In November, the total cumulative Miami pending home sales, including single-family and Miami condos, increased 26 percent from 8,288 to 10,495 compared to a year earlier. According to the MIAMI Association of REALTORS and the Southeast Florida Multiple Listing Service (SEFMLS) sales increased 2.3 percent, up from 10,264, compared to the previous month. November is the fourth consecutive month of increased Miami pending home sales.
Jack H. Levine, 2010 chairman of the board of the MIAMI Association of REALTORS says, “As an indication of future sales, consistently increasing pending sales is a very positive sign for the South Florida real estate market.” “This reflects the demand that exists for local properties. Buyers continue to recognize the great value and opportunities the current market offers.”
Pending sales are higher for Miami and Miami Beach condos than that of single-family homes for sale in Miami. Pending sales increased 38 percent in November compared to the previous year, from 4,414 to 6,094 and increased 3.68 percent, up from 5,878 the previous month. Also in November, pending sales of single-family homes for sale in Miami increased 14 percent from the previous year, from 3,874 to 4,401, and increased .34 percent from the previous month’s 4,386 Miami pending home sales.
“The current strengthening Miami real estate market is motivating all types of buyers to act now,” said Oliver Ruiz, 2010 residential president of the MIAMI Association of REALTORS. “The local market offers many benefits, including no state income tax, low cost of living, affordable real estate, moderate year-round weather, and an exciting lifestyle. International buyers, who mostly do not require financing, are finding good value, a safe investment environment, and world-class ambiance and amenities.”
Increased pending sales are a sign of increased future sales. A sale is listed as pending when a contract is signed but the transaction has not close. Usually the sale usually is finalized within one or two months of signing.
Call MLR Realty at 305-673-3303 to speak with an agent regarding Miami condos or single-family homes for sale in Miami. To search Miami real estate listings go to: http://www.MiamiLodgeRealty.com/
Contributed by MLR Realty
