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.
