Pending miami property sales increase by 40pc

Pending sales of Miami property leapt by 40 per cent in September compared to 12 months ago, according to the Miami Association of Realtors.

The total number of listings, including single-family homes and condominiums, that pended in Miami-Dade County rose from 2,524 to 3,534, a 14.5 percent increase compared to the previous month.

"The Miami real estate market needs more inventory to satisfy strong demand for local properties," said Martha Pomares, 2012 chairman of the board. "Since pending sales are an indicator of future closed sales, this activity points to continued demand. This is an excellent time for sellers who have been waiting to put their homes on the market to do so, as limited supply and significant demand continue to drive price appreciation."

"Despite our dwindling supply, Miami's real estate market continues perform robustly, particularly when compared to the rest of the nation," said 2012 MIAMI Association of REALTORS Residential President Patricia Delinois. "Our market is by a wide margin the top choice for international buyers and investors, who along with population growth continue to fuel demand for local housing, boost the local economy, and greatly enhance our communities."

Nationally, the Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 0.3 percent to 99.5 in September from 99.2 in August, according to the National Association of Realtors. The index is 14.5 percent higher than the 86.9 index reported in September 2011.

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.