Miami Real Estate: Foreign Buyers Push up Property Sales in Miami

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By Ray Clancy
Activity in the residential real estate market in Miami, a popular location with overseas buyers, has increased for the twelfth quarter in a row, according to new data. In the Miami Metropolitan Statistical Area (MSA), sales of property, including existing single family homes and condominiums, increased 49% from 4,557 to 6,768, in the second quarter of 2011 and 15% from the previous quarter according to the figures from the Miami Association of Realtors. This rise marks 12 consecutive quarters, since the third quarter of 2008, of increasing sales and the Miami MSA posted the highest sales increases of any major metro area for condominiums and of all single family home markets in Florida. Miami sales of existing single family homes increased 31% compared to a year earlier and sales of existing condominiums in Miami increased 62% compared to the second quarter of 2010. Overall, in Florida sales of single family homes increased 1% condominium sales increased 14%. Nationally, total state existing home sales, including single family and condo, declined 5.4% compared to the first quarter of 2011 and were 12.7% below the second quarter of 2010.‘Miami sales have increased consistently for nearly three years. Residential sales have exceeded last year’s levels, which were boosted by the homebuyer tax credit,’ said Jack Levine, 2011 Chairman of the board of the Miami Association of Realtors.


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