Total pending home sales – including single-family and condominiums – in Miami-Dade County increased 40.5 percent in July 2010 compared to July 2009, from 7,197 to 10,113, and decreased less than 2.4 percent, from 10,366 to 10,113, compared to the previous month according to the MIAMI REALTORS and the Southeast Florida Multiple Listing Service (SEFMLS).
Despite the expiration of the tax credit, which helped boost the state of the South Florida residential real estate industry, the local market continues to strengthen.
“We are encouraged by the statistics for pending home sales in the South Florida real estate market even after the expiration of the homebuyer tax credit,” said Jack H. Levine, 2010 Chairman of the Board of the MIAMI REALTORS. “While the number of pending sales has dropped slightly month-over-month, they are still significantly higher than they were a year ago. Furthermore, we continue to observe the strengthening of the local market in a neighborhood-specific manner, as evidenced by multiple bids on non-distressed properties in some areas.”
Pending sales of condominiums in Miami-Dade County continue to perform better than that of single-family homes. In July, condominium pending sales increased 59 percent compared to the previous year, from 3,598 to 5,720 and dropped only 2.7 percent, from 5,876, from the previous month. Pending sales of single-family homes in July increased 22 percent from the previous year, from 3,599 to 4,393, and decreased 2.2 percent from previous month, from 4,490.
Broward County Pending Sales
In Broward County pending home sales rose 25.4 percent from the previous year, from 6,242 to 7,830, and decreased 2.5 percent from the previous month, from 8,031.
Pending condominium sales in Broward also fared better than that of single-family homes. Broward County condominium sales in July increased 39.4 percent, from 3,101 to 4,323, compared to July 2009 and fell 2.4 percent, from 4,429, compared to the previous month.
Compared to July 2009, Broward pending sales of single-family homes rose 11.7 percent, from 3,141 to 3,507, and decreased 2.6 percent, from 3,602, compared to the previous month.
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.
“While pending sales have substantially dropped in many U.S. markets following the end of the homebuyer tax credit, South Florida sales continue to reflect demand for local real estate,” said Oliver Ruiz, 2010 Residential President of the MIAMI REALTORS. “Miami and South Florida and the lifestyle that comes along with living here, are major attractions for international, vacation, second home, and U.S. buyers. We expect the local real estate market to continue to strengthen, as consumers take advantage of the many benefits South Florida has to offer.”
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.
About the Association
The MIAMI Association is the merged association for RAMB and RAMDC and retains the charter received from 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 www.miamire.com.