According to the Miami Realtors Association, January total pending home sales jumped 28% over January 2010 and increased 2.5% from December. Pending sales were as follows:
- condominium: increased 37.2 percent compared year over year. Increased 3.3 percent from December.
- single-family homes: increased 15.531 percent from January 2010. Increased 1.4 percent from December.
Although this jump in pending sales has put a dent in the overall inventory, I expect inventory to inch up a bit now that SuperBowl Sunday is over and people start to focus on the Spring selling season. However, properties that are priced right are definitely selling as first-time homebuyers and investors jump back into the market.
The luxury market still has a way to go in chipping away at the inventory levels. As of today, there are 1143 single family homes listed over $1,000,000. 37 are currently pending (25 went pending in January) and 11 closed in January. Depending on whether you look at pending sales or closed sales per month, based on current numbers we have between 46 (pending sales) and 104 (closed sales) months worth of luxury inventory. Considering 6-9 months represents a stable market, we have a ways to go.