MIAMI, FLORIDA (PRWEB) JUNE 27, 2012
The total number of listings, including single-family homes and condominiums, that pended* in Miami-Dade County during the month of May increased 10 percent, from 3,508 to 3,851, year-over-year but declined 3.1 percent compared to the previous month, according to the 25,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems.
“Despite limited supply and rising prices, Miami pending sales rose in May, which is a positive sign for the Miami real estate market,” said Martha Pomares, 2012 chairman of the board of the MIAMI Association of REALTORS. “Increased demand for Miami properties will continue to drive price appreciation and strengthen our market.”
Total Cumulative Pending Sales
Total cumulative pending home sales** – including single-family homes and condominiums – in Miami-Dade County currently are two percent above what they were a year ago, up from 11,936 to 12,177, and five percent below what they were the previous month, down from 12,763.
Pending sales of single-family homes were 6 percent above what they were a year earlier, up from 5,027 to 5,326, and 4.3 percent below the previous month, when pending single-family homes sales totaled 5,565. Pending sales of condominiums were .8 percent below what they were a year earlier, down from 6,909, and five percent below what they were the previous month, down from 7,198.
“Miami is a global hotspot attracting attention on many fronts, including tourism, global business and banking, and performing arts and entertainment in addition to real estate,” said 2012 MIAMI Association of REALTORS Residential President Patricia Delinois. “In Miami-Dade County, strong job creation, population growth, and demand from global buyers and investors will continue to fuel market strengthening long into the future.”
National Pending Sales Bounce Back in May
Nationally, the Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 5.9 percent to 101.1 in May from 95.5 in April, according to the National Association of Realtors. The index is 13.3 percent above May 2011 when it was 89.2.
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.
- “Pended sales” are defined as only the sales that pended during a particular month
** “Total cumulative pending sales” refer to all sales cumulatively pending at the end of a particular month.
MIAMI Association of REALTORS
The MIAMI Association of REALTORS was chartered by the National Association of Realtors in 1920 and is celebrating more than 90 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of four organizations, the Residential Association, the Realtors Commercial Alliance, the Broward County Board of Governors, and the International Council, it represents more than 25,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local association in the National Association of Realtors, and has partnerships with more than 100 international organizations worldwide. MIAMI’s official website is http://www.miamire.com.