Miami pending home sales bulk up on single-family activity
February pending Miami-area home sales spiked by nearly a third, boosted by a 49% burst of single-family pending home sales.
The number of Miami-Dade County home sales pending in the month rose 29% to 3,695 from 2,872 a year earlier, according to the Miami Association of Realtors. Pending sales jumped 14% from January.
Condominium pending sales grew 17% in February from the year-ago month.
Nationally, the pending home dales index declined 0.5% to 96.5 in February from 97 in January, according to the National Association of Realtors.
“Despite the significant decline of housing inventory in the Miami real estate market, we continue to see rising demand,” Martha Pomares, MAR chairwoman, said. “Rising pending sales point to increased future demand locally, as Miami continues to attract U.S. migration, in addition to substantial international buyers and investors and second and vacation homebuyers.”
Total cumulative pending home sales in Miami-Dade County at the end of February were 4.1% above year-ago totals, rising to 12,011 from 11,544 in the period. The nation’s pending index is 9.2% higher than figure reported in February 2011.
Increased pending sales are indicative of increased future sales. MAR lists a sale as pending when a property is under contract but the transaction has not closed.
The Miami metro area encompasses Miami-Dade, Palm Beach and Broward counties. The latter is experiencing a surge of its own, with robust home sales and declining inventory.
The number Broward County home sales pending in February rose 53% to 3,902 from 2,555 a year earlier, according to MAR. Single-family home and condominium sales that pended during the month increased 53% and 55.2%, respectively.
Broward’s total cumulative pending home sales in the month hover 23% above a year earlier, floating to 10,619 from 8,665.