In yet another sign that the real estate market continues its perpetual up and down motions, the month of February proved to be a good one for home sales…pending home sales that is. Last month, pending home sales increased in Miami-Dade County thanks largely to the continued drop in prices and tax perks.
Compared to January, the number of people who signed on the dotted line and decided to become homeowners shot up by nine percent, accounting for more than 9,000 condominium and traditional home sales. When compared to 2009, the increase is considerably more substantial at just over sixty percent. For the unaware, a pending home sale occurs when a contract has been signed but the transaction has yet to close.
Besides the tax perks, a number of condos and townhomes currently have price tags of less than $250,000 which may also be contributing to the pending home sales upswing. Regardless, it’s a nice dose of good news in a climate that remains unclear.