#1 Miami Real Estate Hotline (786) 406-1757. As Miami Property ...

Miami Condos For Sale Listings Jump 74 Percent. As Miami Property Prices Explode, Brosda?And Bentley Miami Realtors?Adds Agents To Handle Demand

The total number of listings, including single-family Miami homes for sale and Miami condominiums for sale, that pended* in Miami-Dade County during the month of November 2012 increased 52 percent, from 2,226 to 3,374, year-over-year. The number of single-family houses for sale and Miami condos for sale listings that pended in November 2012 increased 73.8 percent and 37.4 percent respectively compared to November 2011.

Inventory shortage remains a problem for the Miami market, as the number of active listings drops year-over-year below what is considered a balanced market. While new listings are coming on the market, more inventory is needed to satisfy demand.

In November, 1,581 single-family homes were listed for sale and 2,382 condos were listed for sale, reflecting a 3.1 percent decrease and 1.3 percent increase respectively when compared to November 2011.

The limited supply coupled with rising demand is yielding offers that are increasingly closer to asking price, as sellers offer fewer discounts. In November 2012, Miami area single-family homes for sale and condominium sales received 93.7 percent and 96.2 percent respectively of the original list price, compared to 91.9 percent and 93.3 percent in November 2011. The increase in percent of original list price received is an indication that rising demand is absorbing inventory more rapidly.

Nationally, the Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 1.7 percent to 106.4 in November from 104.6 in October, according to the National Association of Realtors. The index is 9.8 percent higher than the 96.9 index reported in November 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.

Brosda and Bentley Realtors has created a Miami Real Estate Hotline and licensed and specialized real estate consultants are standing by to answer Miami real estate question. Miami Real Estate Hotline: (786) 406-1757

*?Pended sales? are defined as only the sales that pended during a particular month.

Source: http://www.trulia.com/blog/katerina_brosda/2013/01/1_miami_real_estate_hotline_786_406_1757_as_miami_property_prices_explode_brosda_bentley_adds_agents_to_handle_demand

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