According to the Miami Association of Realtors and the Southeast Florida Multiple Listing Service (SEFMLS), the total cumulative pending home sales - including single-family homes and condominiums - in Miami-Dade County increased 18 percent in March compared to a year earlier, from 9,751 to 11,544, and 3.24 percent, up from 11,182, compared to the previous month.
The number of single-family listings that pended in the month of February increased by 17 percent from 1,280 to 1,498 compared to the previous month and by 20 percent from 1,245 compared to the previous year. The number of condominium listings that pended in February increased by 16 percent from 2,168 to 2,511 compared to the previous month and by 55 percent from 1,617 compared to the previous year.
"All market trends indicate continued growth for Miami-Dade County's real estate market," said Jack H. Levine, 2011 chairman of the board of the Miami Association of Realtors. "This is very positive for the local real estate market. Increased pending sales reflect the existence of pent-up demand and should result in strengthening home values as distressed housing inventory continues to be absorbed."
Pending Condominium Contract Activity on the Rise
In March, pending sales of condominiums outperformed that of single-family homes. Pending sales of single-family homes increased a 10.1 percent compared to a year ago, from 4,345 to 4,782, and increased two percent from 4,685 the previous month. Pending sales of condominiums in March increased 25 percent from the previous year, from 5,406 to 6,762, and 4.1 percent from the previous month, when pending condominium sales totaled 6,497.
"In addition to the strong impact of international buyers unlike in any other market in the U.S., our market is again experiencing multiple offers reminiscent of the real estate boom of the last decade," said 2011 Miami Association of Realtors Residential President Ralph E. De Martino. "Buyers who are offering full and above asking price are still losing out to higher a bidder, which is evidence of strong demand."
Nationally, pending home sales increased in February with notable regional variations, according to the National Association of Realtors®. The Pending Home Sales Index, a national forward-looking indicator, rose 2.1 percent to 90.8 based on contracts signed in February, from 88.9 in January. The index is 8.2 percent below 98.9 recorded in February 2010.
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.