(MIAMI, FL) -- According to the Miami Association of Realtors, pended during the month of October in Broward County increased 25 percent, up from 2,633 to 3,356 compared to a year earlier, according to the Broward Council of the Miami Association of Realtors. Compared to the previous month, pended sales increased seven percent. Single-family home and condominium sales that pended during the month increased 43 and 16 percent respectively.
Total October cumulative pending home sales - including single-family homes and condominiums - in Broward County were 0.7 percent below what they were a year earlier, down from 7,653 to 7,704, and were down 0.1 percent month-over-month from 7,693.
"We continue to see encouraging market performance in Broward County," said Terri Bersach, president of the Broward County Board of Governors of the Miami Association of Realtors. "The fact that contract activity continues to expand month-over-month and year-over-year reflects a healthy and balanced marketplace supported by strong demand and diminishing supply."
Cumulative pending condominium sales in Broward County dropped .9 percent from 4,336 in October 2010 and four percent compared to the previous month. Cumulative pending single-family home sales rose three percent from 3,317 in October 2010 and two percent compared to the previous month.
"Pending sales activity in Broward County denotes strengthening future sales," said Natascha Tello, president-elect of the Broward County Board of Governors of the Miami Association of Realtors. "The local market continues to exceed expectations and outperform the nation as it benefits from the impact of international buyers."
Nationally, the Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 4.6 percent to 10.4 in October from 84.5 in September, according to the National Association of Realtors. The index is 9.2 percent higher than the 85.5 index reported in October 2010.
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.