Posted on Friday, 8.4.2010
Miami Homes - Miami Real Estate
Due to the area’s presence of international buyers and prices that are still dropping on the local housing market, South Florida's housing sector declared its independence from national trends in July. It is an important fact that the South Florida and the Miami real estate market has improved based on a year-over-year comparison.
According to figures released Tuesday by Miami Realtors, pending sales in July 2010 for Miami homes stood at 10,113, up 40.5 percent from July 2009. Pending sales in Broward County stood at 7,830 in July, up 25.4 percent from a year earlier.
Based on the number of sales contracts that have been signed, pending home sales can offer an early indication of sales activity because there is a one-to-two month lag between a sales contract and a completed deal.
According to the National Association of Realtors, when compared to the national statistics, South Florida sizes up well, as the national pending home sales index hit a record low 75.7 in June. It was the second monthly fall-off after the April 30 deadline for the federal homebuyer tax credit program, with pending sales in June down almost 19 percent from the same month a year earlier.
The South Florida and Miami real estate market hasn't however been completely immune from the post-tax-credit slump. Pending sales are down 3.2 percent for Miami homes and 5.1 percent in Broward in the past three months.
Peter Zalewski, a principal at Bal-Harbour-based Condo Vultures, said that with financing still difficult to obtain, all-cash buyers and deep discounts on distressed properties are propping up sales.
Foreign buyers, who are more likely to pay cash and they are not eligible for the tax credit, are responsible for almost 60 percent of South Florida sales.
In addition, more than half of recent sales of Broward and Miami homes involve short sales or bank-owned home sales. The number of bank-owned condos and single-family homes sold has more than doubled in the last 12 months.
Call MLR Realty at: 1-305-673-3303 to get a consultation with a Realtor that specializes in Miami homes and other residential Miami real estate for sale and for lease.