South Florida’s Broward Co. bucks trend: Pending home sales up 17%

South Florida’s Broward Co. bucks trend: Pending home sales up 17%

Posted By Kerry Curry On September 7, 2010 @ 11:14 AM

Pending home sales in Broward County, the county seat of Fort Lauderdale, rose 17% in August compared to August 2009, but were flat with July 2010 figures.

Sales rose from 6,705 to 7,845 when compared to the year-ago figure, according to the Miami Association of Realtors and the Southeast Florida Multiple Listing Service (SEFMLS).

The figure includes single-family homes and condominiums. Pending sales were up just 0.19% when compared to July figures. A sale is listed as pending when the contract has been signed but the transaction has not yet closed.

Contrary to national trends [1], which show home sales trending lower, the South Florida real estate market continues to strengthen, primarily due to the highest concentration in the U.S. of international buyers, the Miami association said in a news release.

Pending condominium sales in Broward fared better than that of single-family homes. Broward County pending condominium sales in August were 27.4% higher than they were in August 2009, up from 3,414 to 4,350, but just 0.63% higher than the previous month. Broward pending sales of single-family homes rose 6.2% from a year ago, up from 3,291 to 3,495, but they decreased 0.34% when compared to the previous month.

“We are optimistic about signs of stability in the Broward marketplace,” said Terri Bersach, 2010 president of the Broward County Board of Governors of the Miami Association of Realtors.

Sales are up do in large part to international buyers, the association said.

An estimated 60% of sales involve a foreign buyer, and the region continues to be tops in the nation for international buying activity, the association reported.

Beaches and great prices are drawing the foreign interest, said Natascha Tello, president-elect of the Broward County Board of Governors of the Miami Association of Realtors. “These buyers are instrumental in helping to strengthen the South Florida real estate market.”

The Miami group represents 23,000 real estate professionals in all aspects of real estate sales, marketing and brokerage in the South Florida region and is the largest local association in the National Association of Realtors (NAR).