Pending Home Sales Spike in October 2012

Miami Association of Realtors reports pending sales in October rose 18 percent since November and 67 percent year over year. Prospective buyers are more confident about investing as healthy demand on the market shows promising signs as the year ends.

October reported 4,172 pending sales, compared with 2,488 a year earlier.

Single-family homes in Miami-DadeMore Info sold at 95 percent of the original listing price, while condosMore Info went for 97.1 percent of original listing price on average. Compared to the October 2011 numbers, single family homes fetched 91 percent of listing price and condo’s 93.6 percent.

There are several reasons for this spike: Some realtors believe it is because people want to be settled into their homes before the holidays; others believe it may be for tax relief before the 2013 tax year; Ronald Suffield, president of EWN in Coral GablesMore Info, says “People are sensing that prices are going up and they want to get something before the prices go up more.”

Whatever the reason may be the good news is that Miami-Dade is a sellers market and there is much optimism among realtors. As the strong demand persists, more properties are projected to come into the market in January.

As listings and prices are increasing, and sales are quickly being made, the time to invest or buy your dream home is now! “The Miami real estate market is poised for another record year that would surpass the all-time sales record set in 2011,” Martha Pomares, chairman of the board of the Miami Association of Realtors, said in a statement.

The future is bright! Trust Jetset Realty to help you find your perfect matchMore Info.