Pompano Beach is one of the cities that are reporting huge gains in their real estate statistics. Unlike many other parts of the country, investing in property on this side of the world is a great idea due to the high appreciation. At the moment, there just seems to be no stopping this growth.
While sales may be a bit lower than expected, an increase of 11% (or $20,000) has been recorded. While all types of properties have been increasing over the past months, there is tremendous growth on 1-bedroom properties, which have seen a 22.3% of sales growth. While this is still lower than the statistics in previous quarters, this is still a huge jump from last year, beating even the statistics of other bigger cities in the country.
Pompano Beach Units and Homes Are In Strong Demand
This is great news for sellers and developers. As the properties and the neighborhood expand and the demand rises, they stand to gain a lot of money in their investments. For example, single-family homes were worth $195,000 one year ago, and they are now worth $225,000. If there was ever a time to buy, this might be it, as the property might continue its upward trend.
This can be attributed to some factors. For example, the higher home values can be the result of a higher demand for home warranties, normally purchased by single families. Second, there is a lot of interest in high-end condos and single-family homes.
This growth can also be seen in other types of homes. 3 and 4 bedroom apartments have both reported a growth of more than 10%, at 11.5% and 13.9% accordingly. Only 2-bedroom properties have recorded less than 10% growth. Sales seem to be going on an upward slope and the year is still set to be a fantastic year for real estate in Pompano Beach.
The growth of property values have also made purchasing more attractive than renting, and the decrease in median value of properties in Pompano Beach can be easily seen, going below $2000 for the first time since reaching the peak from Jan to March 2017.
The real estate market in Pompano Beach is certainly a bright spot, with values increasing at a phenomenal rate. The current construction boom is still enough to provide enough inventory to meet demand but not too much that there is an oversupply and therefore, pulling prices down.
Of course, there are many attractive things about Pompano Beach that make it very attractive to buyers. First of all, the weather is perfect all year round. This contributes to the interest of buyers in the area. Who would not want to buy property where the sun is shining every day for 365 days? Second, the high appreciation of properties assures investors that they can get a lot of money back even if they resell just a few months or years later. Homeowners stand to gain because of this property boom, so those who are contemplating purchasing in Pompano Beach should do it now before the prices go up too much.