Despite a dearth of homes and condos on the market in Miami-Dade County, pending sales rose 67 percent in October with 4,172 residential properties going under contract compared with 2,488 a year earlier, according to the Miami Association of Realtors.
The number of pending sales rose 18 percent in October from September.
In a statement, Martha Pomares, chairman of the board of the Miami Association of Realtors, said “The Miami real estate market is poised for another record year that would suprass the all-time sales record set in 2011. Strong demand persists despite the shortage of housing inventory, and listings are increasingly selling at a more rapid pace, driving in significant price appreciation.’’
With strong demand and little on the market, properties are selling for closer to their asking price and sellers aren’t inclined to offer discounts. For October, single-family homes in Miami-Dade sold at 95 percent of the original listing price, while condos went for 97.1 percent of original listing price on average, the Miami Realtors said. In October 2011, single family homes fetched 91 percent of listing price on average and condos got 93.6 percent of listing price.
Pending sales are a forward indicator based on the number of contracts signed over a given period.
Miami-Dade pending home sales spiked in October
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Miami-Dade pending home sales spiked in October
