Real Estate News

Ft. Lauderdale Pending Home Sales Enjoy Uptick in March

According to the Miami Association of Realtors and the Southeast Florida Multiple Listing Service (SEFMLS), the total cumulative pending home sales - including single-family homes and condominiums - in Broward County increased 6.02 percent in March compared to a year earlier, from 78,173 to 8,665, and were up 3.27 percent month-over-month from 8,391.

The number of single-family listings that pended in the month of February increased by 20 percent from 1,228 to 1,470 compared to the previous month and by 18.3 percent from 1,243 compared to the previous year.  The number of condominium listings that pended in February increased by 14 percent from 2,056 to 1,798 compared to the previous month and by 16 percent up from 1,628 compared to the previous year.

"In Broward County, savvy buyers are taking advantage of record affordability and boosting home sales," said Terri Bersach, president of the Broward County Board of Governors of the Miami Association of Realtors.  "The fact that pending and closed sales continue to rise is evidence that demand exists for local properties."

Cumulative pending condominium sales in Broward again performed better than that of single-family homes in March.  Pending condominium sales in Broward were 12 percent higher than they were in March 2010, up from 4,522 to 5,041, and were 3.3 percent above what they were the previous month.

Compared to February 2010, Broward pending sales of single-family homes decreased .74 percent, from 3,651 to 3,624, and decreased .74 from 3,298 compared to the previous month.

"We are now seeing median sales prices rise in Broward County, which is an extremely positive sign," said Natascha Tello, president-elect of the Broward County Board of Governors of the Miami Association of Realtors.  "Increased future sales will contribute to rising home prices and continue to strengthen our market."

Nationally, pending home sales increased in February with notable regional variations, according to the National Association of Realtors.  The Pending Home Sales Index, a national forward-looking indicator, rose 2.1 percent to 90.8 based on contracts signed in February, from 88.9 in January.  The index is 8.2 percent below 98.9 recorded in February 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.

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