MiamiRealEstateKing

Pending Sales Up in Miami-Dade County’s Eastern Corridor by as much as 2,250%

In Distressed Sales, florida, forclosure, foreclosure, Home Buyer, home sellers, Industry trends, Market Report, miami beach, Miami-Dade County, real estate, REO, Sellers, Short Sales, South Beach, Wenceslao on October 4, 2010 at 3:46 pm

Pending home sales show another gain (see further below for Miami charts)

WASHINGTON – Oct. 4, 2010 – Pending home sales have increased for the second consecutive month, according to the National Association of Realtors® (NAR).

The Pending Home Sales Index (PHSI), a forward-looking indicator, rose 4.3 percent to 82.3 based on contracts signed in August from a downwardly revised 78.9 in July, but is 20.1 percent below August 2009 when it was 103.0. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, says the latest data is consistent with a gradual improvement in home sales in upcoming months. “Attractive affordability conditions from very low mortgage interest rates appear to be bringing buyers back to the market,” he says. “However, the pace of a home sales recovery still depends more on job creation and an accompanying rise in consumer confidence.”

Although Yun expects a continuing steady rise in home sales from favorable affordability conditions and some job creation, he cautions any sudden rise in mortgage rates could slow the recovery.

“Current low consumer price inflation has helped keep mortgage interest rates very attractive this year. However, recent rising trends in producer prices at the intermediate and early stages of production, along with very high commodity prices, are raising concerns about future inflation and future mortgage interest rates,” he says. “Higher inflation would mean higher mortgage interest rates. In the meantime, housing affordability is hovering near record highs.”

The PHSI in the Northeast declined 2.9 percent to 60.6 in August and remains 28.8 percent below August 2009. In the Midwest the index rose 2.1 percent in August to 68.0 but is 26.5 percent below a year ago. Pending home sales in the South increased 6.7 percent to an index of 90.8 but are 13.1 percent below August 2009. In the West the index rose 6.4 percent to 101.1 but remains 19.6 percent below a year ago.

Reprinted by Permission: © 2010 Florida Realtors®

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In Miami-Dade county’s Eastern corridor, roughly covering Brickell, Downtown Miami, Biscayne Boulevard and the beaches (from South Beach to Sunny Isles Beach), Pending sales have also shown recilliance.

1 month 1 year
Jul 10 Aug 10 % Change Aug 09 Aug 10 % Change
For Sale 10009 10043 0.3% 11261 10043 -10.8%
New Listing 1747 1760 0.7% 1420 1760 23.9%
Sold 584 523 -10.4% 484 523 8.1%
Pended 793 894 12.7% 762 894 17.3%

To brake it down, here’s how it all looks like by property type/segment and by whether distressed (short sale or REO) vs. non-distressed (regular sales)

Single Family Homes (all)

1 month 1 year
Jul 10 Aug 10 % Change Aug 09 Aug 10 % Change
For Sale 1459 1488 2% 1672 1488 -11%
New Listing 278 301 8.3% 235 301 28.1%
Sold 93 89 -4.3% 81 89 9.9%
Pended 131 139 6.1% 142 139 -2.1%

Single Family Homes – Non-Distressed (not Short Sales or REO)

1 month 1 year
Jul 10 Aug 10 % Change Aug 09 Aug 10 % Change
For Sale 1042 1070 2.7% 1312 1070 -18.4%
New Listing 169 180 6.5% 214 180 -15.9%
Sold 51 49 -3.9% 52 49 -5.8%
Pended 53 41 -22.6% 105 41 -61%

Single Family Homes – Short Sales

1 month 1 year
Jul 10 Aug 10 % Change Aug 09 Aug 10 % Change
For Sale 336 333 -0.9% 316 333 5.4%
New Listing 57 66 15.8% 3 66 2100%
Sold 15 20 33.3% 1 20 1900%
Pended 43 47 9.3% 2 47 2250%

This is by far the best segment of the market with 2,250% increase in Pending Sales year-over-year

Single Family Homes -REOs*

1 month 1 year
Jul 10 Aug 10 % Change Aug 09 Aug 10 % Change
For Sale 79 83 5.1% 44 83 88.6%
New Listing 52 55 5.8% 18 55 205.6%
Sold 27 20 -25.9% 28 20 -28.6%
Pended 35 51 45.7% 35 51 45.7%

*Based on recent developments, this segment should experience a MAJOR SHIFT – see earlier post “Foreclosures Halted! What does it mean to you?

Condo/Townhouse (all)

1 month 1 year
Jul 10 Aug 10 % Change Aug 09 Aug 10 % Change
For Sale 8550 8555 0.1% 9589 8555 -10.8%
New Listing 1469 1459 -0.7% 1185 1459 23.1%
Sold 491 434 -11.6% 403 434 7.7%
Pended 662 755 14% 620 755 21.8%

Condo/Townhouse – Non-Distressed (not Short Sales or REOs)

1 month 1 year
Jul 10 Aug 10 % Change Aug 09 Aug 10 % Change
For Sale 6161 6154 -0.1% 7374 6154 -16.5%
New Listing 838 842 0.5% 758 842 11.1%
Sold 237 182 -23.2% 224 182 -18.7%
Pended 205 234 14.1% 264 234 -11.4%

Condo/Townhouse – Short Sales

1 month 1 year
Jul 10 Aug 10 % Change Aug 09 Aug 10 % Change
For Sale 1940 1927 -0.7% 2021 1927 -4.7%
New Listing 348 308 -11.5% 319 308 -3.4%
Sold 120 92 -23.3% 63 92 46%
Pended 252 255 1.2% 254 255 0.4%

Condo/Townhouse -REO*

1 month 1 year
Jul 10 Aug 10 % Change Aug 09 Aug 10 % Change
For Sale 447 472 5.6% 197 472 139.6%
New Listing 283 309 9.2% 108 309 186.1%
Sold 134 160 19.4% 116 160 37.9%
Pended 205 266 29.8% 102 266 160.8%

*Although to date, the second best segment of Pending Sales in this market and in the areas covered in this report – please refer to previous post “Foreclosures HALTED! What does it mean to you?

All charts copyrighted –  courtesy Trendgraphix, Inc

1 month 1 year
Jul 10 Aug 10 % Change Aug 09 Aug 10 % Change
For Sale 10009 10043 0.3% 11261 10043 -10.8%
New Listing 1747 1760 0.7% 1420 1760 23.9%
Sold 584 523 -10.4% 484 523 8.1%
Pended 793 894 12.7% 762 894 17.3%
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