pivot back to pre-pandemic levels and cool off the otherwise hot Pompano Beach real estate market.

Wrapping Up – Why Pompano Beach is Worth Your Investment in 2020-21
No matter what the trends predict – the real estate market in Pompano Beach has never been more attractive especially to families and retirees moving to Pompano Beach who want to enjoy an endless stretch of beautiful Florida beaches.

In addition, Pompano Beach has several features that make the community a great fit for year-round residents. From local public schools with their academic prowess and technological know-how to large franchise stores such as Bealls Outlet and Home Depot – there is a lot to love.

As long as people love to spend time outdoors and exploring new places, the Pompano Beach real estate market can provide great investment opportunities for buyers and sellers alike. Now could be the best time to explore Pompano Beach waterfront homes for sale.

Are you ready to get your piece of Pompano Beach real estate?
Explore all Pompano Beach waterfront condos for sale with our real estate specialists.

Call or Text a Pompano Beach Realtor at 954-505-6000 or send us an email by filling out the form below.

Please fill out this form and one of our Pompano Beach Realtors will get in touch with you.

    New Listing - 3 days online
    $870,000
    Condo For Sale
    Active
    2
    BEDS
    3
    TOTAL BATHS
    1,650
    SQFT
    1360 S Ocean Blvd #1108
    Pompano Beach, FL 33062
    The Renaissance of Pompano Subdivision
    New Listing - 5 days online
    $799,000
    Condo For Sale
    Active
    2
    BEDS
    2
    TOTAL BATHS
    1,275
    SQFT
    Virginia Kaye #3w
    1187 Hillsboro Mile
    Hillsboro Beach, FL 33062
    New Listing - 6 days online
    $359,900
    Condo For Sale
    Active
    2
    BEDS
    2
    TOTAL BATHS
    1,002
    SQFT
    The Waterbury #905
    1401 N Riverside Drive
    Pompano Beach, FL 33062
    New Listing - a week online
    $279,000
    Condo For Sale
    Active
    2
    BEDS
    2
    TOTAL BATHS
    1,068
    SQFT
    777 S Federal Hwy #N206
    Pompano Beach, FL 33062
    Island Club 4 Condo Subdivision
    New Listing - 2 weeks online
    $2,350,000
    Condo For Sale
    Active
    3
    BEDS
    5
    TOTAL BATHS
    3,562
    SQFT
    Ocean Grande #405
    1063 Hillsboro Mile
    Hillsboro Beach, FL 33062
    New Listing - 2 weeks online
    $429,900
    Condo For Sale
    Active
    2
    BEDS
    2
    TOTAL BATHS
    1,200
    SQFT
    2900 NE 14th Street Causeway #201
    Pompano Beach, FL 33062
    Voyager Condo Subdivision
    New Listing - 2 weeks online
    $785,000
    Condo For Sale
    Active
    3
    BEDS
    3
    TOTAL BATHS
    2,240
    SQFT
    Sea Monarch #1903
    111 N Pompano Beach Boulevard
    Pompano Beach, FL 33062
    New Listing - 2 weeks online
    $1,300,000
    Condo For Sale
    Active
    3
    BEDS
    3
    TOTAL BATHS
    2,120
    SQFT
    1228 Hillsboro Mile #106
    Hillsboro Beach, FL 33062
    Mediterranea Condo Subdivision
    New Listing - 2 weeks online
    $498,900
    Condo For Sale
    Active
    2
    BEDS
    2
    TOTAL BATHS
    1,042
    SQFT
    510 N Ocean Boulevard #410
    Pompano Beach, FL 33062
    Silver Thatch Ocean Club Condo Con Subdivision
    New Listing - 3 weeks online
    $489,000
    Condo For Sale
    Active
    2
    BEDS
    2
    TOTAL BATHS
    1,150
    SQFT
    1238 Hillsboro Mile #406
    Hillsboro Beach, FL 33062
    Port De Mer Condo Subdivision
    New Listing - 3 weeks online
    $250,000
    Co-Op For Sale
    Active
    1
    BED
    1
    TOTAL BATH
    850
    SQFT
    1043 Hillsboro Mile #17D
    Hillsboro Beach, FL 33062
    Hillsboro Mile Ocean Apt Subdivision
    $695,000
    Condo For Sale
    Active
    3
    BEDS
    3
    TOTAL BATHS
    1,700
    SQFT
    111 N Pompano Beach Blvd #507
    Pompano Beach, FL 33062
    Sea Nonarch Subdivision
    $2,800,000
    Condo For Sale
    Active
    3
    BEDS
    4
    TOTAL BATHS
    2,685
    SQFT
    1063 Hillsboro Mile #402
    Hillsboro Beach, FL 33062
    Ocean Grande Beach & Marina Condo Subdivision
    $615,000
    Condo For Sale
    Active
    2
    BEDS
    2
    TOTAL BATHS
    1,450
    SQFT
    111 N Pompano Beach Boulevard #402
    Pompano Beach, FL 33062
    Sea Monarch Condo Subdivision
    $279,900
    Condo For Sale
    Active
    1
    BED
    2
    TOTAL BATHS
    940
    SQFT
    1147 Hillsboro Mile #705
    Hillsboro Beach, FL 33062
    Opal Towers Condo Subdivision
    $720,000
    Condo For Sale
    Active
    2
    BEDS
    2
    TOTAL BATHS
    1,350
    SQFT
    1160 Hillsboro Mile #907
    Hillsboro Beach, FL 33062
    Hillsboro Island House Co Subdivision
    Price Change - 6 days ago
    $379,900
    Condo For Sale
    Active
    2
    BEDS
    2
    TOTAL BATHS
    1,500
    SQFT
    1000 S Ocean Blvd #4H
    Pompano Beach, FL 33062
    Pompano Atlantis Ph 1 Subdivision
    $220,000
    Condo For Sale
    Active
    1
    BED
    2
    TOTAL BATHS
    940
    SQFT
    1147 Hillsboro Mile #503
    Hillsboro Beach, FL 33062
    Opal Towers Condo Subdivision
    $1,250,000
    Condo For Sale
    Active
    3
    BEDS
    3
    TOTAL BATHS
    3,000
    SQFT
    1440 S S. Ocean Boulevard #15-C
    Lauderdale By The Sea, FL 33062
    Corniche Subdivision
    $525,000
    Condo For Sale
    Active
    2
    BEDS
    2
    TOTAL BATHS
    1,290
    SQFT
    328 N Ocean Blvd #1106
    Pompano Beach, FL 33062
    Bermuda House Condo Apts Subdivision