Market update as of June 2012

From Realtor.com
As per June 2012, in the last few months, the Miami real estate market has shown a recovery as the median sales property price has increased by more than 40 percent compared to a year earlier. In March, the median sales price for condominiums was $141,700, a significant gain compared to last year. Single family homes have experienced an increase of 13%, their median sales price being $180,000. This recovery is particularly encouraging for the Miami real estate market because it happened sooner than predicted.
This trend is likely to continue, as more and more buyers and investors show continued interest in Miami properties. The Miami real estate market attracts an impressive number of international buyers, who, many times, make their purchases in cash. About 65% of property sales in the last quarter were all cash buyers. The lively and luxurious area of Miami Beach has become one of the most desired destinations and living locations for both international buyers and US migrants. Miami has been transformed from a tropical paradise to a vibrant metropolis with beautiful beaches, exciting attractions and nightlife, and some of the most impressive properties.
Real estate sales in Miami have reached historically high levels due to the record demands in the last few months. As a consequence, prices have appreciated like in no other place in the US, making the Miami real estate market one of the first ones to show a considerable recovery compared to earlier years.