Pending Homes Sales Within Miami Are Up By More Than 50 Percent In November 2012

Recent data gathered from the Miami Association of Realtors and the Miami Multiple
Listing Service system indicate a 52 percent increase in the total number of listings
that pended in Miami-Dade County during the month of November 2012 compared to
the month of November 2011.

The total number of listings that pended in the area went from 2,226 up to 3,374 over
a span of one year despite the fact that numbers fell by 19.1 percent compared to the
month of October 2012.

The number of single-family home listings that pended in November 2012 increased
by 73.8 percent while the number of condominium listings that pended increased by
37.4 percent.

Robust activity is still being seen on the Miami real estate market as it goes beyond a
full year of consistent price appreciation. The local market’s fundamentals are one of
the reasons why investors from all around the world continue to pursue the profitable
range of prime investment properties that are found within the region.

Furthermore, the population increase being experienced by the region as a result of
net migration, trade activity, business investments, second-home purchases, and most
especially tourism definitely bring even more potential into the property market.

However, one concern that seems to be unresolved up to now is the inventory supply
which is diminishing at a rapid rate. Miami now has only 4.1 months of single-family
homes and only 4.6 months of condominiums left in the inventory supply.

There were only l,581 single-family homes and 2,382 condominiums listed in the
month of November 2012 which marks a decrease of 3.1 percent and 1.3 percent
respectively.

While new listings are being placed on the property market, the region will need to
see additional inventory in order to meet the demand for real estate in Miami. Real
estate agents are actually encouraging homeowners to consider selling now if they
would like to benefit financially from the current market situation, especially since
properties are now selling faster than they did in the past.

People will find the limited inventory supply paired up with the high demand on the
Miami real estate market to provide homeowners with an opportunity to sell homes
for profitable values.

Single-family homes and condominium sales received 93.7 percent and 96.2 percent
of the original list price compared to 91.9 percent and 93.3 percent from the previous
year.

At the end of the day, people can definitely feel good about the recent data because of
the fact that the increase in pending sales are an indicating factor that the region can
expect to see an increase in future sales.

If you would like to find out more about the different opportunities that are currently
available to you on the Miami real estate market, or if you would like to speak with a
professional real estate agent for more information, you may contact us for personal
assistance regarding your needs from today’s property market.

Selda KIRKAN