July 15, 2013 – The Numbers Don’t Lie

The Numbers Don’t Lie

The Current Market of Single Family Houses For Sale in Broward and Dade Counties

The Numbers Don’t Lie

Back on May 30, 2013 we wrote a blog regarding three categories of properties and how many were currently on the market. The three categories were Foreclosed, Pre-foreclosure and Not in Distress (houses listed with a Realtor where the homeowner was not in pre-foreclosure). In this blog we are going to revisit the numbers and compare them to just over a month ago. Broward County numbers will be the first set of numbers with Dade County being represented by the numbers in parentheses.

There are a total of 377,767 (379,463) single family houses in the county. Condominiums, townhomes and mobile homes are not included in these figures. There are currently 5,294 (4,743) homes for sale. This is 1.4% (1.2%) of all single family homes. These percentages are similar from when we ran the numbers at the end of May. Broward County’s percentage went down .1% where as Dade County’s percentage remains the same. Now for the breakdown of the 5,294 (4,743) homes currently on the market into our three categories: Foreclosed, Pre-foreclosure and Not in Distress.

Foreclosed Houses

There are currently 12,417 (14,390) foreclosed houses in Broward County (Dade County). Both numbers represented have increased since our last look at our statistics. There has been an increase of 354 (4,104) in Broward (Dade). Out of all these foreclosed properties there are 497 (729) currently for sale. That’s an increase of 48 (261) in each county. Broward’s foreclosures that are for sale has increased by .2% and Dade by .5%.

Pre-foreclosure Houses

Broward’s number of total pre-foreclosure houses has increased 556 to 39,202, whereas Dade’s has decreased 4,020 to 40,335. Did the 4,020 pre-foreclosure houses in Dade become foreclosed? Looking at the numbers in the foreclosed houses section the answer is probable. There was an increase of 4,104 foreclosed houses and a decrease of 4,020 pre-foreclosure houses. These numbers are close enough to make the assumption that the decrease in pre-foreclosure houses is the increase in foreclosed houses. Now as for the number of the pre-foreclosure houses for sale, there are 1,063 (808) in Broward (Dade) County.  Both counties percentages have dropped with Broward dropping .1% and Dade dropping .3%.

Not in Distress

After discussing foreclosed and pre-foreclosure houses, that leaves a total of 326,148 (324,738) houses remaining in the county. There has been a decrease in the number of not in distress houses for sale in Broward of 81. That leaves 3,734 currently on the market. In Dade the number of not in distress houses for sale has increased 23 to 3,206.

So where is the great real estate market turn around the media has been talking about? Looking at the numbers, not in these two counties! In a month and a half we have seen an increase in the number of foreclosures for sale in both counties. We have seen a drop in the number of pre-foreclosure houses for sale; by only 8 in Broward and 215 in Dade. And we have seen a decrease of 81 houses (Broward) and an increase of 23 houses (Dade) that are for sale by non-distressed homeowners. Out of all the numbers of properties for sale in these two counties, Broward’s inventory decreased by only 41 houses and Dade’s inventory increased by 69.

So you have to ask yourself, “What Real Estate Market Turn Around?”

Happy Investing!

Robert Donahue III

Statistics researched and obtained through Reifax.com