Record sales activity in Miami-Dade County last year has resulted in rising home prices despite a slight decrease in sales.
Miami, Florida (PRWEB) April 26, 2012
The total number of listings, including single-family homes and condominiums, that pended* in Miami-Dade County during the month of March increased 13 percent month-over-month but declined 5.0 percent, from 4,389 in March 2011 to 4,158 in March 2012, according to the 26,000-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 7.0 percent and decreased 13 percent respectively compared to the previous year.
“Record sales activity in Miami-Dade County last year has resulted in rising home prices despite a slight decrease in sales,” said Martha Pomares, 2012 chairman of the board of the MIAMI Association of REALTORS. “Pending sales activity remains at strong levels and points to further growth and strengthening in a market driven by both domestic and international buyers and investors.”
Total Cumulative Pending Sales
Total cumulative pending home sales** – including single-family homes and condominiums - in Miami-Dade County currently are 6.1 percent above what they were a year ago, up from 11,887 to 12,613, and 5.0 percent higher than the previous month, up from 12,011.
Pending sales of condominiums were 3.1 percent higher than they were a year earlier, up from 6,991, and 3.4 percent above what they were the previous month, up from 6,972. Pending sales of single-family homes were 10.4 percent above what they were a year earlier, up from 4,896 to 5,406, and 7.3 percent above the previous month, when pending single-family homes sales totaled 5,039.
“While the Miami real estate market has experienced remarkable strengthening compared to other markets throughout the U.S., improving job growth and consumer confidence should further strengthen local real estate,” said 2012 MIAMI Association of REALTORS Residential President Patricia Delinois. “Miami remains a global hotspot that is generating intense worldwide attention on many levels, including global enterprise, international banking, tourism, and trade, which will serve to generate further demand.”
Nationally, the Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 4.1 percent to 101.4 in March from 97.4 in February, according to the National Association of Realtors. The index is 12.8 percent higher than the 89.9 index reported in March 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 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.