Miami Pending Home Sales Seeing Improvement This 2011
January 2011 figures yield a positive turnout in the South Florida real estate market. Figures supplied by the Associate of Realtors in Miami, backed by Southeast Florida Multiple Listing Service (SEFMLS), pending home sales in the city shows a positive growth of 28% compared to last year’s figures.
Real estate experts voice out their comment regarding the sudden improvement in the local real estate market; establishing the improvement due to the recent price drop of many real estate properties, especially condominiums, in the South Florida real estate market, as well as the popularity of the location to foreign investors.
Figures show that Miami condominiums define a major percentage in the pending home sales growth this year – 37% increase compared to last year’s data, and a positive 3.3% since last month. Single family homes also show an increase of 1.4 percent compared to data from December 2010.
Housing inventory in the South Florida real estate market continues to drop as pending home sales and closings continue to rise. Real estate experts believe that the continuous drop in home inventory may speed up the recovery of the local housing market – bringing prices to its normal value as compared to the major price drop suffered by the local market since the economic crisis that hit the US a few years back. An 8% housing inventory drop is seen since the start of 2011, which brings to a total of 47% since 2008.