Pending sales in the Miami real estate market remain at historically strong levels, particularly when considering the current shortage of local housing inventory.
Miami, Florida (PRWEB) September 28, 2012
The total number of listings, including single-family homes and condominiums, that pended* in Miami-Dade County during the month of August increased 15 percent, from 2,693 to 3,087, year-over-year and decreased nine percent compared to the previous month, according to the 25,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems. The number of single-family and condominium listings that pended in August increased 26.3 percent and 6.28 percent respectively compared to August 2011.
“Pending sales in the Miami real estate market remain at historically strong levels, particularly when considering the current shortage of local housing inventory,” said Martha Pomares, 2012 chairman of the board of the MIAMI Association of REALTORS. “Pending sales continue to reflect strong demand compared to record sales levels in 2011. This activity is driving home prices to rise sooner and stronger than expected.”
Total Cumulative Pending Sales
Total cumulative pending home sales** – including single-family homes and condominiums - in Miami-Dade County currently are one percent above what they were a year ago, up from 11,915 to 12,222, but 1.5 percent below what they were the previous month, down from 12,210.
Pending sales of single-family homes were 10 percent above what they were a year earlier, up from 4,941 to 5,435, and 0.5 percent above the previous month, when pending single-family homes sales totaled 5,407. Pending sales of condominiums were 5.5 percent lower than they were a year earlier, down from 6,974, and 3.1 percent below what they were the previous month, down from 6,803 to 6,587.
“The Miami real estate market has experienced rising demand from international buyers over the last year,” said 2012 MIAMI Association of REALTORS Residential President Patricia Delinois. “Foreign buyers have been and continue to be an instrumental factor in strengthening the Miami real estate market unlike any other in the nation. As a global city, Miami will continue to draw demand from international buyers and investors long into the future.”
Nationally, the Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 2.6 percent to 99.2 in August from 101.9 in July, according to the National Association of Realtors. The index is 10.7 percent higher than the 89.6 index reported in August 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 25,000 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.