Despite a sharp decline in Broward County existing housing inventory over the last year, we continue to see strong sales activity.
Miami, Florida (PRWEB) February 28, 2012
The total number of listings – including single-family homes and condominiums - that pended during the month of January in Broward County increased 32 percent, up from 2,852 to 3,779 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. In further detail, single-family home and condominium sales that pended during the month increased 50.4 and 20.5 percent respectively.
“Despite a sharp decline in Broward County existing housing inventory over the last year, we continue to see strong sales activity,” said Rick Burch, president of the Broward Council of the MIAMI Association of REALTORS. “Pending sales continue to rise, reflecting strong demand for both single-family homes and condominiums countywide.”
Cumulative Pending Sales
Total January cumulative pending home sales – including single-family homes and condominiums - in Broward County were 12.3 percent above January 2011, up from 8,391 to 8,849, and 14 percent month-over-month from 7,566.
Cumulative pending condominium sales in Broward County increased 12 percent, up from 4,406 a year earlier and 14 percent compared to the previous month. Cumulative pending single-family home sales rose 10 percent from 3,513 a year earlier and 11 percent compared to the previous month.
“Pending home sales in Broward County continue to trend upwards, which is a very encouraging sign,” said Ernesto Vega, president-elect of the Broward Council of the MIAMI Association of REALTORS. “The Broward market performed extremely well in 2011, resulting in rising sales and prices. We expect strong sales despite limited supply to continue to drive price appreciation in 2012.”
Nationally, the Pending Home Sales Index, a forward-looking indicator based on contract signings, rose two percent to 97.0 in January from 95.1 in December, according to the National Association of Realtors. The index is eight percent higher than the 89.8 index reported in January 2011.
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.