Rising pending sales in Broward County is a very positive trend, as pending sales point to higher closed sales and further market stability.
Miami, Florida (PRWEB) May 30, 2012
The total number of listings – including single-family homes and condominiums - that pended during the month of April in Broward County increased 14 percent, up from 3,647 to 4,180, compared to a year earlier but were down 5.5 percent month-over-month, according to the Broward Council of the 25,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems.
“Rising pending sales in Broward County is a very positive trend, as pending sales point to higher closed sales and further market stability,” said Rick Burch, president of the Broward Council of the MIAMI Association of REALTORS. “Stronger sales will continue to absorb housing inventory, which is already at low levels, and drive price appreciation.”
Cumulative Pending Sales
Total April cumulative pending home sales – including single-family homes and condominiums - in Broward County were 13 percent above April 2011, up from 8,513 to 9,618, and down 1.1 percent month-over-month from 9,443.
Cumulative pending single-family home sales rose 8.3 percent from 3,745 a year earlier and six percent compared to the previous month. Cumulative pending condominium sales in Broward County increased 8.3 percent, up from 4,768 a year earlier but declined 1.1 percent compared to the previous month.
“Despite unnecessarily tight credit restrictions, we continue to see historically strong home sales activity in Broward County,” said Ernesto Vega, president-elect of the Broward Council of the MIAMI Association of REALTORS. “Loosening these tight underwriting standards would allow qualified buyers to finance homes and would generate further sales in Broward and South Florida.”
Nationally, the Pending Home Sales Index, a forward-looking indicator based on contract signings, declined 5.5 percent to 95.5 in April from 101.1 in March, according to the National Association of Realtors. The index is 14.4 percent higher than the 83.5 index reported in April 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 25,000 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.