Sales data in Miami has not merely been sparkling, but potentially record breaking.

Sales data coming out of Miami and greater Florida lately has been good; in fact, it’s been better than good. In September, year-over-year sales in Miami for both existing single-family homes and condominiums rose 46 percent and 58 percent, respectively, while statewide sales posted impressive yearly gains of 10 percent for single-family homes and condominiums.

Suddenly, Florida and Miami real estate is once again the talk of the town, and new projections from the Miami Association of Realtors (MAR) has the city setting new sales records.

“We continue to experience record sales activity coupled with rising median and average sales prices in the Miami real estate market,” said Jack H. Levine, the chairman of MAR. “At the current sales pace, the local market is expected to reach 29,000 transactions this year, which would set a sales record and would surpass the sales volume during the height of the boom in 2005.”

A large part of that sales activity, writes Kevin Chiu for Housing Predictor, has been international investment. Nearly two-thirds of sales in September were paid for in cash, and more than three-quarters of condominium purchases were bought without mortgage financing. Ninety percent of foreign purchases are paid for in cash.

Ralph De Martino, the president of MAR, said international demand has been so high that Miami may not have enough supply – a huge turnaround for a market once labored by countless vacant properties.

“There is great demand from international and domestic buyers and investors for South Florida REOs,” Martino said. “Based on the current robust level of sales activity, it is expected that regardless of any shadow inventory, distressed properties pending foreclosure or short sales or REOs yet to be listed for sale that may come on the market, there is insufficient supply to satisfy demand.”