“Despite the significant decline in housing inventory in the Miami real estate market, we continue to see rising demand.
Miami, Florida (PRWEB) March 28, 2012
The total number of listings, including single-family homes and condominiums, that pended* in Miami-Dade County during the month of February increased 29 percent, from 2,872 in February 2011 to 3,695 in February 2012, and 14 percent compared to the previous month, according to the 27,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems. More specifically, single-family home and condominium sales that pended during the month increased 49 percent and 17 percent respectively compared to the previous year.
“Despite the significant decline in housing inventory in the Miami real estate market, we continue to see rising demand,” said Martha Pomares, 2012 chairman of the board of the MIAMI Association of REALTORS. “Rising pending sales point to increased future demand locally, as Miami continues to attract U.S. migration, in addition to substantial international buyers and investors and second and vacation homebuyers.”
Total Cumulative Pending Sales
Total cumulative pending home sales** – including single-family homes and condominiums - in Miami-Dade County currently are 4.1 percent above what they were a year ago, up from 11,544 to 12,011, and one percent higher than the previous month, up from 11,887.
Pending sales of condominiums were 3.1 percent higher than they were a year earlier, up from 6,762, and 3.0 percent above what they were the previous month, up from 6,772. Pending sales of single-family homes were 5.4 percent above what they were a year earlier, up from 4,782 to 5,115, and seven percent above the previous month, when pending single-family homes sales totaled 4,798.
“Population growth in Miami coupled with declining supply, limited land available for construction and increasing demand will continue to drive appreciation,” said 2012 MIAMI Association of REALTORS Residential President Patricia Delinois. “Miami continues to draw worldwide attention from buyers and investors who are taking advantage of the opportunities, lifestyle and local amenities our market has to offer.”
Nationally, the Pending Home Sales Index, a forward-looking indicator based on contract signings, declined 0.5 percent to 96.5 in February from 97 in January, according to the National Association of Realtors. The index is 9.2 percent higher than the 88.4 index reported in February 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.
*“Pended sales” are defined as only the sales that pended during a particular month
**”Total cumulative pending sales” refer to all sales cumulatively pending at the end of a particular month.
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 27,000 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.