Miami Real Estate Sales Up 46 Percent in 7 Months
Pending home sales increased 4.5 percent in just one month, from 7,944 in September 2009 to 8,304 in October 2009 in Miami-Dade County as more buyers continue to take advantage of record-setting affordability conditions, the first-time home buyer tax credit, and a wide selection of properties to choose from according to the Realtor Association of Greater Miami and the Beaches (RAMB) and the Southeast Florida Multiple Listing Service. This coupled with the number of closed sales increasing each of the last 14 months is indicative of a stabilizing market.
Pending sales of single-family homes in Miami-Dade County rose 4 percent in October 2009 from the previous month, from 3,722 to 3,919. Pending sales of condominiums performed better than that of single-family homes in October, rising 5.1 percent from 4,172 to 4,385.
Miami-Dade Pending Sales Jump 40 Percent in Six Months
In the last seven months in Miami-Dade, pending sales of single-family homes rose a 33.3 percent, while pending sales of condominiums increased 60.1 percent. The total number of pending sales increased a significant 46.2 percent from March 2009 to October 2009.
"Pending home sales have increased substantially in South Florida over the last seven months," said Rick Burch, RAMB Chairman of the Board. "Pending sales are a strong indication of future sales and, in the current market, point to the stabilization of the local market."
Broward County Pending Sales
In Broward County pending home sales increased 0.9 percent, from 7,204 to 7,266 in October 2009. Pending sales of single-family homes fell 1.2 percent in October 2009 from the previous month, from 3,458 to 3,418. Pending sales of condominiums in Broward County rose 2.7 percent from 3,746 to 3,848.
In the last Seven months Broward pending sales of single-family homes rose 35.2 percent, while pending sales of condominiums increased 67.7 percent. The total number of pending sales increased 50.7 percent from March 2009 to October 2009.
A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing. Increased pending sales are an indication of increased future sales, and in the current market, are signs that the South Florida market is stabilizing.
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