Pompano Beach Real Estate Market Update for December 2022
Searching for your dream house? If you are dreaming of a property near the beaches, Pompano Beach, FL is the perfect place for you. The real estate market of Pompano Beach is known for its pristine beaches, marinas, offshore coral reef, and dive sites.
Get to know more about this exciting and beautiful city and learn about the current real estate trends below.
About Pompano Beach
Pompano Beach is located along the Atlantic Ocean just north of Fort Lauderdale. It is an evolving city in Broward County, Florida. It is named after the Florida Pompano which is a choice food fish found on the Atlantic coast. The earliest settlers can be traced back to the 1880s but the first documented occupants in the Pompano area were Frank Sheen’s and George Butler’s families. They arrived in 1896 as railway workers. During the Florida land growth in the 1920s, Pompano Beach which is then a municipality experienced significant growth.
After World War II, the population grew significantly and the municipality of Pompano became a city. Today, Pompano Beach has a population of 115,706 according to the World Population Review.
Factors To Consider When Planning To Live in Pompano Beach
Moving to Pompano Beach may be a great choice for people who want a warmer climate. But before moving or settling down to any new place, there are some important things to consider before making any major decision. Here are some of the things you should know about Pompano Beach to help you contemplate if this place will suit your chosen lifestyle.
Pompano Beach Vibe
Not all people want to live near the ocean. But if you are one of those people who dream of living in a tropical island vibe in the city, then Pompano Beach should be on your top list. Pompano Beach offers a relaxed and quiet vibe far different from other bustling and crowded cities. The way of life here is centered around beach time, community events, or outdoor activities.
Pompano Beach Climate
Pompano Beach has a tropical climate and the weather is consistent almost all year long. Summertime in Pompano Beach is very humid so make sure you are always ready to protect your skin from the sun. Afternoon thunderstorms are to be expected so make sure you always have an umbrella handy with you. The average temperature is around 80 to 90°F and drops down to around 75 degrees during winter. Also, be ready for hurricane season which falls mostly between September and October.
Pompano Beach Schools
One of the first things that you should look for when you want to relocate is the quality of the schools. Pompano Beach has many great schools. It has 18 public district schools, 4 public charters, and 110 private schools.
Pompano Beach Employment
Getting to a new city means you need to have targeted employment or a source of income. You would want a city that offers a lot of job opportunities. Pompano Beach has many construction job opportunities because of its growing real estate market. There are also many different industries such as tourism, information technology, and financial services.
Pompano Beach, FL Market Trends & Statistics for December 2022
- The current median price of Pompano Beach homes is $315,000. Slightly lower than the previous month which was $350,000.
- Around 975 are active home listings while there are 46 new houses for sale.
- The total number of homes sold in Pompano Beach Florida last month was 1,060.
- The houses in Pompano Beach, FL sell after 683 days on the market. The average last year was after 504 days.
Pompano Beach Market Trends (Single-Family Homes)
Median List Price – $385,000
Median $/Sqft – $300/Sqft
Homes For Sale – 320
Median Home Size Sqft – 1,413
Median Days on Market – 7,266
Pompano Beach Market Trends (Condos or Townhouses)
Median List Price – $278,500
Median $/Sqft – $242/Sqft
Homes For Sale – 740
Median Home Size Sqft – 1,123
Median Days on Market – 685
The data shown above is from Movoto statistics and should only be used for informational purposes.
South Florida’s 2023 Market Forecast
South Florida’s real estate market has experienced a slowdown in 2022 but what can home buyers and sellers expect in 2023?
Real estate experts believe that home prices in South Florida will remain high and the growth will be slower because the market is still trying to brace after its pandemic significant sales growth.
The real estate demand in South Florida is coming from new residents and business relocations from cities with the highest tax rates such as New York. The increasing home prices may be a piece of bad news for homeowners but it is really good news for rental property investors.
Inventory levels are also expected to increase in 2023 which gives buyers more options in what they can choose. Mortgage rates are predicted to increase if the inflation rate remains unmanageable.
Pompano Beach has a lot of exciting things to offer. Aside from its tropical climate, this evolving city has been a very popular choice for most home buyers for its other factors such as job opportunities, good schools, and overall vibe.
The real estate market status of Pompano Beach is still one of the most unwavering housing markets in the United States. With many people eyeing to relocate to this beautiful city, the Pompano Beach real estate market will continue to be resilient and stable despite the unpredictable economic situation. Overall, the market trend is still favorable for both home buyers and sellers.
Speak to an Expert
Buying or selling a house in Pompano Beach is a great decision to make. If you are new to the real estate scene, speaking to an expert is your best option. Ed Cook has been in the real estate industry for many years and is an expert in luxury real estate in Pompano Beach, Florida.