Fort Lauderdale’s Condo Inventory Down, Median Prices Flat
At the start of the season in early February, we had 13 months of supply in the oceanfront condo market. We now have just over 8 months of supply after a relatively busy winter and spring buying season. With the exception of the top-heavy Fort Lauderdale Beach market, inventory is at a virtual equilibrium in Northeast Broward County. It is neither a buyer’s or seller’s market.
Median sale prices are pretty flat in our oceanfront condo market. While some communities have seen sale prices increase over the past year, others have experienced price decreases. On average in Northeast Broward median sale prices are up 1.4%. This is pretty good news considering the challenges in the condo market right now. It is also a testament to the strength of our underlying real estate market.
Also available: Single Family Waterfront Report
Fort Lauderdale
Fort Lauderdale has more condo inventory than the other markets to the north with 15.3 months of supply. This is almost double the supply from last year, but down from its peak this year of 18.3 months. This is a top-heavy market with plenty of inventory for buyers with deep pockets.
Median sale prices on Fort Lauderdale Beach are down again at $1,070,000. This is a part of a continued price correction that has evolved over the past couple of years after prices peaked in 2022 at $1,900,000. That peak was due to high demand during the pandemic and a large number of closings for new luxury condo buildings. We anticipate prices in Fort Lauderdale Beach will also flatten like the broader oceanfront market.
Galt Ocean Mile
Like most of the area, Galt Mile has about double the inventory of last year. However, at only 8.1 months of supply, this market is just about at equilibrium. List prices are down from last year and the inventory is more attractive as more buildings work towards completing their necessary renovations.
The median sale price of a condo in Galt Ocean Mile is $700,000. This is exactly where it was one year ago. Given the low inventory and attractive prices we expect Galt Mile to return to normal market appreciation over the next year.
Pompano Beach
Pompano Beach is still our top performer in the local condo market with only 7 months of supply and median sale price at $590,00. This is the lowest median sale price in the area and up about 3% since last year. Despite a large number of renovation projects, deals are still getting done and the market is operating at a nice 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 a condo in Lauderdale-by-the-Sea is currently $642,450. Inventory is the lowest in NE Broward at only 4.7 months. 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.
Hillsboro Beach and Deerfield Beach
Inventory in Hillsboro Beach and Deerfield Beach is almost 4 times where it was this time last year. For now, it seems to have stabilized at 9.3 months of supply. Median sale prices are up over 17% over last year at $605,000. 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 with construction set begin this summer.
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
Over the past two years we have experienced some major changes in our condo market. Two years ago we had just 2 months of supply in the Fort Lauderdale area. Inventory increased quickly, but the the buyer demand has kept up, at least for now. With prices stabilized and inventory at a virtual equilibrium, it almost seems like a normal market again. List prices are more reasonable and deals are getting closed at 95% of list price. 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.
