Total cumulative pending home sales – including single-family homes and condominiums – in Miami-Dade County increased 28.6 percent in September compared to September 2009, from 7,944 to 10,219, and increased one percent, from 10,119 to 10,219, compared to the previous month according to the MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service (SEFMLS).
The South Florida real estate market continues to strengthen due to the impact of international buyers and the existence of favorable market conditions.
“Current market performance points to sustainable demand for South Florida properties,” said Jack H. Levine, 2010 chairman of the board of the MIAMI Association of REALTORS. “Record affordability, a wide selection of properties to choose, and an enviable lifestyle continue to attract both international and U.S. buyers. Additionally, we continue to see the lowest interest rates we’ve seen in decades, which means buyers can get a lot more for their money. But these rates are not expected to last, meaning those thinking about buying should take advantage of current opportunities.”
Pending sales of condominiums in Miami-Dade County continue to perform better than that of single-family homes. In September, condominium pending sales increased 40 percent compared to the previous year, from 4,172 to 5,838 and increased 1.4 percent, from 5,759 the previous month. Pending sales of single-family homes in September increased 16.1 percent from the previous year, from 3,772 to 4,381, and increased a 0.5 percent from the previous month, when pending sales totaled 4,360.
European and Latin American Buyers Impact Local Market
As prices stabilize, monthly home sales in Miami have increased dramatically since August 2008. Sales of condominiums are currently showing strong gains.
“We are seeing a lot of movement in the local market, especially interest from foreign buyers,” said Oliver Ruiz, 2010 residential president of the MIAMI Association of REALTORS. “The Euro has recently re-strengthened, resulting in even greater demand from European buyers, while many Latin American buyers are looking for a safe haven to invest their money. The Miami area is the top market for European and Latin American buyers in Florida.”
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.