Miami-Dade Pending Real Estate Sales Increase 46 Percent in Seven Months

Local Market Shows Gains Each of Last 14 Months

 Miami, FL – Pending home sales increased 4.5 percent in just one month, from 7,944 in September 2009 to 8,304 in October 2009 in Miami-Dade County as more buyers continue to take advantage of record-setting affordability conditions, the first-time home buyer tax credit, and a wide selection of properties to choose from according to the Realtor Association of Greater Miami and the Beaches (RAMB) and the Southeast Florida Multiple Listing Service.  This coupled with the number of closed sales increasing each of the last 14 months is indicative of a stabilizing market. 

Pending sales of single-family homes in Miami-Dade County rose 4 percent in October 2009 from the previous month, from 3,722 to 3,919.  Pending sales of condominiums performed better than that of single-family homes in October, rising 5.1 percent from 4,172 to 4,385.  

Miami-Dade Pending Sales Jump 40 Percent in Six Months

In the last seven months in Miami-Dade, pending sales of single-family homes rose a 33.3 percent, while pending sales of condominiums increased 60.1 percent.  The total number of pending sales increased a significant 46.2 percent from March 2009 to October 2009.  

“Pending home sales have increased substantially in South Florida over the last seven months,” said Rick Burch, RAMB Chairman of the Board.  “Pending sales are a strong indication of future sales and, in the current market, point to the stabilization of the local market.” 

Broward County Pending Sales

In Broward County pending home sales increased 0.9 percent, from 7,204 to 7,266 in October 2009.  Pending sales of single-family homes fell 1.2 percent in October 2009 from the previous month, from 3,458 to 3,418.  Pending sales of condominiums in Broward County rose 2.7 percent from 3,746 to 3,848.  

In the last Seven months Broward pending sales of single-family homes rose 35.2 percent, while pending sales of condominiums increased 67.7 percent.  The total number of pending sales increased 50.7 percent from March 2009 to October 2009. 

$8,000 First-time Home buyer Tax Credit Deadline – November 30

Buyers who wish to take advantage of the $8,000 first-time home buyer tax credit need to close on their properties no later than November 30, 2009.  There are ongoing efforts to extend this deadline and even include a provision for existing homeowners, but the legislation still needs to be finalized by Congress and signed by President Obama before it would take effect. 

The National Association of Realtors is asking Congress to extend the first-time home buyer tax credit deadline.  But the deadline was already extended from July 1, 2009 to November 30, 2009, and it is unclear whether Congress will approve another extension.  A response from Congress is expected in late October. 

A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.  Increased pending sales are an indication of increased future sales, and in the current market, are signs that the South Florida market is stabilizing.

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About RAMB

The Realtor Association of Greater Miami and the Beaches was chartered by the National Association of Realtors in 1920 and is celebrating its 89^th year of service to Realtors, the buying and selling public, and the communities in South Florida.  Comprised of three organizations (the Residential Realtor Association of Greater Miami and the Beaches, the Realtors Commercial Alliance and the International Council of Greater Miami and the Beaches), RAMB represents over 12,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage.  RAMB’s official Web site is www.miamire.com.