Miami-Dade Pending Real Estate Sales Increase 3.5 Percent in One Month

First-time Buyers and Existing Homeowners Reap Tax Credit Benefits

Miami, FL – Pending home sales increased 3.5 percent in January, from 8,105 to 8,388, in Miami-Dade County after a slight drop the previous month.  In the last 10 months, pending home sales have increased 47.7 percent as buyers take advantage of record-setting affordability conditions, the expanded and extended 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 increasing closed sales each of the last 17 months is indicative of a stabilizing and constantly improving market. 

Pending sales of condominiums in Miami-Dade County performed better than that of single-family homes in January, rising a significant 3.5 percent from 4,394 to 4,647.  Pending sales of single-family homes increased .81 percent in January from the previous month, from 3,711 to 3,741.  

Miami-Dade Pending Sales Jump 48 Percent in Ten Months

In the last 10 months in Miami-Dade, pending sales of condominiums increased nearly 70 percent, while pending sales of single-family homes rose a 26.2 percent.  The total number of pending sales increased a significant 47.7 percent from March 2009 to January 2010. 

“Approximately six months after the South Florida real estate market touched bottom according to most economists, we continue to observe the recovery of the local market,” said Terri Bersach, RAMB Chairman of the Board.  “Pending home sales are strong indicator of future sales, and this increase is a positive sign for an already strengthening market.  Closed sales also continue to increase, resulting in record absorption of housing inventory.” 

Broward County Pending Sales

In Broward County pending home sales increased 8.0 percent, from 6,898 to 7,447 in January.  Pending sales of condominiums in Broward County rose 9.4 percent from 3,780 to 4,137.  Pending sales of single-family homes rose 6.2 percent in January from the previous month, from 3,118 to 3,310.  

In the last 10 months Broward pending sales of single-family homes rose 31 percent, while pending sales of condominiums increased 80 percent.  The total number of pending sales increased 54.4 percent from March 2009 to January 2010. 

“The tax credit that was extended through April 30, 2010 and expanded to existing homeowners who have lived in their principal residence for five consecutive years in the past eight years is clearly impacting pending and closed sales in the South Florida market and is expected to further boost sales in the coming months,” said Oliver Ruiz, RAMB Residential President. 

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. 

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 90^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.