The fact that contract activity continues to expand month-over-month and year-over-year reflects a healthy and balanced marketplace supported by strong demand and diminishing supply.
Miami, Florida (PRWEB) December 01, 2011
The total number of listings – including single-family homes and condominiums - that pended during the month of October in Broward County increased 25 percent, up from 2,633 to 3,356 compared to a year earlier, according to the Broward Council of the 25,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems. Compared to the previous month, pended sales increased seven percent. Single-family home and condominium sales that pended during the month increased 43 and 16 percent respectively.
Total October cumulative pending home sales – including single-family homes and condominiums - in Broward County were 0.7 percent below what they were a year earlier, down from 7,653 to 7,704, and were down 0.1 percent month-over-month from 7,693.
“We continue to see encouraging market performance in Broward County,” said Terri Bersach, president of the Broward County Board of Governors of the MIAMI Association of REALTORS. “The fact that contract activity continues to expand month-over-month and year-over-year reflects a healthy and balanced marketplace supported by strong demand and diminishing supply.”
Cumulative pending condominium sales in Broward County dropped .9 percent from 4,336 in October 2010 and four percent compared to the previous month. Cumulative pending single-family home sales rose three percent from 3,317 in October 2010 and two percent compared to the previous month.
“Pending sales activity in Broward County denotes strengthening future sales,” said Natascha Tello, president-elect of the Broward County Board of Governors of the MIAMI Association of REALTORS. “The local market continues to exceed expectations and outperform the nation as it benefits from the impact of international buyers.”
Nationally, the Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 4.6 percent to 10.4 in October from 84.5 in September, according to the National Association of Realtors. The index is 9.2 percent higher than the 85.5 index reported in October 2010.
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.
MIAMI Association of REALTORS
The MIAMI Association of REALTORS was chartered by the National Association of Realtors in 1920 and is celebrating more than 90 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of four organizations, the Residential Association, the Realtors Commercial Alliance, the Broward County Board of Governors, and the International Council, it represents more than 25,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local association in the National Association of Realtors, and has partnerships with more than 60 international organizations worldwide. MIAMI’s official website is http://www.miamire.com.