Pending Home Sales in Miami Rise in April

The Miami real estate market continues to generate positive news. Miami's global appeal continues to drive strong sales as evidenced by rising pending transactions Population growth, improving consumer confi dence, and lower unemployment rates coupled with demand from international and second and vacation home buyers as well as retiring baby boomers are fueling rising sales and prices in Miami.

Increased pending sales are an indication of increased future sales. A sale is listed as pending when a contract is signed but the transaction has not closed, though the sale usually is fi nalized within one or two months of signing.

Contract Activity in April
The total number of listings, including single-family homes and condominiums, that pended* in Miami-Dade County during the month of April increased fi ve percent, from 3,831 to 3,975, year-overyear but declined 4.4 percent compared to the previous month, according to the 2 5 , 0 0 0 - m e m b e r MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems.

Total Cumulative Pending Sales
Total cumulative pending home sales** a including single-family homes and condominiums - in Miami-Dade County currently are eight percent above what they were a year ago, up from 11,860 to 12,863, and 1.2 percent higher than the previous month, up from 12,613.

Pending sales of single-family homes were 13 percent above what they were a year earlier, up from 4,919 to 5,565, and three percent above the previous month, when pending single-family homes sales totaled 5,406. Pending sales of condominiums were four percent higher than they were a year earlier, up from 6,941, and 0.12 percent below what they were the previous month, down from 7,198.

National Pending Sales Rise Year-Over-Year
Nationally, the Pending Home Sales Index, a forward-looking indicator based on contract signings, declined 5.5 percent to 95.5 in April from 101.1 in March, according to the National Association of Realtors. The index is 14.4 percent higher than the 83.5 index reported in April 2011.

"It's a great time to buy a home in Miami!" MIAMI

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MIAMI Association of REALTORSA(R)
www.miamire.com ac info@miamire.com

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