Total cumulative pending home sales in Miami-Dade County increased 28.8 percent in December compared to a year earlier, from 8,105 to 10,437, and decreased .6 percent, down from 10,495, compared to the previous month according to the MIAMI Association of Realtors and the Southeast Florida Multiple Listing Service (SEFMLS). November marks the fifth consecutive month of increased pending home sales in Miami-Dade County.
Downtown Miami at Night - Image courtesy of Raimund Koch/Corbis
“The Miami residential real estate market has experienced strengthening and stabilization through 2010, despite the expiration of the homebuyer tax credit and the typically slower holiday season, says Jack H. Levine, 2010 chairman of the board of the MIAMI Association of Realtors. “Rising pending and closed sales indicate evident demand for local properties. We expect the local market to continue to improve as the economy and job markets recover and the inventory of distressed properties continues to be absorbed.”
Pending Condominium Sales Rise 40 Percent
Pending sales of condominiums in Miami-Dade County continue to outperform single-family homes. In December, condominium pending sales increased a significant 40.5 percent compared to a year ago, from 4,394 to 6,173 and increased 1.3 percent from 6,094 the previous month. Pending sales of single-family homes in December increased 14.9 percent from the previous year, from 3,711 to 4,264, and declined 3.1 percent from the previous month, when pending single-family home sales totaled 4,264.
Distressed Properties Impact Local Market
In Miami-Dade County, 82 percent of current pending residential sales are distressed. Eight-one percent of single-family homes and 82.3 percent of condominiums are either short sales or REOs.
“Current pending home sale statistics are indicative of what we’ve seen throughout the year, as Miami outperforms most of the state and the country,” says Oliver Ruiz, 2010 residential president of the MIAMI Association of Realtors. “Unlike anywhere else in the U.S., Miami is a top market for international buyers and investors from almost every region around the world. International buyers continue to represent a huge market segment in Miami, and this trend is expected to go on long into the future.”
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.
For more from the MIAMI Association of Realtors, visit www.MiamiRE.com.