Miami pending sales up 52 percent: report

The total number of residential listings in Miami-Dade County that pended in November rose 52 percent, according to a new report from the Miami Association of Realtors. The 3,374 homes and condominiums that pended represented a 19.1 percent decrease from the previous month, however. Single-family pending sales saw the biggest year-over-year jump, with a 73.8 percent increase, while condominium pending sales rose 37.4 percent in the same period. “The Miami real estate market continues to perform robustly as it approaches a new sales record and exceeds one full year of significant price appreciation,” said Martha Pomares, 2012 chairman of the board of the Miami Association of Realtors. “Strong market fundamentals in Miami offer sound and profitable investment opportunities.  Population drives real estate, and Miami continues to grow as a result of net U.S. migration, trade, business enterprises, tourism and second and vacation homebuying activity.” — Alexander Britell