Miami-Dade Pending Real Estate Sales Increase 33 Percent in Five Months

South Florida Data Continues to Point to Local Market Recovery

 Miami, FL ? Pending home sales increased nearly 5.2 percent in just one month, from 7,197 in July 2009 to 7,570 in August 2009 in Miami-Dade County as more buyers continue to take advantage of improved affordability conditions and the first-time home buyer tax credit according to the Realtor Association of Greater Miami and the Beaches (RAMB) and Southeast Florida Multiple Listing Service.  All of the latest data continues support the local market recovery.   

Pending sales of single-family homes rose 3.4 percent in August 2009 from the previous month, from 3,599 to 3,722.  Pending sales of condominiums in Miami-Dade County rose 6.9 percent from 3,598 to 3,848.   

In the last five months in Miami-Dade, pending sales of single-family homes rose 26.6 percent, while pending sales of condominiums increased 40.5 percent.  The total number of pending sales increased 33.3 percent from March 2009 to August 2009.  "The number of pending sales and closed sales has increased dramatically over the last year," said Rick Burch, RAMB Chairman of the Board.  "Local, national, and international buyers have seized the opportunities our market offers." 

In Broward County pending home sales increased 7.4 percent, from 6,242 in July 2009 to 6,705 in August 2009.  Pending sales of single-family homes rose 4.8 percent in August 2009 from the previous month, from 3,141 to 3,291.  Pending sales of condominiums in Broward County rose 10.1 percent from 3,101 to 3,414.  

In the last five months in Broward, pending sales of single-family homes rose 30.1 percent, while pending sales of condominiums increased 48.8 percent.  The total number of pending sales in increased 39 percent from March 2009 to August 2009. 

"Buyers who wish to take advantage of the $8,000 first-time home buyer tax credit need to close on their property no later than November 30, 2009," said Burch.  "These buyers have less than 90 days to close and need to start looking for homes and finalizing contracts now." 

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, and in the current market, are signs that the South Florida Market is on its way back up.

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About RAMB

The Realtor Association of Greater Miami and the Beaches was chartered by the National Association of Realtors in 1920 and is celebrating its 89^th year of service to Realtors, the buying and selling public, and the communities in South Florida.  Comprised of three organizations (the Residential Realtor Association of Greater Miami and the Beaches, the Realtors Commercial Alliance and the International Council of Greater Miami and the Beaches), RAMB represents over 13,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage.  RAMB´s official Web site is www.miamire.com.