Miami-Dade pending home sales spiked in October

The number of sales contracts on single-family homes and condos in Miami-Dade jumped sharply in October despite the very low inventory of homes on the market.

Despite a dearth of homes and condos on the market in Miami-Dade County, pending sales in October rose 18 percent from the prior month and 67 percent year over year, according to the Miami Association of Realtors.

The number of pending sales was 4,172 in October compared with 2,488 a year earlier, the group said.

Prospective buyers are more confident about investing in a home after seeing a string of steady price increases in Miami, and they want to get in before they miss out.

“There is a general feeling of optimism that the market is coming back,” said Carole Smith, a Realtor with Esslinger-Wooten-Maxwell in Miami.

With healthy demand and little on the market, properties are selling for closer to their asking price and sellers aren’t inclined to offer discounts, agents say. For October, single-family homes in Miami-Dade sold at 95 percent of the original listing price, while condos went for 97.1 percent of original listing price on average, the Miami Realtors said. In October 2011, single family homes fetched 91 percent of listing price on average and condos got 93.6 percent of listing price.

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