The Pending Miami home sales which are compiled of both Miami condos and Miami Single family homes have risen 33.7 percent in August which contrast August 2009, from 7,570 to 10,119, and increased .06 percent from 10,113 to 10,119 from previous months according to Miami Association of Realtors and South East Florida Multiple Listing Services.
This rise is largely accredited to international Miami real estate buyers, which bucks the national trend which is suffering from the expiration of the tax credits. Another benefit of international buyers is they tend to be mostly cash purchases. If you compared Miami condo sales to Miami single family home sales, condos are still out preforming Miami single family homes.
According to South Florida's commercial real estate insite "in August, condominium pending sales increased 49.7 percent compared to the previous year, from 3,848 to 5,759 and increased 0.7 percent, from 5,720 the previous month. Pending sales of Miami single family homes in August increased 17.1 percent from the previous year, from 3,722 to 4,360, and decreased a slight 0.8 percent from the previous month when pending sales totaled 4,393, showing a preference for condos in August."
This shows that Miami real estate market is slowly recovering and the distressed property inventory is being absorbed. The pending sales would be higher but there is a standoff between sellers and buyers about current Miami property values.
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