Pending sales, which typically predict future closing activity, continue to rise in Miami-Dade County.
Miami, Florida (PRWEB) February 28, 2012
The total number of listings, including single-family homes and condominiums, that pended in Miami-Dade County during the month of January increased 24.8 percent, from 2,746 in January 2011 to 3,426 in January 2012, 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 46.4 percent and 13.6 percent respectively compared to the previous year. Compared to the previous month, total pended sales decreased 27.4 percent.
Cumulative Pending Sales
December cumulative pending home sales – including single-family homes and condominiums - in Miami-Dade County were 6.3 percent above what they were a year earlier, up from 11,182 to 11,887, and 5.4 percent higher than the previous month, up from 11,279.
“Pending sales, which typically predict future closing activity, continue to rise in Miami-Dade County,” said Martha Pomares, 2012 chairman of the board of the MIAMI Association of REALTORS. “After a record sales year in 2011, our inventory levels declined sharply. Current trends continue to reflect demand for Miami real estate.”
Pending sales of condominiums were 4.2 percent higher than they were a year earlier, up from 6,497, and five percent above what they were the previous month, up from 6,481. Pending sales of single-family homes were 9.2 percent above what they were a year earlier, up from 4,685 to 5,115, and seven percent above the previous month, when pending single-family homes sales totaled 4,798.
“Miami is a world-class destination that continues to draw the attention of U.S. and international buyers and investors unlike any other market in the nation,” said 2012 MIAMI Association of REALTORS Residential President Patricia Delinois. “The robust performance of the Miami market has generated much optimism and attracted further worldwide exposure, buyers continue to take advantage of the lifestyle, business opportunities, and great weather the local area offers.”
Nationally, the Pending Home Sales Index, a forward-looking indicator based on contract signings, rose two percent to 97.0 in January from 95.1 in December, according to the National Association of Realtors. The index is eight percent higher than the 89.8 index reported in January 2011.
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.