Greater Ft. Lauderdale Area Combined Pending Residential Sales Up 24%

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(MIAMI, FL) -- According to the Miami Association of Realtors, the total current cumulative pending home sales - including single-family homes and condominiums - in the Greater Ft. Lauderdale area (Broward County) are 4% above what they were a year ago, up from 7,830 to 8,124, and were down 3.4 percent month-over-month from 8,413.

The total number of listings - including single-family homes and condominiums - that pended during the month of June in Broward County increased 24.4 percent, up from 2,718 to 3,381, compared to a year earlier.  Single-family home and condominium sales that pended during the month increased 33 percent and 18 percent respectively.

"There is still a significant number of pending sales each month in Broward County, which reflects strong demand for local properties," said Terri Bersach, president of the Broward County Board of Governors of the Miami Association of Realtors.  "June 2010 marked the end of the homebuyer tax credit that boosted sales during the first half of last year.  Pending and closed sales are still higher in comparison a year later.  This is positive news for Broward County and South Florida real estate."

Current cumulative pending sales of single-family homes in Broward County are three percent above what they were a year ago, up from 3,507 to 3,611, and four percent below, down from 3,747, compared to the previous month.  Current cumulative pending condominium sales in Broward are 4.4 percent higher than they were a year ago, up from 4,323 to 4,513, but were down 3.3 percent compared to last month.

"Broward County and the local real estate market have much to offer to all types of buyers, which is resulting in increased demand for properties," said Natascha Tello, president-elect of the Broward County Board of Governors of the Miami Association of Realtors.  "Rising pending sales point to further market strengthening."

Nationally, the Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 2.4 percent to 90.89 in June from 88.8 in May, according to the National Association of Realtors. The index is 19.8 percent higher than the 75.9 percent reported in June 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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