The Surprising Reason Homes are Sitting Longer in Pembroke Pines

Cooling Momentum, but Prices Hold Steady

This past week in Pembroke Pines, the market took a slight breather.

New listings outpaced homes going under contract, and homes are lingering a bit longer on the market.

But don’t mistake this for weakness.

Prices remain firm, and demand is still very real, especially in key neighborhoods.

Market Snapshot

• New Homes Listed in last 7 days: 52

• New Homes Under Contract in last 7 days: 35

• Median Days on Market: 51

• Median Price: $475,000

What the numbers mean

• The gap between listings and contracts widened a bit this week (52 listed vs. 35 under contract), signaling a slightly slower pace of absorption possibly due to buyers getting rate fatigue or waiting for summer price cuts

• Median days on market ticked up to 51, a subtle but notable increase and we’ve been hovering in the mid-40s range recently. This means sellers should be mindful: pricing and presentation matter more now than earlier in the year.

• Despite the slowdown, the median price held at $475K, which reflects strong buyer interest in move-in ready and well located homes.

Mortgage Snapshot

Interest Rate: 7.03%

If you wanted to buy a median-priced Pembroke Pines home at $475,000:

Downpayment (5%): $23,750

Estimated Monthly Mortgage Payment (30-year fixed): ~$3,008 (Principal & Interest only)

To give you a real world picture:

On a $475,000 home with a 5% down payment, the estimated principal & interest (P&I) at today’s rate would be about $3,008/month.

It’s a reminder that rates and down payments go hand-in-hand when calculating true affordability.

What this means

• Rates crept just over the 7% mark again, which continues to pressure buyer affordability. Expect some hesitation in the entry level segment.

• For sellers, this might mean fewer bidding wars but qualified buyers are still active, especially for homes that are priced right and show well.

• For buyers, it's a time to negotiate strategically, especially if a property’s been sitting for over 3 weeks.

💡 Affordability Tip:
Even with rates over 7%, a small rate drop can save you hundreds per month. Many lenders now offer rate buydowns or credits. Don’t skip the conversation.

👉 Buyer Tip: Get pre-approved before you shop. Knowing your monthly budget makes it easier to jump when the right home hits the market.

Ready to run the numbers on you ideal home? Schedule a quick call with me here and I’ll connect you with a local lender who can show you exactly what’s possible in today’s market.