Pompano Beach Real Estate Market Update 2021
What’s the current market trend for the Pompano Beach real estate market in 2021? Despite the pandemic, Pompano Beach properties remain steady – attracting both would-be homeowners and investors. The sandy beaches and scenic stretch of the ocean remain a compelling attraction to buyers who want to own property close to the water.
Real Estate Market Update 2021 – Pompano Beach
Property values of Pompano Beach properties have gone up when compared to 2018 prices. For a single-family home in the area, prices have increased by 9.7 percent or $230,775. Pompano Beach condos, on the other hand, have a median price rise to $375,000 which shows an increase of 7 percent. This translates to an excellent investment opportunity for people who want to enter the real estate market.
Soe luxury Pompano condos include Plaza at Oceanside, Sonata Beach, Aquazul, Europa By The Sea and Hampton Beach Club.
Pompano Beach Prices
Even when seasonally adjusted, the projected value for Pompano Beach homes would continue to increase by as much as 7.4 percent starting from October 2020 all through the same month of 2021. This is a very generous jump from the previous forecast of a 4.3 % increase in prices – especially considering how the previous forecast was made pre-pandemic. The climb is also expected to materialize on a month-per-month basis which means that any interested investors should act fast to avoid paying more than they intend for a Pompano Beach real estate portfolio addition.
Pompano Beach Real Estate – Is the Climb Realistic?
Now, most buyers are questioning the predicted climb in light of the global pandemic which limited travel in many countries. The question is specifically important for investors maintaining Pompano Beach condos specifically for holiday-goers who want to spend a few days in the sun.
The truth is that these Pompano Beach properties are only slightly affected by the situation as the demand for luxury estates continues to hold a steady footing in the market. Clients for this market typically have a high net-worth and therefore continue to rent or hire the use of homes in beautiful locations.
Supply and Demand in Pompano
Online searches for Pompano Beach Real Estate have experienced a rapid increase over the years. Unsurprisingly, the inventory for properties in the area has also decreased, showing that more and more people are deciding to invest in Pompano Beach properties. Would-be homeowners flock from all parts of the country such as New York and California. With the supply running low, therefore, the predictions for higher real estate value have every chance of coming true.
The supply and demand chain of Pompano Beach properties are also strong indicators of prices. Moving forward in 2021, the supply of these properties would experience a sharp incline as people fall back on their periodic payments and foreclosures are underway. On the other end, however, demand would also be up as the extended lockdown eases up and people are more ready to get out and enjoy holidays.
As it stands, Pompano Beach homes for sale are being sold a bit under or exactly on its list price with the typical home selling just 4 percent less of the list price during 2020. Luxury homes however tend to sell for the list price stated. The pending sale time of homes goes anywhere from 32 to 69 days, depending on the quality of the home. Unfortunately, this is significantly more than the average 25 days of a typical house on the market for the year 2020.
Is There Still a Chance of Decline in 2021?
Like all markets, the prediction for value increase is still just a prediction. One factor to be considered would be the delayed impact of the pandemic among current property owners in Pompano Beach. As the job market struggles, many homeowners may encounter problems in the payment of their mortgage – leading to foreclosures. While this creates a buyer’s market – the supply could eventually overwhelm the demand. If this happens, there’s a slight chance that the prices will go back down to pre-pandemic rates as a way to keep the market cooled down.
So What’s the Verdict? Pompano Beach Realty Investment in 2021
At the end of the day, investors have to look into the extended timeline for Pompano Beach properties. Despite the pandemic and the lockdowns, the area remains one of the top destinations for families, friends, and even companies. Whether you’re thinking of flipping the property or holding onto one for rent, there’s every indication that the Pompano Beach properties will bounce back to their original state quickly enough.
Even better, Pompano Beach is more than just a beach property as the area is home to top schools, shops, restaurants, and other social activities. This makes it a good place to settle down for residents who want to be close to the beach the whole year-round. The community also boasts of excellent transportation options with most of the area being bike-friendly.
As long as there are people looking forward to spending their days outdoors – the Pompano Beach real estate property market will enjoy a steady trend for both buyers and sellers.
Contact Ed Cook today for all your real estate needs in Pompano Beach.
