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Happiness Abounds for Pending Miami Data

by admin

Things were looking a little brighter for Miami-Dade in August.

August was a sparkling month for Miami real estate, as Miami Association of Realtor (MAR) data for pending home sales and total listings both posted extremely positive year-over-year results.

Pending home sales for Miami, counting both condominiums and single-family homes, rose 18 percent from last year, from 10,119 to 11,915. Driving the positive data was condo sales, which were up 21 percent from 2010.

Jack H. Levine, the chairman of MAR, said the sales data reflects the versatility of the Miami market.

“The Miami real estate market continues to outperform the nation,” Levine said.  “Rising pending sales reflect market strengthening that has resulted from our market’s increasing attraction to foreign, vacation, and second home buyers. Canadian, Brazilian and Venezuelan buyers lead local international sales and contribute to the health and balance of our market.”

Total pending listings experienced similar gains, increasing from 2,989 in August 2010 to 3,350 last month, an uptick of 19 percent.

Ralph E. De Martino, the president of MAR, said the sales data will boost consumer confidence.

“Increased future sales activity will further strengthen prices and consumer confidence,” De Martino said.

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