Pending home sales for the Miami-Dade county market have increased 15 percent in August, over last year's numbers according to Property Wire.
By Carlo Calma
The Miami real estate market continues to see steady growth, as pending home sales have gone up 15 percent year over year during the month of August, according to data released by Property Wire.
Single family and condominium listings that were pending in August increased 26.3 percent and 6.28 percent, respectively, when compared to last year’s numbers. Together, total pending home sales in the Miami-Dade County are currently 1 percent above from last year, up from 11,915 to 12,222, according to Property Wire.
The Statistics Broken Down
Property Wire broke those figures down even further by pending single family homes sales and pending condominium sales. In terms of single family properties, pending sales saw a 10 percent increase over last year’s 4,941, now totaling 5,435 units. Pending condominium sales, however, saw a different outlook last month. Pending condo sales were 5.5 percent lower than they were last year, down from 6,974 in 2011, to this year’s 6,587.
A Sign of Improvement
Despite a slight setback for pending condo sales, real estate professionals in the Miami market see the overall increase in pending sales an indicator of strong demand in the area.
Martha Pomares, chairman of the board of the Miami Association of Realtors (MAR), recognizes this trend.
“Pending sales in the Miami real estate market remain at historically strong levels, particularly when considering the current shortage of local housing inventory,” said Pomares. “This activity is driving home prices to rise sooner and stronger than expected.”
Patricia Delinois, residential president for MAR, attributes a part of this growth to the increasing number of international buyers purchasing property in the Miami real estate market.
“Foreign buyers have been and continue to be an instrumental factor in strengthening the Miami real estate market,” said Delinois. “As a global city, Miami will continue to draw demand from international buyers and investors long into the future.”