Greater Ft. Lauderdale Pending Home Sales Hold Steady in September

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According to the Broward Council of the 25,000-member Miami Association of Realtors, the total September cumulative pending home sales - including single-family homes and condominiums - in Broward County were 0.3 percent below what they were a year earlier, up from 7,719 to 7,693, and were down three percent month-over-month from 7,894.

The total number of listings - including single-family homes and condominiums - that pended during the month of September in Broward County increased 13 percent, up from 2,539 to 3,135, compared to a year earlier.  Compared to the previous month, pended sales increased 0.7 percent.   Single-family home and condominium sales that pended during the month increased 39 and 12 percent respectively.

"The number of sales that have pended during the month in Broward County continue to rise month-over-month and year-over-year," said Terri Bersach, president of the Broward County Board of Governors of the Miami Association of Realtors.  "This is a very positive trend because it is a true indication of what we can expect in terms of sales activity in the future."

Cumulative pending condominium sales in Broward County dropped 0.3 percent from 4,313 in September 2010 and four percent compared to the previous month.  Cumulative pending single-family home sales dropped 1.8 percent, down from 3,406 in September 2010 and 0.6 percent compared to the previous month.

"Market fundamentals and sales activity point to strong demand for properties in Broward County," said Natascha Tello, president-elect of the Broward County Board of Governors of the Miami Association of Realtors.  "The local market has recovered faster and strong than anyone expected due to the impact of international buyers in addition to domestic and second home buyers."

Nationally, the Pending Home Sales Index, a forward-looking indicator based on contract signings, decreased 4.6 percent to 84.5 in September from 88.6 in August, according to the National Association of Realtors. The index is 6.4 percent higher than the 79.4 index reported in September 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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