Pending Single and Multi Family Homes for Sale Contracts Rise in FL- By: John Cutts
Pending purchase contracts for single and multi family homes for sale in some areas of Florida have risen for the month of December. The rise is particularly significant in the Southern Florida region where pending sale figures rose by almost 30% when compared with the same 2009 month.
Most areas of the state have experienced moderate to significant increases in housing unit sales during the third quarter of 2010, with residential properties like bank foreclosures in Fort Lauderdale becoming more in-demand compared with a year ago. In the Southern Miami-Dade region, pending sales surged by 29%, with Broward recording a 10% increase from December 2009. The increase recorded in December marks the 10th month in a row that pending housing sales have risen in the region.
Home foreclosures in Florida have been some of the highest nationwide for the past three years and pending sales have been considered important signs in terms of gauging the future of the state's housing market. Sales of residential properties are especially important in Miami-Dade where a big percentage of the state's single family houses and condominium construction projects happened during the real estate market boom.
According to local housing industry analysts, the residential property market of Southern Florida has stabilized and strengthened in 2010 despite the end of the government's tax credit program and the traditional slowdown during the holiday months. Pending sales and closed purchase transactions have risen during the past year, demonstrating healthy demands for single and multi family homes for sale in the region.
Analysts have added that they expect sales of foreclosure homes and non-foreclosed dwellings to continue to rise in 2011 as employment and economy improve and housing inventories get absorbed through buying activities. A closer look at housing data for December showed that condominium sales are on course to outpace single family residential sales. Pending sales of condos in Miami-Dade for December rose by 40.5% compared with last year, while single family residential sales increased by 14.9% for the same period.
The strong performance of multi family homes for sale is most evident in Broward, where condominium sales for the month of December recorded an increase of 14.4% compared with year-ago levels. Meanwhile, single family dwelling sales in the county recorded a 4.1% rise over the same period.
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John Cutts has been educated in the finer points of the foreclosure market over 5 years.