The Real Deal Miami

Pending home sales rise across South Florida

January 27, 2011 02:27PM

Pending home sales rose in both Miami-Dade and Broward counties this month, new data from the Miami Association of Realtors shows. In Miami-Dade, pending sales on single-family homes and condominiums are currently at 10,698, up 28 percent from last year and 2.5 percent from last month. In Broward, there are 7,770 pending home sales, which is 4 percent above the figure one year ago and 2.6 percent above the figure from last month. In both counties, the condo market is outperforming that of single-family homes, with pending condo sales up 37.2 percent and 8.1 percent in Miami-Dade and Broward, respectively, year-over-year. By contrast, pending sales for single-family homes rose 15.5 percent year-over-year in Miami-Dade and declined by 0.4 percent year-over-year in Broward. “Over the last few months, we have seen pending and closed sales gain momentum while inventory levels continue to drop, Jack Levine, chairman of the board of MAR, said in a statement. “This trend in rising sales, particularly for condominiums, coupled with significant reductions in housing inventory, is a very positive sign for the local market.” TRD