The continued increase of closed sales compared to a year ago when market activity was boosted by the first time homebuyer tax credit is very positive for Broward County.
Miami, FL (PRWEB) July 01, 2011
Total current cumulative pending home sales – including single-family homes and condominiums - in Broward County are 4.8 percent above what they were a year ago, up from 8,031 to 8,413, and were down a negligible 1.2 percent month-over-month from 8,513, according to the 24,000-MIAMI Association of REALTORS and the local MLS systems.
Contract Activity in May
The total number of listings – including single-family homes and condominiums - that pended during the month of May in Broward County increased 20 percent, up from 2,735 to 3,275, compared to a year earlier.
“The continued increase of closed sales compared to a year ago when market activity was boosted by the first time homebuyer tax credit is very positive for Broward County,” said Terri Bersach, president of the Broward County Board of Governors of the MIAMI Association of REALTORS. “Closed and pending sales continue to rise causing inventory to decrease, which is indicative of strong demand and a well-balanced market.”
Current cumulative pending sales of single-family homes in Broward County are four percent above what they were a year ago, up from 3,602 to 3,747, and .05 percent, up from 3,745, compared to the previous month. Current cumulative pending condominium sales in Broward are 5.5 percent higher than they were a year ago, up from 4,429 to 4,666, but were down a negligible two percent compared to last month.
“In Broward County, international buyers continue to play a major role in rising sales and market strengthening,” said Natascha Tello, president-elect of the Broward County Board of Governors of the MIAMI Association of REALTORS. “International buyers are taking advantage of currency exchange favorability plus the benefits of the local lifestyle, weather, and cultural connectivity.”
Nationally, the Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 8.2 percent to 88.8 in May from a downwardly revised 82.1 in April, according to the National Association of Realtors. The index is 13.4 percent higher than the 78.3 percent reported in May 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 24,000 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.