Sales in Miami shoot up in Q1

Residential sales in Miami have shot-up dramatically in the first three months of the year, new figures have revealed.

According to the latest figures from the Miami Association of Realtors and the Southeast Florida Multiple Listing Service, the volume of sales leapt up by 71 per cent year-on-year in Q1 2011.

Sales were also 26 per cent up on the final three months of 2010 and marks 11 consecutive quarters of growth, the National Association of Realtors told Overseas Property Professional.

"The Miami real estate market has generated much excitement and positivism in this strong first quarter, as international and domestic buyers continue to be attracted to our global city and the lifestyle and benefits it offers," the firm said.

Meanwhile, the Zillow Real Estate Market report recently claims that prices in the country continued their decline in the first three months of the year, with the bottom of the market unlikely to be reached until 2012.

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