Miami homes sales set a record in 2011, exceeding transaction levels during the height of the boom in 2005.
Miami, Florida (PRWEB) January 26, 2012
The total number of listings, including single-family homes and condominiums, that pended in Miami-Dade County during the month of December increased 16 percent, from 2,479 in December 2010 to 2,891 in December 2011, according to the 26,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems. In more detail, single-family home and condominium sales that pended during the month increased 38 percent and four percent respectively compared to the previous year. Compared to the previous month, total pended sales decreased 14 percent.
Cumulative Pending Sales
December cumulative pending home sales – including single-family homes and condominiums - in Miami-Dade County were 5.4 percent above what they were a year earlier, up from 10,698 to 11,279, and two percent higher than the previous month, up from 11,100.
“Miami homes sales set a record in 2011, exceeding transaction levels during the height of the boom in 2005,” said Martha Pomares, 2012 chairman of the board of the MIAMI Association of REALTORS. “Rising pending sales despite dwindling inventory reflects a very healthy marketplace in Miami fueled by strong demand from both domestic and international buyers and investors.”
Pending sales of condominiums were two percent higher than they were a year earlier, up from 6,376, and two percent above what they were the previous month, up from 6,351. Pending sales of single-family homes were 11 percent above what they were a year earlier, up from 4,322 to 4,798, and one percent above the previous month, when pending single-family homes sales totaled 4,749.
“The world is focused on Miami, which is on the verge of miniboom,” said 2012 MIAMI Association of REALTORS Residential President Patricia Delinois. “Renewed population growth, job creation, and improved consumer confidence is expected to further demand beyond available inventory.”
Nationally, the Pending Home Sales Index, a forward-looking indicator based on contract signings, declined 3.5 percent to 96.6 in December from 100.1 in November, according to the National Association of Realtors. The index is 5.6 percent higher than the 91.5 index reported in December 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 26,000 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 100 international organizations worldwide. MIAMI’s official website is http://www.miamire.com.