2011 has been an amazing year for Miami Dade County real estate market. Compared to last year, number of units sold rose 46% for existing homes and 58% for condos. The number of units sold this year has even surpassed the real estate boom year’s sale of 2005.
International buyers have largely contributed to this increase in sales of homes and condos. For them, Miami’s area real estate market is very attractive as the average prices are below world first-class cities. This year, a ninth of all US international real estate transactions took place in the Miami-Fort Lauderdale area. This accomplishment was concentrated on specific areas such as Brickell and South Beach. However, let’s be cautious since this trend might not continue at this pace because 2/3 of these transactions were distressed sales.