Although being hit by one of the biggest crisis, the Miami’s housing market is now outperforming the nation. I know it is hard to believe but in 2011, the average number of sales in the US has increased by 2% whereas Florida’s market has increased by 15%. Unfortunately I don’t have the stats for Miami Beach but I am sure the increase is even more drastic.
Miami is not the only rebound market. Southern California, Tucson and Las Vegas are three other regions that have outperformed in 2011. However the Midwest is still struggling.
In general, most coastal regions are doing better than the rest. This trend is due to the presence of foreigners’ buyers and second-home buyers. International buyers’ have widely helped those markets since they see in those regions an opportunity, a nice climate and a great location. Moreover, the generous exchange rates of many foreign currencies make those investments definitely attractive.
Aside from foreign buyers, even my toughest pessimist buyers have come to realize that the market is not falling down anymore but going the other route instead.