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Race to the Top for Miami/Broward Pending Home Sales

by admin

At this point, the sky seems to be the limit for home sales data throughout South Florida.

Pending home sales for both Miami-Dade and Broward County posted dramatic increases for January, with year-over-year sales data for the two regions rising by 24.8 percent and 32 percent, respectively.

For Miami-Dade, 3,426 homes pended in January, and among single-family properties, pending sales rose an incredible 46.4 percent, according to data from the Miami Association of Realtors (MAR).

Martha Pomares, 2012 chairman of the board of MAR, said pending sales signify an unwavering demand for Miami real estate.

“Pending sales, which typically predict future closing activity, continue to rise in Miami-Dade County,” Pomares said.  “After a record sales year in 2011, our inventory levels declined sharply. Current trends continue to reflect demand for Miami real estate.”

Patricia Delinois, the 2012 president of MAR, said success in Miami’s housing market signifies success in other reasons of the economy.

“Miami is a world-class destination that continues to draw the attention of U.S. and international buyers and investors unlike any other market in the nation,” Delinois said. “The robust performance of the Miami market has generated much optimism and attracted further worldwide exposure, buyers continue to take advantage of the lifestyle, business opportunities, and great weather the local area offers.”

Data was even more spectacular in Broward, where single-family pending home sales were up 50.4 percent from 2011 and condo sales up 20.5 percent. Rick Burch, the president of Broward’s MAR council, said falling inventories have had little effect on consumer demand.

“Despite a sharp decline in Broward County existing housing inventory over the last year, we continue to see strong sales activity,” Burch said in a Real Deal article on Broward’s sales. “Pending sales continue to rise, reflecting strong demand for both single-family homes and condominiums countywide.”

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