The South Florida real estate market continues to strengthen due to the impact of international buyers and the existence of favorable market conditions.
Total cumulative pending home sales in Miami-Dade County increased 23.6 percent in October compared to October 2009, and increased .44 percent compared to the previous month according to the MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service (SEFMLS).
“We will have to wait and see what the impact of the recent elections will be on the housing market,” says Jack H. Levine, 2010 chairman of the board of the MIAMI Association of REALTORS. “Current elections could impact mortgage rates, the stock markets, unemployment, and consumer confidence. But it is uncertain whether the real estate industry will be affected in a positive or negative manner.”
Pending sales of condominiums in Miami-Dade County continue to perform stronger than that of single-family homes. In October, condominium pending sales increased 34 percent compared to the previous year, from 4,385 to 5,878 and increased .685 percent, up from 5,759, from the previous month. Pending sales of single-family homes in October increased 11.9 percent from the previous year, from 3,919 to 4,386, and increased .11 percent from the previous month, when pending sales totaled 4,381.
Overall, the local real estate market has recovered at a faster pace than the national market. Sales are currently at normal levels. Reflecting the activity of closed sales, pending condominium sales are currently showing strong gains.
“International buyers recognize the value and stability the Miami market offers and are strongly impacting the local condominium market,” says Oliver Ruiz, 2010 residential president of the MIAMI Association of REALTORS. “The enviable local lifestyle and weak U.S. dollar are further influencing buyers from Europe and Latin America to invest in local real estate.”
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.
The MIAMI Association of Realtors 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.