Latest Monthly Real Estate Report for Broward, Miami-Dade, and Palm Beach

The reports reveal the same pattern for years now. Sales prices and the number of closed sales are stable but inventory continues to rise.

If we know anything about life, we know change is guaranteed. The main questions are how will our market change, and when? I’m not in the fortune telling business but it seems rather obvious—at least some segment of the market is due for significant change.

I’d like to dive a bit deeper this month into something that’s been weighing on me for a while. It’s the same thing that weighed on me and many real estate experts just before the foreclosure crisis—affordability.

Broward.org “Quick Facts” indicates the median Broward County household income is $74,534. Assuming a 35% housing debt-to-income ratio, the median household can spend $2,173.91 per month on housing-related debt. Assuming about $1,500 of that is for principal and interest, and assuming the current prime rate of 7.5%, the median Broward County family can afford to finance a principal balance of $214,526 over thirty years. Yet there are a grand total of four detached single-family homes available for sale in Broward for less than $215,000. And there are 2,231 available condos and townhouses listed in that same price range. The latest reports show that the median sales price for Broward single-family homes is $640,000, while the median sales price for condos and townhouses is $272,000.

Here are the reports:

Due to listing data being uploaded sometimes weeks after a transaction closes, these reports are often released a few weeks behind. The delay is required to make sure the reports are as accurate as possible.

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