Miami house sales and prices set records for 2012

[Nicholas Wallwork]

Miami home prices have increased each of the last 12 months as a result of strong demand and very tight supply, according to the latest report from the Miami Association of Realtors. Despite very limited inventory, Miami-Dade County residential sales surged 23% in November compared to a year earlier, the data shows. The sales of [...]

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[LucasAtwell]

Miami home sales set new records in 2012, improving upon the record-setting 2011 and even the height of the housing boom in 2005, according to the year-end analysis of the Miami Association of Realtors (MAR).

MAR found that in 2012, there were 11,463 home sales in Miami-Dade, a 7.9 percent increase over 2011, while condo sales for the year were 16,383, a 1.2 percent increase.

 

[Ryan M]

Seems like the surge in demand for homes, in Miami and many other areas, is being driven by investors, rather than traditional home buyers. I wonder what would happen when the investors stop buying! Would the demand by traditional buyers/people buying home as primary residence, keep the prices on an upward trend?