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Pending Home Sales in Miami Start the Year Right

by admin

Pending sales were up 25 percent in Miami, a rather spectacular way to begin the new year.

The new year is often a time for resolutions, for looking forward, for increased expectations – and thanks to new Miami sales data for the month of November, those fresh outlooks will be easy to attain.

According to new data from the Miami Association of Realtors (MAR), pending sales in Miami for single-family homes and condominiums increased by 25 percent from November to December, rising from 2,598 to 3,348. Year-over-year, pending sales were even more impressive, rising 14 percent for condos and 43 percent for single-family homes.

Jack H. Levine, 2011 chairman of the board of MAR, said the latest data adds further evidence of Miami real estate’s upward trend.

“Miami pending home sales have consistently increased over the past couple of years,” Levine said.  “We continue to see increasing pending sales, which points to increased future closed sales, price appreciation, and market strengthening.”

Nationally, pending sales increased 7.3 percent, according to the latest Pending Home Sales Index from the National Association of Realtors. Year-over-year, the index was up 5.9 percent.

Ralph E. De Martino, the residential president of MAR, said the nature of pending sales point to a strong future for Miami’s market.

“Rising pending sales typically result in increased closed transactions, which is a very encouraging trend for the Miami market,” De Martino said.  “Stronger demand is resulting in reduced housing supply.  Currently there is under seven months of inventory in Miami-Dade County, a sign of a balanced and healthy marketplace.”

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