The Miami property market has seen property prices surge for the fourth month in a row with the median sales price of condos reaching 46 per cent more than they were this time in 2011.

Property experts in the Sunshine State believe that the consecutive increases indicate that prices have bottomed out and have caught up with sales levels.

This trend is expected to continue due to Miami’s increasing popularity with second home buyers, migrating US residents and international buyers and investors.

It is not just Miami that is receiving positive attention, the median sales prices across the whole state of Florida increased by 20.8 per cent to $105,000 for condominiums and 10.3 per cent to $139,000 for single family homes. The median existing-home price for all housing types in the US was $163,800 in March. This is a 2.5 per cent increase from March 2011.

The market demonstrates a huge demand for bank owned properties. It also demonstrates that the processing of short sales has resulted in rapid absorption of distressed listings and this has contributed to price appreciation.

In March this year, 49 per cent of all residential sales in Miami were distressed in contrast with 52 per cent in March 2011. This demonstrates that there are now a greater number of short sales occurring than bank owned properties.

Sixty-five per cent of the total closed sales that took place in March were cash sales and they accounted for 47 per cent of single family sales and 79 per cent of condominium closings. Nearly 90 per cent of international buyers in Florida purchase their properties with cash. Across the US, cash sales made up 32 per cent of transactions in March thus reflecting the stronger presence of international buyers who are concentrating on the Florida property market.

For information on stunning new-build properties currently for sale in Florida, contact the The Overseas Guides Company team on 0207 898 0549. For details of all types of property for sale in the USA, visit the USA listings on Rightmove Overseas. One way to save money when buying in the USA is to use a currency specialist when transferring your pounds into dollars to complete the purchase of your property. For more information on this, contact Smart Currency Exchange.

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