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Miami-Dade Pending Home Sales Continue to Rise

Miami-Dade Pending Home Sales Continue to Rise

You know how I always get accused of beating up on Realtors? Well today they are all a flutter down here in South Florida. Absolutely giddy over sales numbers. So instead of ripping apart their data, I’m simply going to state what they told me.

Today I received an email from Lynda Fernandez from the MIAMI Association of Realtors. I guess she must be in the marketing or communications department as she is actually working. (I couldn’t resist taking just one jab).

She decided to include us in the press communications she is sending out and i want to publicly thank her for that. Although until today’s news I never received anything from her. But, nonetheless, I am happy to be corresponding with someone in the South Florida real estate market who is a part of a local Realtor board.

So what’s all the hoopla about? Well the sun peaked out from behind the clouds and shed some light on the South Florida real estate market.

Total pending home sales – including single-family homes and condominiums – in Miami-Dade County increased 33.7 percent in August 2010 compared to August 2009, from 7,570 to 10,119, and increased .06 percent, from 10,113 to 10,119, 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, primarily due to the highest concentration in the U.S. of international buyers, contrary to national trends, which show near-term home sales noticeably lower since the expiration of the homebuyer tax credit.

“The pending sales figures for August coupled with strengthening single-family home prices are good news for the South Florida real estate market, but there are still attractive opportunities for prospective buyers,” said Jack H. Levine, 2010 chairman of the board of the MIAMI Association of REALTORS.

“Pending sales rose month-over-month and year-over-year, showing that this is still a great time to purchase a home, especially in the local market. Interest rates are at a record low and expected to remain that way for the remainder of the year while inventory is still plentiful, giving buyers many properties to choose from. Furthermore, the local market is expected to outperform other markets throughout the U.S. due to its international appeal, resulting in strengthening home values into the future.”

Pending sales of condominiums in Miami-Dade County continue to perform better than that of single-family homes. In August, condominium pending sales increased 49.7 percent compared to the previous year, from 3,848 to 5,759 and increased 0.7 percent, from 5,720 the previous month. Pending sales of single-family

homes in August increased 17.1 percent from the previous year, from 3,722 to 4,360, and decreased a slight 0.8 percent from the previous month when pending sales totaled 4,393, showing a preference for condos in August.

Pending Sales Indicative of Strengthening Market

Monthly home sales in South Florida increased dramatically for a period of 23 months since August 2008, while condominium sales continue to surge. Increased pending sales are an indication of increased future sales. A sale is listed as pending when the contract is signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

“We expect home sales to continue to increase in South Florida for the remainder of the year and headed into 2011, provided the job market continues to improve,” said Oliver Ruiz, 2010 residential president of the MIAMI Association of REALTORS. “International buyers in particular continue to positively impact the local market, creating short- and long-term demand for South Florida properties and contributing to strengthening home prices.”

I won’t editorialize here other than to say, I hope that this really is the change many have hoped for. We’ll certainly see if it is.

Miami-Dade pending home sales jump 33% over last year Pending home sales were up 33.7 percent in Miami-Dade County in August compared to the same month last year, according to data released …
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