The number of Broward County home sales that pended during November greatly increased compared to the previous year. This a very encouraging sign for the Broward market.
Miami, Florida (PRWEB) December 31, 2011
Compared to the previous month, pended sales The total number of listings – including single-family homes and condominiums - that pended during the month of November in Broward County increased 44 percent, up from 2,265 to 3,254 compared to a year earlier, according to the Broward Council of the 25,600-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems. decreased three percent. Single-family home and condominium sales that pended during the month increased 63 and 25 percent respectively.
Total November cumulative pending home sales – including single-family homes and condominiums - in Broward County were 0.1 percent below what they were a year earlier, down from 7,571 to 7,566, and were down two percent month-over-month from 7,704.
“The number of Broward County home sales that pended during November greatly increased compared to the previous year,” said Terri Bersach, president of the Broward County Board of Governors of the MIAMI Association of REALTORS. “This a very encouraging sign of future market strengthening, which will serve to boost home sale prices.”
Cumulative pending condominium sales in Broward County dropped 3.1 percent from 4,287 in November 2010 and 2.2 percent compared to the previous month. Cumulative pending single-family home sales rose four percent from 3,247 in November 2010 and dropped 1.3 percent compared to the previous month.
“The Broward County real estate market continues to strengthen due to heightened demand from buyers and investors,” said Natascha Tello, president-elect of the Broward County Board of Governors of the MIAMI Association of REALTORS. “Rising pending and closed sales are resulting in reduced housing supply, a sign of a healthy and balanced market.”
Nationally, the Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 7.3 percent to 100.1 in November from 83.3 in October, according to the National Association of Realtors. The index is 5.9 percent higher than the 94.5 index reported in November 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 25,600 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 100 international organizations worldwide. MIAMI’s official website is http://www.miamire.com.