Miami, FL – Total pending home sales – including single-family and condominiums – in Miami-Dade County increased 54 percent in May 2010 compared to May 2009 and .62 percent, from 10,392 to 10,456, compared to the previous month and Realtor Association of Greater Miami and the Beaches (RAMB) and the Southeast Florida Multiple Listing Service (SEFMLS).
In addition to international buyers taking advantage of favorable exchange rates and local market opportunities, first-time and existing buyers are benefiting from record-setting affordability conditions, the recently expired home buyer tax credit, and a wide selection of properties to choose from. The consistent increase of pending and closed sales for nearly two years – and now coupled with rising home prices – is indicative of a stabilizing and strengthening market.
Pending sales of condominiums in Miami-Dade County performed better than that of single-family homes in May, up 1.65 percent from 5,818 to 5,914. Pending sales of single-family homes in May dropped .7 percent from the previous month, from 4,574 to 4,542. April figures included the last-minute surge by homebuyers taking advantage of the tax credit that expired on April 20. Compared to May 2009, Miami-Dade pending sales of condominiums increased 92 percent, while pending sales of single-family homes rose 38 percent in May 2010.
“Current South Florida real estate market statistics are positive signs of a resurgent market,” said Terri Bersach, RAMB Chairman of the Board. “Pending sales are considerably higher than they were a year ago when the market was already strengthening, and home median prices have begun to increase while average home prices have been increasing for some time. These figures validate the demand for local residential properties and confirm the local market’s recovery.”
Broward County Pending Sales
In Broward County pending home sales fell 3.23 percent, from 8,525 to 8,250 in May, again due to impact of expiring tax credit. Pending sales of condominiums decreased 3.1 percent from 4,679 to 4,531. Pending sales of single-family homes dropped 3.2 percent in May compared to the previous month, from 3,846 to 3,719.
Compared to May 2009, Broward pending sales of single-family homes rose 32.3 percent, while pending sales of condominiums increased 71 percent. The total number of pending sales increased 51 percent.
Strengthening Market
Home sales in South Florida have increased dramatically since August 2008 while inventory levels continue to drop and prices for single-family homes began increasing in April while negligible decreases in condominium prices were observed.
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