Total Number Of Listings That Pended Within Miami Increased By 40 Percent In September 2012
As the month of October draws to an end, the Miami Association of Realtors has released new statistics which showcase how the total number of listings that pended within the Miami-Dade County area in the month of September 2012 went up by 40 percent from 2,524 to 3,534 compared to September 2011.
The study covers the total number of listings which include all single-family homes and condominium properties. All in all, the total number of single-family homes and condominium properties which pended in September 2012 compared to September 2011 rose by 58.5 percent and 27.5 percent respectively.
The new statistics also reveal an increase of 14.5 percent from August 2012.
Since pending sales tend to be a reliable indicator of future closed sales within any market, the fact that there has been an increase in sales which pended shows that a need for more inventory is going to be necessary in order to address the demand for properties within the area.
Property owners who have been looking at the opportunity to sell for a profit will be able to do so given the market’s ideal conditions which enable sellers to place their properties on the market for significantly higher prices due to the limited supply and high demand that exists within the area.
Even though the inventory supply continues to decrease in number, the Miami real estate market remains to be a very robust market, especially when viewed in contrast with other areas within the nation today. Miami has easily become a prime option for international property buyers as well as investors who have been contributing to the population growth and real estate demand within the region.
On a national level, the Pending Homes Sales Index has risen by 0.3 percent to 99.5 in September 2012 after having stood at 99.2 in August 2012. The year-over-year figures are 14.5 higher than the index in September 2011 when it stood at 86.9.
Note that a sale becomes pended when the contract has been signed without having the transaction being closed. However, the sale easily becomes finalized within a month or two upon contract signing.
If you would like to find out more information regarding the current market situation within the Miami-Dade County area, or if you are interested in learning about the real estate opportunities that are now being offered on the Miami real estate market, you may contact our team of professional agents for further details.
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