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Broward County Pending Sales Point to Future Growth

Terri Bersach, 2010 president of the Broward County Board of Governors of the MIAMI Association of REALTORS
Terri Bersach, 2010 president of the Broward County Board of Governors of the MIAMI Association of REALTORS

Total July cumulative pending home sales – including single-family homes and condominiums – in Broward County were four percent above what they were a year earlier, up from 7,830 to 8,124, and were down 3.4 percent month-over-month from 8,413, according to the Broward Council of the 24,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems.

Contract Activity in July
The total number of listings – including single-family homes and condominiums – that pended during the month of July in Broward County increased 14 percent, up from 2,611 to 2,974, compared to a year earlier. Single-family home and condominium sales that pended during the month increased 19 and 10 percent respectively.

“Sales levels in Broward County are at the highest point since the real estate boom and continue to rise,” said Terri Bersach, president of the Broward County Board of Governors of the MIAMI Association of REALTORS. “Rising pending sales is a positive sign and reflects strong housing demand in Broward County, but more favorable lending and home appraisal standards would further boost home sales and consumer confidence.”

Current cumulative pending sales of single-family homes in Broward County were three percent above July 2010, up from 3,507 to 3,611, and four percent below, down from 3,747, compared to the previous month. Current cumulative pending condominium sales in Broward were 4.4 percent higher than they were a year earlier, up from 4,323 to 4,513, but were down 3.3 percent compared to the previous month.

“Broward County offers record affordability along with enviable weather and an exciting lifestyle,” said Natascha Tello, president-elect of the Broward County Board of Governors of the MIAMI Association of REALTORS. “These factors continue to attract domestic and international buyers to the area and will result in long-term market strengthening not experienced by the rest of the state and the country.”

Nationally, the Pending Home Sales Index, a forward-looking indicator based on contract signings, decreased 1.3 percent to 89.7 in July from 90.9 in June, according to the National Association of Realtors. The index is 14.4 percent higher than the 78.4 index reported in July 2010.

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 24,000 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.

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