Miami-Dade Pending Real Estate Sales Increase 40 Percent in Six Months
Miami-Dade Pending Real Estate Sales Increase 40 Percent in Six Months
Pending home sales increased 5 percent in just one month, from 7,570 in August 2009 to 7,944 in September 2009 in Miami-Dade County as more buyers continue to take advantage of improved 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 Southeast Florida Multiple Listing Service. This coupled with the number of closed sales increasing each of the last 13 months is indicative of a stabilizing market.
Pending sales of single-family homes in Miami-Dade County rose 1.3 percent in September 2009 from the previous month, from 3,599 to 3,722. Pending sales of condominiums performed better than that of single-family homes in September, rising 8.42 percent from 3,848 to 4,172.
Miami-Dade Pending Sales Jump 40 Percent in Six Months
In the last six months in Miami-Dade, pending sales of single-family homes rose a significant 28.2 percent, while pending sales of condominiums increased 52.3 percent. The total number of pending sales increased a significant 40 percent from March 2009 to September 2009.
“The Miami real estate market, which is expected to recover faster than other markets in Florida and the U.S. and outperform the rest of the nation long-term, is reaping the benefits of strong demand from U.S. international, first-time, and second or vacation home buyers ,” said Rick Burch, RAMB Chairman of the Board. “The number of pending and closed sales combined with a falling inventory is resulting in bidding wars reminiscent of the recent real estate boom and the stabilization of median and average sales prices.”
Broward County Pending Sales
In Broward County pending home sales increased 7.44 percent, from 6,705 to 7,204 in September 2009. Pending sales of single-family homes rose 5.07 percent in September 2009 from the previous month, from 3,291 to 3,458. Pending sales of condominiums in Broward County rose 9.73 percent from 3,414 to 3,746.
In the last five months in Broward, pending sales of single-family homes rose 37 percent, while pending sales of condominiums increased 63.3 percent. The total number of pending sales increased 49.4 percent from March 2009 to September 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 property no later than November 30, 2009,” said Burch. “These buyers have less than 60 days to close, and we are urging them to start looking for homes and finalizing contracts now rather than waiting to see if the tax credit will be extended.”
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 well on its way to recovery.
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