RAMB Broker-Manager-Agent Profitability

Miami-Dade Pending Real Estate Sales Increase 46 Percent in Eight Months

Pending Condominium Sales Perform better than Single-family Homes

Miami, FL – Pending home sales decreased by less than one-fifth of one percent in November, from 8,304 to 8,288, in Miami-Dade County for the first time in more than eight months. In the last eight months, pending home sales have increased 45.9 percent as buyers take advantage of record-setting affordability conditions, the first-time home buyer tax credit, and a wide selection of properties to choose from according to the Realtor Association of Greater Miami and the Beaches (RAMB) and the Southeast Florida Multiple Listing Service. This coupled with increasing closed sales each of the last 15 months is indicative of a stabilizing and constantly improving market.

Pending sales of condominiums in Miami-Dade County performed better than that of single-family homes in November, rising .73 percent from 4,385 to 4,414. Pending sales of single-family homes dropped only 1.1 percent in November from the previous month, from a record high of 3,919 to 3,874.

Miami-Dade Pending Sales Jump 40 Percent in Six Months

In the last eight months in Miami-Dade, pending sales of condominiums increased 61.2 percent, while pending sales of single-family homes rose a 31.7 percent. The total number of pending sales increased a significant 46 percent from March 2009 to November 2009.

"A 46 percent increase in pending sales over this extended period is an important indication of the strength of the South Florida market, which is heavily impacted by first-time, vacation, second home, and international buyers," said Rick Burch, RAMB Chairman of the Board. "The Miami market is one of the first nationally to make such an impressive turnaround and is expected to outperform most other U.S. real estate markets. As the top spot in the U.S. for international real estate purchases, Miami is a world-class city with affordable options for all types of global buyers, who are taking advantage of current market opportunities."

Broward County Pending Sales

In Broward County pending home sales decreased a negligible 0.03 percent, from 7,266 to 7,264 in November. Pending sales of condominiums in Broward County rose .57 percent from 3,848 to 3871. Pending sales of single-family homes fell only .7 percent in November from the previous month, from 3,418 to 3,394.

In the last eight months Broward pending sales of single-family homes rose 34.2 percent, while pending sales of condominiums increased 68.7 percent. The total number of pending sales increased 50.6 percent from March 2009 to November 2009.

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 12,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. RAMB’s official Web site is www.miamire.com.

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