The number of pended housing listings in Miami-Dade County, Fla., increased 40%, from 2,524 to 3,534, year-over-year and 14.5% compared to August, according to the Miami Association of Realtors.
Single-family and condominium listings increased 58.5% and 27.5% compared to a year prior.
Chairman Martha Pomares of the Miami Association of Realtors stressed the Miami housing markets need for inventory to satisfy the demand for local properties.
“Since pending sales are an indicator of future closed sales, this activity points to continued demand. This is an excellent time for sellers who have been waiting to put their homes on the market to do so, as limited supply and significant demand continue to drive price appreciation,” she said.
Residential president Patricia Delinois added that despite the lack of supplies, Miami’s market is continuing to improve when compared to the rest of the nation.
“Our market is by a wide margin the top choice for international buyers and investors, who along with population growth continue to fuel demand for local housing, boost the local economy, and greatly enhance our communities,” she said.
The Pending Home Sales Index rose .3% to 99.5 in September from 99.2 in August, nationally. Overall, the index is 14.5% higher than the 86.9 index reported a year prior.
With the housing market continue to move forward, the increase in pending sales suggest an increase in future sales.