Total cumulative pending home sales in Miami-Dade County increased 26 percent in November compared to a year earlier, from 8,288 to 10,495, and increased 2.3 percent, up from 10,264, compared to the previous month according to the MIAMI Association of Realtors and the Southeast Florida Multiple Listing Service (SEFMLS). November marks the fourth consecutive month of increased pending home sales in Miami-Dade County.
“As an indication of future sales, consistently increasing pending sales is a very positive sign for the South Florida real estate market,” says Jack H. Levine, 2010 chairman of the board of the MIAMI Association of Realtors. “This reflects the demand that exists for local properties. Buyers continue to recognize the great value and opportunities the current market offers.”
Photo by Juan Vasquez
Pending sales of condominiums in Miami-Dade County continue to perform stronger than that of single-family homes. In November, condominium pending sales increased 38 percent compared to the previous year, from 4,414 to 6,094 and increased 3.68 percent, up from 5,878 the previous month. Pending sales of single-family homes in November increased 14 percent from the previous year, from 3,874 to 4,401, and increased .34 percent from the previous month, when pending single-family home sales totaled 4,386.
“The current strengthening Miami real estate market is motivating all types of buyers to act now,” says Oliver Ruiz, 2010 residential president of the MIAMI Association of Realtors. “The local market offers many benefits, including no state income tax, low cost of living, affordable real estate, moderate year-round weather, and an exciting lifestyle. International buyers, who mostly do not require financing, are finding good value, a safe investment environment, and world-class ambiance and amenities.”
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.
The MIAMI Association of Realtors is the largest local association in the National Association of Realtors, and has partnerships with more than 60 international organizations worldwide. MIAMI’s official website is www.MiamiRE.com.