Pending sales continue to rise, reflecting strong demand for both single-family homes and condominiums countywide.
Miami, Florida (PRWEB) March 28, 2012
The total number of listings – including single-family homes and condominiums - that pended* during the month of February in Broward County increased 53 percent, up from 2,555 to 3,902 compared to a year earlier, according to the Broward Council of the 27,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems. More specifically, single-family home and condominium sales that pended during the month increased 53 and 55.2 percent respectively.
“February pending home sales in Broward County point to strong future 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.”
Total Cumulative Pending Sales
Total February cumulative pending home sales** – including single-family homes and condominiums - in Broward County currently are 23 percent above a year ago, up from 8,665 to 10,619, and 20 percent month-over-month, up from 7,566.
Cumulative pending single-family home sales rose 48 percent from 3,624 a year earlier and 40 percent compared to the previous month. Cumulative pending condominium sales in Broward County increased 4.2 percent, up from 5,041 a year earlier and five percent compared to the previous month.
“Pending home sales activity in Broward County continues to mirror closed home sales,” said Ernesto Vega, president-elect of the Broward Council of the MIAMI Association of REALTORS. “The Broward real estate market is performing robustly, boasting strong home sales, declining housing inventory levels, and healthy price appreciation.”
Nationally, the Pending Home Sales Index, a forward-looking indicator based on contract signings, declined 0.5 percent to 96.5 in February from 97 in January, according to the National Association of Realtors. The index is 9.2 percent higher than the 88.4 index reported in February 2011.
Increased pending sales are an indication of increased future sales. A sale is listed as pending when a contract is signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.
*“Pended sales” are defined as only the sales that pended during a particular month.
**“Total cumulative pending sales” refer to all sales cumulatively pending at the end of a particular month.
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 27,000 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.