Greater Ft. Lauderdale Area November Pending Home Sales Up 44% Year-Over-Year

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According to the Broward Council of the Miami Association of Realtors, the total number of listings - including single-family homes and condominiums - that pended during the month of November in Broward County increased 44 percent, up from 2,265 to 3,254 compared to a year earlier. Single-family home and condominium sales that pended during the month increased 63 and 25 percent respectively.

Total November cumulative pending home sales - including single-family homes and condominiums - in Broward County were 0.1 percent below what they were a year earlier, down from 7,571 to 7,566, and were down two percent month-over-month from 7,704.

"The number of Broward County home sales that pended during November greatly increased compared to the previous year," said Terri Bersach, president of the Broward County Board of Governors of the Miami Association of Realtors. "This is a very encouraging sign of future market strengthening, which will serve to boost home sale prices."

Cumulative pending condominium sales in Broward County dropped 3.1 percent from 4,287 in November 2010 and 2.2 percent compared to the previous month.  Cumulative pending single-family home sales rose four percent from 3,247 in November 2010 and dropped 1.3 percent compared to the previous month.

"The Broward County real estate market continues to strengthen due to heightened demand from buyers and investors," said Natascha Tello, president-elect of the Broward County Board of Governors of the Miami Association of Realtors.  "Rising pending and closed sales are resulting in reduced housing supply, a sign of a healthy and balanced market."

Nationally, the Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 7.3 percent to 100.1 in November from 83.3 in October, according to the National Association of Realtors. The index is 5.9 percent higher than the 94.5 index reported in November 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.