MiamiRealEstateKing

Miami-Dade: Pending Home Sales Up 34.2% in December over previous year

In real estate on January 14, 2011 at 9:19 am

Pending Home Sales are considered a leading indicator of real estate sales activity. These are property listed for sale that are now under contract and that have not yet closed.

The fact that people are out there putting offers that are being accepted, provides a leading indication of what the closed transaction volume might look like in the weeks ahead.

Of course, some transactions take a long time to process, such as Short Sales (everyone knows there is still nothing “short” about the length of time it still takes to close a short sale transaction due to the still long approval process).

In Miami-Dade, December Pending Sales were down 1.8% over November, quite possibly due to the holidays since many take their minds off of buying real estate and focus more in the festivities of December and New Year. This is a typical cycle for the month of December.

However, Pending Sales in December/2010 were up a robust 34.2% over December/2009, providing yet another hint of our impending recovery?

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