According to recent information from the Miami Association of Realtors, the Miami area saw a record-breaking number of residential sales in 2011. The data shows that home sales in Miami's Metropolitan Statistical Area increased by approximately 23 percent between the fourth quarter of 2010 and 2011, jumping from 4,722 to 5,839. This was the fourteenth consecutive quarter of real estate sales growth.

The chairperson with the Board of the Miami Association of Realtors (MAR) announced the news, explaining that experts are expecting even more growth in 2012. "International buyers and investors have absorbed the excess inventory in existence two and three years ago, resulting in limited housing supply and now rising prices," said the chairperson.

The data from the MAR considers both single-family homes and condominium to be residential properties. Sales of the former increased by 21 percent between quarter four of 2010 and 2011 while sales of condominiums rose by 25 percent in the same period. Across Florida, single-family home sales rose by about 7 percent, with condominium sales increasing by 4 percent.

Officials with the MAR say home prices in the area have risen more quickly than anticipated, largely due to increased demand coupled with a limited supply of properties on the market. Another official with MAR explained that demand for Miami real estate should continue and increase due to Miami's ability to create "positive economic trends such as population growth, job creation" as well as enhanced consumer confidence and a lower unemployment rate. She explained, "Miami is a true global city, attracting attention on many fronts, including tourism, trade, banking and culture and arts in addition to real estate."

Source: World Property Channel, "2011 Was Record-Breaking Year for Miami Residential Sales," Michael Gerrity, Feb. 13, 2012