In Broward County strong home sales are yielding limited housing supply, reflecting a strong and balanced marketplace.
Miami, Florida (PRWEB) January 26, 2012
The total number of listings – including single-family homes and condominiums - that pended during the month of December in Broward County increased 26 percent, up from 2,391 to 3,018 compared to a year earlier, according to the Broward Council of the 26,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems. Single-family home and condominium sales that pended during the month increased 46 and 13 percent respectively.
Total December cumulative pending home sales – including single-family homes and condominiums - in Broward County were four percent above December 2010, up from 7,770 to 7,883, and two percent month-over-month from 7,566.
“In Broward County strong home sales are yielding limited housing supply, reflecting a strong and balanced marketplace,” said Rick Burch, president of the Broward Council of the MIAMI Association of REALTORS. “The fact that we are still seeing pending home sales rise over a year ago indicates future closed transactions should also increase.”
Cumulative pending condominium sales in Broward County increased 5.2 percent, up from 4,472 in December 2010 and dropped two percent compared to the previous month. Cumulative pending single-family home sales rose 5.4 percent from 3,298 in December 2010 and 3.1 percent compared to the previous month.
“Rising pending sales is very encouraging for the Broward County real estate market,” said Ernesto Vega, president-elect of the Broward Council of the MIAMI Association of REALTORS. “With just over five months of housing supply, rising closed transactions will help home prices continue to strengthen faster than expected.”
Nationally, the Pending Home Sales Index, a forward-looking indicator based on contract signings, declined 3.5 percent to 96.6 in December from 100.1 in November, according to the National Association of Realtors. The index is 5.6 percent higher than the 91.5 index reported in December 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 26,000 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 100 international organizations worldwide. MIAMI’s official website is http://www.miamire.com.