Posted on Monday, April 4, 2011
The number of home sales now pending is up in Miami-Dade and Broward counties, according to the Miami Association of Realtors.
Miami-Dade is experiencing the biggest boost, with total pending sales – including single-family homes and condominiums – rising 18 percent, year-over-year in March, to 11,544 from 9,751. Pending sales are up 3.24 percent, month-over-month, the 23,000-member association said.
In Broward County, total pending sales in March have risen 6 percent year-over-year, to 8,665 from 8,173. Pending sales activity is up 3.27 percent compared to February.
An increase in pending sales is an indication of future market conditions. A sale is listed as pending when a contract is signed, but the transaction has not closed.
The final tally for sales under way in February also showed improving market conditions, the association said.
Miami-Dade County saw a 55 percent year-over-year gain in pending condo sales last month, with 2,511 new contracts, compared with 1,617 the year prior.
Sales of single-family homes in Miami-Dade also rose 20 percent, year-over-year, in February, to 1,498 new contracts from to 1,245.
“All market trends indicate continued growth for Miami-Dade County’s real estate market,” said Jack H. Levine, 2011 chairman of the Miami Association of Realtors. “This is very positive for the local real estate market. Increased pending sales reflect the existence of pent-up demand and should result in strengthening home values as distressed housing inventory continues to be absorbed.”
In Broward County, pending condo sales in February rose 16 percent, year-over-year, to 2,056 contracts from 1,628.
Pending sales of single-family homes increased 18.3 percent, to 1,470 contracts from 1,243.
“In Broward County, savvy buyers are taking advantage of record affordability and boosting home sales,” said Terri Bersach, president of the Broward County board of the Miami Association of Realtors. “The fact that pending and closed sales continue to rise is evidence that demand exists for local properties.”
Nationwide, pending home sales increased in February, with notable regional variations, according to the National Association of Realtors. The Pending Home Sales Index, a national forward-looking indicator, rose 2.1 percent between January and February.
South Florida Business Journal