It’s a wonder what low prices and federal tax credits can do for home sales.
According to CondoVultures.com, roughly 22,000 single-family homes are under contract and waiting to close in Palm Beach, Broward and Miami-Dade counties.
That’s the highest total in at least 18 months and a 138% increase compared to November 2008, when the Bal Harbour-based consulting firm started tracking weekly sales contracts.
The increased activity means that some buyers are paying more than original asking prices, said Peter Zalewski, a principal at CondoVultures.com.
Still, skeptics have their doubts about sales once the $8,000 and $6,500 tax credits disappear. The deadline to sign sales contracts was April 30, and buyers must close on the deals by June 30.
It’ll be interesting to see how far sales slow in May, June and July.
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