By Sunny Isles Real Estate Expert on March 29th, 2011
Pending home sales in Miami
rose 18 percent over the course of the past month, to 11,544, compared to the same period one year ago, when there were 9,751 pending sales, according to new data released today by the Miami Association of Realtors.
Pending home sales, which include single-family homes in Miami and condominium sales in Miami, were also up 3.24 percent month-over-month in March, the figures show. The condominium market outpaced the market for single-family homes, with the former rising 25 percent year-over-year and 4.1 percent month-over-month, and the latter up 10.1 percent year-over-year and 2 percent month-over-month in the county.
“Increased pending sales reflect the existence of pent-up demand and should result in strengthening home values as distressed housing inventory continues to be absorbed,” said Jack Levine, chairman of the board of Miami Realtors.