Miami Continues Winning Streak as Pending Home Sales Spike 40% in September Over Last Year

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(Miami, FL) -- The winning streak continued for Miami's housing market during the month of September.
 
According to new numbers released today by 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 September increased 40 percent, from 2,524 to 3,534, year-over-year and 14.5 percent compared to the previous month.
 
The number of single-family and condominium listings that pended in September increased 58.5 percent and 27.5 percent respectively compared to September 2011.
 
"The Miami market needs more inventory to satisfy strong demand for local properties," said Martha Pomares, 2012 chairman of the board of the Miami Association of Realtors. "Since pending sales are an indicator of future closed sales, this activity points to continued demand.  This is an excellent time for sellers who have been waiting to put their homes on the market to do so, as limited supply and significant demand continue to drive price appreciation."

"Despite our dwindling supply, Miami's real estate market continues to perform robustly, particularly when compared to the rest of the nation," said 2012 Miami Association of Realtors Residential President Patricia Delinois. "Our market is by a wide margin the top choice for international buyers and investors, who along with population growth continue to fuel demand for local housing, boost the local economy, and greatly enhance our communities."

Nationally, the Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 0.3 percent to 99.5 in September from 99.2 in August, according to the National Association of Realtors. The index is 14.5 percent higher than the 86.9 index reported in September 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.