Categorized | Residential

Miami Had Record Breaking Year in Housing Sales in 2011

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It should come as no surprise that the residential real estate market in Miami had a banner year in 2011. The city posted record sales numbers week in and week out throughout the year, and saw a massive twenty-three percent increase in the fourth quarter alone.

 

Sales of both single-family homes and condominiums exceeded expectations in 2011. The city has now experienced an increase in its residential real estate market for fourteen straight months, and that trend will likely continue.

 

Miami has far outpaced the rest of the state of Florida in terms of residential property sales. Florida has long struggled since the real estate crash, and only recently started to show signs of improvement. It can be said, in fact, that the record-breaking performance of Miami’s residential real estate market is keeping the state from posting a loss. Statewide, the residential real estate market grew by roughly seven percent.

 

The impressive growth in sales experienced in Miami in 2011 can be attributed to international investors showing increased interest in properties in the area. Miami has become the ideal location for international business gurus to establish a residence in the United States. By properties in Miami, international buyers can use the home for vacation purposes, or to give them a venue to conduct business in the United States.

 

With total housing inventory in Miami down more than forty percent, it is likely that the record sales will continue into 2012. International buyers are still expressing great interest in the city, and with an improving job market, the city is set to flourish even more than it already has.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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