Miami pending home sales up 25 percent

The total number of residential listings that pended in January increased by 24.8 percent, according to data from the Miami Association of Realtors. There were a total of 3,426 pending sales in January, up from 2,746 in January 2011. “Pending sales, which typically predict future closing activity, continue to rise in Miami-Dade County,” said Martha Pomares, 2012 chairman of the board of the Miami Association of Realtors. “After a record sales year in 2011, our inventory levels declined sharply. Current trends continue to reflect demand for Miami real estate.” Pending single-family home sales saw the biggest jump, with a 46.4 percent increase, compared to just 13.6 percent for condominiums. — Alexander Britell