Rising pending sales, as expected, are mirroring the robust closed sales activity we continue to experience in South Florida.
Miami, FL (PRWEB) October 28, 2011
September cumulative pending home sales – including single-family homes and condominiums - in Miami-Dade County were 11 percent above what they were a year earlier, up from 10,219 to 11,296, and five percent below the previous month, down from 121,915, according to the 25,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems.
August Sales Activity
The total number of listings, including single-family homes and condominiums, that pended during the month of September increased 26 percent, from 2,868 in September 2010 to 3,609 last month. Compared to the previous month, pended sales increased eight percent. Single-family home and condominium sales that pended during the month increased 33 percent and 21 percent respectively.
“Rising pending sales, as expected, are mirroring the robust closed sales activity we continue to experience in South Florida,” said Jack H. Levine, 2011 chairman of the board of the MIAMI Association of REALTORS. “Strong demand from domestic, international, and second home buyers is not diminishing, as buyers and investors take advantage of the amazing opportunities currently available in the Miami real estate market.”
Cumulative Pending Sales Rise
Pending sales of condominiums were 11 percent higher than they were a year earlier, up from 5,838, and five percent below what they were the previous month, down from 6,974. Pending sales of single-family homes were seven percent above what they were a year earlier, up from 4,381 to 4,9676, and five percent below the previous month, when pending single-family homes sales totaled 4,941.
“These future sales are fueling market strengthening and home price appreciation in Miami,” said 2011 MIAMI Association of REALTORS Residential President Ralph E. De Martino. “Economic growth, job creation, and improving consumer confidence should further strengthen local market performance.”
Nationally, the Pending Home Sales Index, a forward-looking indicator based on contract signings, decreased 4.6 percent to 84.5 in September from 88.6 in August, according to the National Association of Realtors. The index is 6.4 percent higher than the 79.4 index reported in September 2010.
Increased pending sales are an indication of increased future sales. A sale is listed as pending when a contract is signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.
MIAMI Association of REALTORS
The MIAMI Association of REALTORS was chartered by the National Association of Realtors in 1920 and is celebrating more than 90 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of four organizations, the Residential Association, the Realtors Commercial Alliance, the Broward County Board of Governors, and the International Council, it represents more than 25,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local association in the National Association of Realtors, and has partnerships with more than 60 international organizations worldwide. MIAMI’s official website is http://www.miamire.com.