Total cumulative pending home sales – including single-family homes and condominiums – in Broward County increased seven percent in September compared to September 2009, from 7,204 to 7,719, and decreased 1.61 percent, from 7,845, compared to the previous month according to the MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service (SEFMLS).
Pending condominium sales in Broward fared better than that of single-family homes in August. Pending condominium sales in Broward were 15.1 percent higher than they were in August 2009, up from 3,746 to 4,313, and were .851 percent lower than the previous month, down from 4,350.
Compared to August 2009, Broward pending sales of single-family homes fell 1.5 percent, from 3,458 to 3,406, and decreased 2.5 percent, down from 3,495, compared to the previous month.
“This is still a great time for buyers to take advantage of favorable market conditions, including many properties to choose from, record affordability, and the lowest interest rates we’ve seen in years,” said Terri Bersach, 2010 president of the Broward County Board of Governors of the MIAMI Association of REALTORS. “With fewer buyers in the marketplace, sellers need to be aware of current market values and aggressively price their homes. The longer they keep their properties on the market, the lower actual sales prices will be.”
“We are seeing an increased number of cash transactions in the local marketplace, especially when it comes to condominiums,” said Natascha Tello, president-elect of the Broward County Board of Governors of the MIAMI Association of REALTORS. “Almost 70 percent of all current condo sales do not have a mortgage involved, which helps to expedite the transaction and reflects the demand that exists for local real estate.”
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.