Buyers are scurrying to purchase resale single-family houses, condominium units, and townhouses in the tri-county South Florida region of Miami-Dade, Broward, and Palm Beach counties despite the lack of financing available in the market, according to a new report from Condo Vultures® LLC.
Pending residential resales in South Florida jumped 3.5 percent in the last week to 11,397 contracts as of Feb. 23 compared to 11,012 contracts a week earlier on Feb. 16. At the beginning of month on Feb. 2, there were 10,353 pending contracts. according to the report produced by Condo Vultures® LLC using Florida Association of Realtors data.
Pending sales have been steadily increasing since Thanksgiving week when 9,302 residences were under contract on Nov. 24. On Jan. 26, the pending sales number stood at 10,007 residences, according to the Bal Harbour, Fla.-based consultancy.
"The data that we are collecting indicates that an increasing number of all-cash buyers are feeling more and more comfortable buying today rather than waiting for tomorrow," said Peter Zalewski, a principal with Condo Vultures®. "It will be interesting to see how and if this trend continues."
Condo Vultures® studies pending sales and available inventory, in addition to closed sales, to get an accurate, realtime understanding of buyer and seller confidence in this unpredictable market.
At the same time that buyers are going under contract, the number of available resales on the market is continuously decreasing. South Florida has 98,153 properties for sale as of Feb. 23, down -0.4 percent from a week earlier when there were 98,530 properties for sale on Feb. 16.
On Feb. 2, there were 99,033 properties for sale, and 100,131 residences for sale on Jan. 26. The week of Thanksgiving, there were 107,527 residences for sale in South Florida, according to the data.
Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter's blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures DatabaseTM .
Copyright © 2009, Condo Vultures® LLC
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