Miami's Pending Residential Sales Increase 31% Over Last Year
According to the Miami Association of Realtors, the total number of listings, including single-family homes and condominiums, that pended in Miami-Dade County during the month of July increased 31 percent, from 2,593 to 3,393, year-over-year and 2 percent compared to the previous month.
"Despite very low levels of housing inventory in Miami, pending sales activity continues to increase, a sign that demand will continue to yield strong price appreciation," said Martha Pomares, 2012 chairman of the board of the Miami Association of Realtors. "We are at point where we're seeing a shortage of housing inventory in Miami. We need more supply to satisfy demand."Total Cumulative Pending Sales
Total cumulative pending home sales - including single-family homes and condominiums - in Miami-Dade County currently are three percent above what they were a year ago, up from 11,915 to 12,210, but .5 percent below what they were the previous month, down from 12,272.
Pending sales of single-family homes were 9.4 percent above what they were a year earlier, up from 4,941 to 5,407, and 0.5 percent below the previous month, when pending single-family homes sales totaled 5,380. Pending sales of condominiums were three percent lower than they were a year earlier, down from 6,974, and 1.3 percent below what they were the previous month, down from 6,892.
"Miami real estate is in the midst of a mini-boom with sales levels remaining strong as inventory sharply declines, resulting in rising prices," said 2012 Miami Association of Realtors Residential President Patricia Delinois. "Further, this demand is not expected to subside as Miami remains the top market in the nation for international buyers and experiences significant population growth and positive net migration from other states."
Nationally, the Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 2.4 percent to 101.7 in July from 99.3 in June, according to the National Association of Realtors. The index is 12.4 percent higher than the 90.5 index reported in July 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.