Miami continues to see strong demand from international buyers
|Wednesday, 31 October 2012|
Strong demand from buyers in Miami mean that the total number of listings, including single family homes and condominiums, that pended last month increased by 40%.
Compared to September 2011 the number of single family and condominium listings that pended in September increased 58.5% and 27.5% respectively, the data from the Miami Association of Realtors shows.
Despite the dwindling supply, Miami’s real estate market continues to perform robustly, particularly when compared to the rest of the nation, explained Patricia Delinois, residential president of the association.
‘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 explained.
Nationally, the Pending Home Sales Index, a forward looking indicator based on contract signings, rose 0.3% to 99.5 in September from 99.2 in August, according to the National Association of Realtors. The index is 14.5% higher than the 86.9 index reported in September 2011.
Increased pending sales are an indication of increased future sales. A sale is listed as pending when a contract is signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.
Meanwhile, the most recent RE/MAX National Housing Report, which covers data from 52 metropolitan areas, shows August home prices were flat compared with July, but 6.3% higher than prices seen in August 2011.
Median home prices have risen above last year’s prices for seven consecutive months and home sales were 8.5% above the mark set last year, and for fourteen straight months have pushed higher than last year.
‘As we move from summer to fall it’s very encouraging that this year’s home selling season began strong and finished even stronger,’ said Margaret Kelly, chief executive officer of RE/MAX.‘Nearly every month in 2012 experienced increased sales and prices over 2011, showing that we’ve definitely passed the bottom and we’re looking forward to 2013 being an even better year,’ she added.
August home sales rose 2.5% higher than sales in July and 8.5% higher than sales at the same time last year. August marks the 14 consecutive month with sales higher than the same month in the previous year. Despite the apparent loss of sales to a tight inventory, historically low interest rates and renewed consumer interest have resulted in strong sales in August and through the entire summer.
The median sales price of homes sold in August was $168,685, which was essentially flat from July, down only 0.2%. Prices peaked this summer in June, but remained higher than 2011 in both July and August.
This story relates to: [SEE ALL]
BOOKMARK THIS PAGE (What is this?)
Search for Properties:
It’s the UK’s strongest asset class, but are all student accommodation properties good investments? This is the comprehensive list of what to watch out for when buying student property.