Greater Ft. Lauderdale Area Pending Home Sales Continue to Rise in Early 2012

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(Miami, FL) - 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 January in Broward County increased 32 percent, up from 2,852 to 3,779 compared to a year earlier. In further detail, single-family home and condominium sales that pended during the month increased 50.4 and 20.5 percent respectively.

"Despite a sharp decline in Broward County existing housing inventory over the last year, we continue to see strong sales activity," said Rick Burch, president of the Broward Council of the Miami Association of Realtors. "Pending sales continue to rise, reflecting strong demand for both single-family homes and condominiums countywide."

Cumulative Pending Sales

Total January cumulative pending home sales - including single-family homes and condominiums - in Broward County were 12.3 percent above January 2011, up from 8,391 to 8,849, and 14 percent month-over-month from 7,566.

Cumulative pending condominium sales in Broward County increased 12 percent, up from 4,406 a year earlier and 14 percent compared to the previous month.  Cumulative pending single-family home sales rose 10 percent from 3,513 a year earlier and 11 percent compared to the previous month.

"Pending home sales in Broward County continue to trend upwards, which is a very encouraging sign," said Ernesto Vega, president-elect of the Broward Council of the Miami Association of Realtors. "The Broward market performed extremely well in 2011, resulting in rising sales and prices.  We expect strong sales despite limited supply to continue to drive price appreciation in 2012."

Nationally, the Pending Home Sales Index, a forward-looking indicator based on contract signings, rose two percent to 97.0 in January from 95.1 in December, according to the National Association of Realtors. The index is eight percent higher than the 89.8 index reported in January 2011.

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.