MIAMI (CBS4) – Pending sales of existing homes and condos were up across the board in October in Miami-Dade and Broward counties, according to the Miami Association of Realtors.
In the Miami Metro Area, the realtor group reported the total number of listings, including single-family homes and condominiums, that ‘pended’ during the month of October increased 26 percent, from 2,861 in October 2010 to 3,609 in Oct. 2011.
Increased pending sales are an indication of increased future sales. A sale is listed as pending when a contract is signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.
October’s pending sales of condominiums were 10 percent higher than they were a year earlier, but were 2.3 percent lower than below what they were the previous month. Pending sales of single-family homes in October were nine percent above what they were a year earlier, but they were also five percent below the previous month.
In Broward, the total number of listings, including single-family homes and condominiums, which pended in October increased 25 percent, up from 2,633 to 3,356 compared to last year.
Cumulatively, pending single-family home sales rose three percent from 3,317 in October 2010 and two percent compared to the previous month. Cumulative pending condominium sales dropped .9 percent from 4,336 in October 2010 and four percent compared to the previous month.