Homebuyers continued to sign contracts to buy homes and condominiums in Miami-Dade county at a brisk pace in November.
Pending sales for an existing single-family home or condominium spiked 52 percent in Miami-Dade in November to 3,374 units from 2,226 a year earlier, according to the Miami Association of Realtors.
The volume of pending sales – reflecting a sales contract signed on a transaction that hasn’t closed – fell 19.1 percent in November from October, the Realtors’ group said.
Pending sales for single-family homes rose 73.8 percent in November from a year earlier, while that for condos increased 37.4 percent year over year, Miami Realtors said.
The group said Miami-Dade is on track to hit a new sales record existing homes and condos for 2012.
With exceptionally tight inventory of residential property on the market and rising demand, properties are selling at closer to their asking prices. Single-family homes sold in November got 93.7 percent of the original listing price on average, while condominiums fetched 96.2 percent, Miami Realtors said.