Miami Pending Home Sales Moderate in April as Inventory Shrinks

Miami Pending Home Sales Moderate in April as Inventory Shrinks

Residential News » North America Residential News Edition | By Michael Gerrity | May 30, 2012 3:03 PM ET

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 April increased five percent, from 3,831 to 3,975, year-over-year but declined 4.4 percent compared to the previous month.

"We continue to be encouraged by pending home sales activity in Miami-Dade County," said Martha Pomares, 2012 chairman of the board of the Miami Association of Realtors.  "Current sales activity will further deplete inventory beyond already low levels, as limited supply generates multiple offers and drives price appreciation."

Total Cumulative Pending Sales

Total cumulative pending home sales - including single-family homes and condominiums - in Miami-Dade County currently are eight percent above what they were a year ago, up from 11,860 to 12,863, and 1.2 percent higher than the previous month, up from 12,613.

Pending sales of single-family homes were 13 percent above what they were a year earlier, up from 4,919 to 5,565, and three percent above the previous month, when pending single-family homes sales totaled 5,406.

Pending sales of condominiums were four percent higher than they were a year earlier, up from 6,941, and 0.12 percent below what they were the previous month, down from 7,198.

"Miami's global appeal continues to drive strong sales as evidenced by rising pending transactions," said 2012 Miami Association of Realtors Residential President Patricia Delinois.  "Population growth, improving consumer confidence, and lower unemployment rates coupled with demand from international and second and vacation homebuyers as well as retiring baby boomers are fueling rising sales and prices in Miami."

Nationally, the Pending Home Sales Index, a forward-looking indicator based on contract signings, declined 5.5 percent to 95.5 in April from 101.1 in March, according to the National Association of Realtors. The index is 14.4 percent higher than the 83.5 index reported in April 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.

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