Miami November Pending Home Sales Explode 52% Over Last Year

by Isaac Benmergui, Esq on December 28, 2012

Red$graph_cropMiami-Dade realtors received an early Christmas gift in the form of a 52 percent increase in pending home sales over last year. According to the Miami Association of Realtors and the Miami Multiple Listing Service system, the total number of listings for the month of November increased 52 percent, from 2,226 to 3,374, year-over-year. The number of single-family and condominium listings pending in November increased 73.8 percent and 37.4 percent respectively compared the same month last year.

Low Inventory of Available Homes Makes for Competitive Market

The inventory of available properties continues to plague realtors, as the number of active listings continues to drop year-over-year. While new listings consistently come on the market, making the market highly competitive, more listings are needed to satisfy the number of buyers.

“The Miami real estate market continues to perform robustly…,” said Martha Pomares, 2012 chairman of the board of the Miami Association of Realtors. “Population drives real estate, and Miami continues to grow as a result of net U.S. migration, trade, business enterprises, tourism and second and vacation home buying activity.”

“Homeowners who have been waiting to sell should sell now,” said 2012 Miami Association of Realtors Residential President Patricia Delinois. Bidding wars drive the final home prices up so, at the moment, sellers have the advantage often garnering thousands more than the listed price.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.comfor more information or to set up an appointment today.

 

 

 

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