There was nothing but good news for Miami in MAR's latest home sales data.

Residential home sales in the Miami Metropolitan Statistical Area (MSA) finished 2011 in a resounding fashion, posting a 23 percent year-over-year increase in the fourth quarter that was the 14th consecutive quarter of increased sales for the MSA.

According to a press release from the Miami Association of Realtors (MAR), existing single-family homes were up 21 percent in the quarter, while existing-condominium sales were up 25 percent. In total, 5,839 properties were sold in the fourth quarter.

Martha Pomares, 2012 chairman of the board of MAR, said international buyers are a big reason for Miami’s great 2011.

“The Miami real estate market experienced further strengthening in the last quarter of 2011, a record-breaking year for Miami home sales,” Pomares said. “International buyers and investors have absorbed the excess inventory in existence two and three years ago, resulting in limited housing supply and now rising prices. And we expect further strengthening in 2012.”

Even pricing data was largely positive for Miami. Though the median sales price was down by one percent for year-over-year single-family home sales, that decline is negligible compared with the double-digit declines found in some cities. Median condo sales price, on the other hand, was up an incredible 19 percent.

Patricia Delinois, MAR’s residential president, said the global aspect of Miami is one of the city’s key advantages.

“Miami is a true global city, attracting attention on many fronts, including tourism, trade, banking and culture and arts in addition to real estate,” Delinois said. “Miami’s global appeal is generating positive economic trends such as population growth, job creation, decreasing unemployment rate, and improving consumer confidence, which should further drive demand for Miami real estate this year.”