Pending home sales up in Miami-Dade, Broward

Pending home sales in Miami-Dade and Broward counties rose in February, according to the Miami Association of Realtors.

Miami-Dade saw the biggest boost, with total pending sales – including single-family homes and condominiums – rising 22 percent, year-over-year, in February – to 11,182 from 9,164.

An increase in pending sales is an indication of future market conditions. A sale is listed as pending when a contract is signed, but the transaction has not closed.

Pending condo deals in Miami-Dade County saw the biggest year-over-year gains in February, increasing 26.9 percent to 6,497 from 5,122.

Sales of single-family homes in Miami-Dade rose 16 percent, to 4,685 from 4,042.

In Broward County, total pending sales increased 7.7 percent in February, to 8,391 from 7,791 contracts signed.

The county’s pending condo sales outperformed single-family home selling, rising 12.3 percent, year-over-year, to 4,878 from 4,343 contracts.

Pending sales of single-family homes increased 2 percent, to 3,513 from 3,448.

“Current statistics for pending sales reflect the positive performance of the South Florida real estate market over the last few months,” said Jack H. Levine, chairman of the Miami Association of Realtors. “We have seen year-over-year increase for pending sales for nearly one year. Pending sales have also increased month-over-month 10 out of the last 13 months.”

Nationwide, pending home sales decreased in January for the second straight month, according to the National Association of Realtors. The Pending Home Sales Index, a national forward-looking indicator, declined 2.8 percent from December to January, and is down 1.5 percent from its January 2010 level.

Source: http://www.bizjournals.com/southflorida/news/2011/02/28/pending-home-sales-up-in-miami-dade.html