Values: Market Report Series | Condos & Townhouses | Greater Fort Lauderdale

KEY TAKEAWAYS

Greater Fort Lauderdale

Harbor Beach to Lighthouse Point

$1M+ Condos & Townhouses
December, Q4 and 2024

Hi there, Friends,

This is Jennie Frank Kapoor with Tropical Phoenix Homes. Welcome to, Key Takeaways, a quick monthly highlight as a part of my Values market report series. As we enjoy the South Florida Winter, we take a macro level view of the $1M+ Greater Fort Lauderdale luxury condo and townhouse market from “harbor to lighthouse” and everything in-between.

This is a special edition where we discuss December, Q4 and Year-End of 2024.

What are the trends? What does the data say? Where are the latest opportunities? And is the market hot or not? Read the report below or watch the video.

1 CLOSED SALES

Key Takeaways:

• There were 31 luxury closed sales in December and 354 in all of 2024; down from 405 in 2023 (-14.4% YoY). 
• As predicted, we have seen an uptick in most of the subject markets towards the end of the year (post-election and into South Florida winter transaction season). 
• While there were peaks and valleys, sales were relatively and seasonally consistent throughout the year.
• The area is booming with new luxury construction, which is for another Opportunities series episode, but you can't ignore the effects this is having on the market today. That said, it's an exciting time to be beachside in Greater Fort Lauderdale with new arrivals of lifestyle enhancing amenities seemingly opening every month.

2 CLOSED DOLLAR VOLUME

Key Takeaways:

• Continuing a recent upward trend, luxury closed dollar volume hit $60.5M in December, similar to a year ago, and one of the top four best months for the year.
• The area saw $662.5M of luxury transactions in 2024 for this property type following a strong Q4, but is down from $759.7M in 2023 (-14.7% YoY), highlighting the softness we saw for most of 2024.

3 MEDIAN SALES PRICE

Key Takeaways:

• The December luxury median sales price for the area ranged from $1.87M in Fort Lauderdale to $1.37M in Pompano Beach.
• For 2024, Pompano Beach led the way with a median of $1.9M and the subject area blended to $1.66M.
• Top line prices were generally higher the further north you go, mainly due to average unit sizes and properties on the sand.

4 MEDIAN TIME TO SALE

Key Takeaways:

• The median time to sale for this luxury property type blended to 121 days in December and 98 days on the year (2024).
• Hillsboro Beach and Lauderdale-by-the-Sea saw the quickest closings (both under 90 days) with Pompano Beach taking the longest (130 days).

5 NEW PENDINGS

Key Takeaways:

• There were 18 new luxury contracts reported throughout the area so far in December, continuing a recent trend downwards in deal activity, but a solid 397 within 2024.
• (This number tends to get revised the further we get into the new month, so expect to see an adjustment.)

6 ACTIVES

Key Takeaways:

• Active luxury inventory hit 484 in December, up from 390 a year ago (+24.1% YoY).
• Each of our four subject markets saw YoY growth in active inventory, which is consistent throughout South Florida after years of reluctant / hesitant sellers.
• Along with the high amounts of new projects that have launched in Greater Fort Lauderdale, we haven't seen this level of competition for buyer dollars in some time.

7 NEW LISTINGS

Key Takeaways:

• Luxury new listings hit 88 in December, compared to 77 a year ago (+14.3% YoY), and there were 913 for the year (2024).
• Inventory has been climbing steadily in the area since the summer, which is consistent with the rise in other local markets for this property type.
• Once again, and this is for another episode on new construction Opportunities, but in late 2024 we saw a flurry of newly launched luxury projects -- adding to the true inventory that's in the market.

8 MONTHS SUPPLY

Key Takeaways:

• Luxury inventory has been steadily trending up to a blend of 15.8 of December months supply.
• 2024 was led by the largest supply of 20.85 in Hillsboro Beach and the smallest supply of 12.75 in Lauderdale-by-the-Sea.
• All of our subject markets within the Greater Fort Lauderdale area are in the double digits for this metric. When adding the inventory of new construction units also available, months supply of this luxury property type is even higher.

9 BUYERS VS SELLERS OR NEUTRAL

With all of this in mind, I would consider us to be within a strong Buyer’s market for luxury condos and townhouses. This is a wonderful time to be a selective buyer in Greater Fort Lauderdale – with deals to be had, especially from motivated sellers who need to transact or developers who need to make deals to hit necessary milestones.

Obviously, this is case-by-case, but I would urge seller’s to be realistic about pricing or to be prepared to sit on the market with a willingness to make pricing adjustments in order to get deals done. Buyers have plenty of options right now, so don’t waste a good offer if you get one.

10 NOTABLE SALES

The two highest priced Greater Fort Lauderdale luxury condo and townhouse sales in December were:

1. Waterfront:
   1. 3100 N Ocean Blvd #2810, a beautiful condo within the oceanfront L'Hermitage, selling for $5.65M ($1,220 / SF).
2. Inland:
   1. 222 15th Ave, an awesome townhouse within The Island Enclave, selling for $1.656M ($507.66).

11 NOTABLE LISTINGS

Two Notable December luxury listings that are opportunities that I’d love to discuss further with you include:

1. Waterfront:
   1. 246 Garden Ct #246, which is a beautiful three level-townhouse with a rooftop and an available boat slip in charming Lauderdale-by-the-Sea. Asking $1.949M ($796 / SF), which I believe offers incredible value given the waterfront access, available dock, and other amenities.
   2. Listing by Cindy Leventhal, Compass.
2. Inland:
   1. 3040 N Ocean Blvd #N106, within 30-Thirty, a boutique condominium with double height units located in the exceptionally located Lauderdale Beach neighborhood. Asking $1.975M ($856 / SF), which once again, represents great value for a recent construction build with amenities and easy beach access.
   2. Listing by Heather Parnass, Adache Real Estate.

12 HOT OR NOT

So where is the Greater Fort Lauderdale luxury condo and townhouse market heading leaving December? And is the market Hot or Not?

Jennie says it’s – cool – but picking up, and there are some reasons for optimism following a strong Q4 and as we head into early 2025 Winter sales season. This really is a tale of two markets, where newer properties are doing better than older inventory.

Once again, more and more deals are happening, but it’s still a great time to be a selective buyer here in Greater Fort Lauderdale for this property type. With so many options, strong terms, especially if all cash, can help secure a great price in a strong buyer’s market.

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And those are my Key Takeaways for the Greater Fort Lauderdale $1M+ luxury condo and townhouse market – from harbor to lighthouse – December 2024.

Are you interested in more analysis around South Florida? Schedule an appointment with me or visit my Values market reports and other series on my blog and podcast channels.

DISCLAIMERS AND NOTICES

1. Data relied on within this blog and market report are from i) BeachesMLS and ii) MIAMI Association of REALTORS as of the date of this blog. This data is not verified for authenticity or accuracy and may not reflect all real estate activity in the market. Based on information © 2025 BeachesMLS, Inc.
2. This blog and market report are not to be considered investment advice nor a solicitation for investment.
3. Purchasing or selling real estate is an important financial decision. Make your own buying, selling, or investment decision based on your own analysis and due diligence, along with the consultation of your own professional advisors.
4. The content of this blog and market report is for information and educational purposes only. Any commentary is solely the professional opinion of Jennie Frank Kapoor and/or Tropical Phoenix Homes and does not reflect the opinion of Engel & Völkers, any MLS, Florida Realtors, nor any other group. Errors and typos are possible, and you should verify all information before taking any actions.
5. Copyright © 2025 of all original photos and content within this blog and market report, which are the property of Engel & Völkers, Jennie Frank Kapoor, Florida Realtors, and/or Tropical Phoenix Homes (“IP Holders”). No photos or content may be utilized or reproduced without the prior written consent of the IP Holders.