Miami, FL (Vocus)September 3, 2010
Total cumulative pending home sales – including single-family homes and condominiums – in Broward County increased 17 percent in August 2010 compared to August 2009, from 6,705 to 7,845, and increased .19 percent, up from 7,830, compared to the previous month according to the MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service (SEFMLS).
Contrary to national trends, which show near-term home sales noticeably lower since the expiration of the homebuyer tax credit, the South Florida real estate market continues to strengthen, primarily due to the highest concentration in the U.S. of international buyers.
Pending condominium sales in Broward fared better than that of single-family homes. Broward County pending condominium sales in Augustwere 27.4 percent higher than they were in August 2009, up from 3,414 to 4,350, and were .625 percent higher than the previous month, up from 4,323.
“We are optimistic about signs of stability in the Broward marketplace,” said Terri Bersach, 2010 president of the Broward County Board of Governors of the MIAMI Association of REALTORS. “Buyers should take advantage of low interest rates and record affordability.”
Compared to August 2009, Broward pending sales of single-family homes rose 6.2 percent, from 3,291 to 3,495, and decreased .342 percent, down from 3,507, compared to the previous month.
International Buyers Strengthen Broward Market
Home sales in South Florida have increased dramatically since August 2008, and home prices continue to stabilize. South Florida, where an estimated 60 percent of sales involve a foreign buyer, continues to be the top area in the nation for international buying activity.
“With pristine beaches, a great quality of life and affordable pricing, Broward County continues to be a huge draw to foreign buyers,” said Natascha Tello, president-elect of the Broward County Board of Governors of the MIAMI Association of REALTORS. “These buyers are instrumental in helping to strengthen the South Florida real estate market.”
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. The MIAMI Association of Realtors reports the cumulative number of pending sales.
MIAMI Association of REALTORS
The MIAMI Association of REALTORS was chartered by the National Association of Realtors in 1920 and is celebrating its 90th year 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 23,000 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 60 international organizations worldwide. MIAMI’s official website is http://www.miamire.com.