Miami is in demand, as reflected by consistently increasing pending and closed sales and dwindling housing inventory.
Miami, FL (PRWEB) July 28, 2011
Total current cumulative pending home sales – including single-family homes and condominiums - in Miami-Dade County are 19 percent above what they were a year ago, from 10,113 to 12,014 and .7 percent, up from 11,936, above the previous month according to the 24,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems.
June Contract Activity
The total number of listings, including single-family homes and condominiums, that pended during the month of June increased 33 percent, from 2,740 in June 2010 to 3,650 in June 2011. Single-family home and condominium sales that pended during the month increased 38 percent and 30 percent respectively.
“Miami is in demand, as reflected by consistently increasing pending and closed sales and dwindling housing inventory,” said Jack H. Levine, 2011 chairman of the board of the MIAMI Association of REALTORS. “Our market is a focal point for global business headquarters, celebrities and the entertainment industry, tourists and visitors, and the ever important international buyers. This type of attention and demand will fuel long-term market strengthening.”
Cumulative Pending Sales on the Rise
In the current month, pending sales of condominiums performed better than that of single-family homes. Pending sales of condominiums are 22 percent higher than they were a year ago, up from 5,720, and are one percent above what they were last month, up from 6,909. Pending sales of single-family are 15 percent above what they were a year ago, up from 4,393 to 5,036, and .2 percent above last month, when pending single-family homes sales totaled 5,027.
“Current market statistics point to very positive news for South Florida real estate,” said 2011 MIAMI Association of REALTORS Residential President Ralph E. De Martino. “The strong demand presently being experienced has resulted in an extremely rapid recovery, exceeding expectations and outperforming the rest of the nation. It is a great time to buy and sell South Florida real estate!”
Nationally, the Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 2.4 percent to 90.89 in June from 88.8 in May, according to the National Association of Realtors. The index is 19.8 percent higher than the 75.9 percent reported in June 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 24,000 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.