We continue to see historically strong home sales activity that is driving price appreciation in Broward Country.
Miami, Florida (PRWEB) April 26, 2012
The total number of listings – including single-family homes and condominiums - that pended during the month of March in Broward County increased 7.3 percent, up from 4,121 to 4,421 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 17.3 and 3.0 percent respectively.
“We continue to see historically strong home sales activity that is driving price appreciation in Broward Country,” said Rick Burch, president of the Broward Council of the MIAMI Association of REALTORS. “Rising pending sales point to further strength and stability in the Broward County residential real estate market.”
Cumulative Pending Sales
Total March cumulative pending home sales – including single-family homes and condominiums - in Broward County were 8.3 percent above March 2011, up from 8,628 to 9,443, and down 1.0 percent month-over-month from 10,619.
Cumulative pending single-family home sales rose 11 percent from 3,624 a year earlier but declined 21 percent compared to the previous month. Cumulative pending condominium sales in Broward County increased 8.3 percent, up from 4,821 a year earlier and declined 1.0 percent compared to the previous month.
“Broward County has much to offer in terms of lifestyle, weather, location, and amenities for all types of buyers,” said Ernesto Vega, president-elect of the Broward Council of the MIAMI Association of REALTORS. “The local market’s appeal continues to attract both domestic and international buyers and investors who are generating demand and boosting market performance.”
Nationally, the Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 4.1 percent to 101.4 in March from 97.4 in February, according to the National Association of Realtors. The index is 12.8 percent higher than the 89.9 index reported in March 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 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.