Is Real Estate Recovering?
Tax Credit and International Buyers Impact Local Market
Miami, FL – Total pending home sales – including single-family and condominiums - in Miami-Dade County increased 6.4 percent in March, from 9,164 to 9,751, compared to the previous month and 71.7 percent compared to March 2009. In addition to international buyers taking advantage of favorable exchange rates and local market opportunities, first-time and existing buyers are benefiting from record-setting affordability conditions, the expanded and extended 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. The increase of pending sales coupled with rising closed sales each of the last 19 months is indicative of a strengthening market.
Pending sales of single-family homes in Miami-Dade County performed better than that of condominiums in March, up 7.5 percent from the previous month, from 4,042 to 4,345. Pending condominium sales in March rose 5.5 percent from 5,122 to 5,406. In the last year, Miami-Dade pending sales of condominiums increased 81.5 percent, while pending sales of single-family homes rose 47.7 percent.
“We continue to see a surge in pending home sales in South Florida,” said Terri Bersach, RAMB Chairman of the Board. “This is good news for the South Florida market as it points to increased future sales and necessary inventory absorption and emphasizes the fact that the local market has recovered. As a result prices have clearly stabilized, so we now have the missing piece of the puzzle for a strengthening market.”
Broward County Pending Sales
In Broward County pending home sales increased 4.9 percent, from 7,791 to 8,173 in March. Pending sales of condominiums in rose 4.1 percent from 4,343 to 4,522. Pending sales of single-family homes rose 5.9 percent in March compared to the previous month, from 3,448 to 3,651.
Miami, FL – Total pending home sales – including single-family and condominiums - in Miami-Dade County increased 6.4 percent in March, from 9,164 to 9,751, compared to the previous month and 71.7 percent compared to March 2009. In addition to international buyers taking advantage of favorable exchange rates and local market opportunities, first-time and existing buyers are benefiting from record-setting affordability conditions, the expanded and extended 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. The increase of pending sales coupled with rising closed sales each of the last 19 months is indicative of a strengthening market.
Pending sales of single-family homes in Miami-Dade County performed better than that of condominiums in March, up 7.5 percent from the previous month, from 4,042 to 4,345. Pending condominium sales in March rose 5.5 percent from 5,122 to 5,406. In the last year, Miami-Dade pending sales of condominiums increased 81.5 percent, while pending sales of single-family homes rose 47.7 percent.
“We continue to see a surge in pending home sales in South Florida,” said Terri Bersach, RAMB Chairman of the Board. “This is good news for the South Florida market as it points to increased future sales and necessary inventory absorption and emphasizes the fact that the local market has recovered. As a result prices have clearly stabilized, so we now have the missing piece of the puzzle for a strengthening market.”
Broward County Pending Sales
In Broward County pending home sales increased 4.9 percent, from 7,791 to 8,173 in March. Pending sales of condominiums in rose 4.1 percent from 4,343 to 4,522. Pending sales of single-family homes rose 5.9 percent in March compared to the previous month, from 3,448 to 3,651.
I really did not think that this was possible right now, because i still see too many people suffering in the trenches.
ReplyDelete