Northeast Broward County Waterfront Market Update
Inventory Stabilizes, Prices on the Rise
Northeast Broward County has recently seen a significant stabilization in its waterfront real estate inventory levels. After fluctuating dramatically during the pandemic, the single-family waterfront homes market is now trending back toward normalcy.
Current Inventory Overview
- Current Inventory Level: 11.6 months of supply
- Historical Context: In May 2019, inventory was also at a normal level of 11 months. A surge in demand between 2020 and 2021 led to a drastic reduction to just 3 months of inventory.
This substantial increase in inventory can be attributed to buyer interest returning to a more balanced pace. As the real estate market stabilizes, we anticipate that sales trends will also continue to improve.
Sales Volume and Price Trends
Despite the recovery in inventory levels, sales volume remains below pre-pandemic averages. Current projections estimate around 571 sales by the year’s end, noticeably lower than the normal average of 700 sales witnessed prior to the pandemic.
Pricing Insights:
- Median Sale Price Increase: Up 11.3% compared to the previous year.
- Price per Square Foot: Increased by 7.1%.
- Luxury Market Influence: The uptick in median prices is partially due to increased luxury home sales.
We foresee a return to a more moderate price appreciation rate of 5% to 6% annually in waterfront properties.
Figure 1: Historical sales trends of single-family waterfront homes in Fort Lauderdale.
Market Breakdown by Area
Fort Lauderdale
- Current Inventory: 11.8 months of supply
- Sales Behavior: Sellers are generally flexible, with homes selling for an average of 92% of the list price.
- Price Dynamics: The median sale price has shown a notable increase due to luxury home transactions exceeding $3 million.
Figure 2: A scenic view of Lauderdale Isles, a prime boating community.
Pompano Beach
- Current Inventory: 10.7 months of supply (the lowest in Northeast Broward).
- Market Value: Median list price at $1,700,000; median sale price down to $1,250,000, representing a 16.7% decrease from last year.
Figure 3: Waterfront homes in Cypress Point offer picturesque views of Lake Santa Barbara.
Lighthouse Point
- Current Inventory: Almost 13 months of supply, indicating the highest inventory in the region.
- Price Dynamics: Driven by luxury sales, median prices are on the rise, highlighting the market’s variability.
Figure 4: Lighthouse Point Marina, a hub of marine activity.
Summary
The overall tendency in Northeast Broward County’s waterfront market mirrors the broader real estate trends: normalized inventory levels alongside steady price increases. Although sales volume remains slightly subdued, typical price reductions and an average selling price at 93% of the list price illustrate a healthy environment for buyers and sellers alike.
As interest in waterfront living continues, having access to a local specialist in waterfront properties is essential to successfully navigating this competitive landscape.
For more detailed insights, explore additional resources on waterfront homes in Fort Lauderdale, Pompano Beach, and Lighthouse Point.