Pending miami property sales now 15 per cent higher than 2011

Pending sales of Miami property have increased by 15 per cent since 2011, according to the Miami Association of Realtors.

The group's latest report shows that pending sales, based on contract signings rather than completed transactions, slipped by 9 per cent from July 2012 to 3,087, but remain far above the 2,693 recorded last year. Indeed, the number of single-family and condominium listings that pended in August increased 26.3 percent and 6.28 percent respectively compared to August 2011.

"Pending sales in the Miami real estate market remain at historically strong levels, particularly when considering the current shortage of local housing inventory," said Martha Pomares, 2012 chairman of the board of the MIAMI Association of REALTORS. "Pending sales continue to reflect strong demand compared to record sales levels in 2011.  This activity is driving home prices to rise sooner and stronger than expected."

Total cumulative pending home sales across the Miami-Dade County are currently one percent above a year ago, up from 11,915 to 12,222, but 1.5 percent below what they were the previous month, down from 12,210.

Pending sales of single-family homes were 10 percent above what they were a year earlier, up from 4,941 to 5,435, and 0.5 percent above the previous month, when pending single-family homes sales totaled 5,407. Pending sales of condominiums were 5.5 percent lower than they were a year earlier, down from 6,974, and 3.1 percent below what they were the previous month, down from 6,803 to 6,587.

"The Miami real estate market has experienced rising demand from international buyers over the last year," added 2012 MIAMI Association of REALTORS Residential President Patricia Delinois. "Foreign buyers have been and continue to be an instrumental factor in strengthening the Miami real estate market unlike any other in the nation.  As a global city, Miami will continue to draw demand from international buyers and investors long into the future."