Miami is expecting more home closings in the future with Miami-Dade County reporting a 22% year-over-year increase in pending single-family and condo listings for the month of June, according to data released by the Miami Association of Realtors.
The association and the Multiple Listing Service saw pending listings increase to 3,344 in June, up from 2,730 a year earlier, but 13% down from the previous month.
"Despite low levels of housing inventory in Miami, pending sales activity continues to point to strong future sales," said Martha Pomares, 2012 chairman of the board of the Miami Association of Realtors. "Dwindling supply coupled with rising contract activity will continue to drive price appreciation in Miami-Dade."
Total cumulative pending sales in the same county are up 2.1% from a year ago, with 12,272 deals pending. Compared to May, they are up only a slight 0.8%.
Patricia Delinois with the Miami Association of Realtors believes investors are now driving the Miami real estate market.
"Both international and U.S. investors continue to boost the Miami real estate market and economy as evidenced by strong sales levels and double-digit price appreciation," Delinois said.