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| Mike Pappas |
MIAMIk, FL and PALM BEACH, FL – Across South Florida, the luxury single-family and condominium sectors enjoyed a resurgent third quarter of 2019 highlighted by major average sale price increases, according to the quarterly South Florida Luxury Market Report produced by The Keyes Company and Illustrated Properties.
Palm Beach County had a particularly strong quarter in both pricing and high-end sales activity.
Miami-Dade, Broward, Palm Beach and Martin counties had a year-over-year average sales price jump of 13.8% for $1 million-and-up single-family homes, from $2.2 million to $2.51 million.
On the condo side, the year-over-year average sales price rose by 16.9%, from $2.06 million to $2.41 million. Total single-family luxury sales increased by 6.8% to 797, while luxury condo sales declined by 10.1% to 321.
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Palm Beach County posted year-over-year gains in every category tracked by Keyes and Illustrated. The county’s average sales price for luxury single-family homes jumped 32.1% year-over-year from $2.24 million to $2.96 million, while the average sales price for high-end condos surged by 57.5%, from $2.13 million to $3.35 million.
Total single-family luxury sales in Palm Beach County increased by 10.3% year-over-year to 311 closed transactions. The county had a 4.5% gain in total condo sales to 93.
“It was very encouraging to see South Florida’s luxury residential prices jump significantly year-over-year, led by Palm Beach County,” said Keyes and Illustrated President and CEO Mike Pappas.
“It shows the oversupply issues that drove prices down during the second quarter did not have a sustained impact on our market. Our region continues to benefit from low interest rates and the domestic migration of residents from tax-heavy states.”
Keyes is the largest independently owned real estate firm in Florida and a Top 30-ranked firm in the entire United States, and is extremely active in luxury residential real estate. In 2018, Keyes generated $6.7 billion in real estate services across its Family of Companies.
To see the full report, please click here:
Media Contacts:
Eric Kalis
BoardroomPR
954-370-8999
Daniel Benjamin
Senior Account Executive
BoardroomPR
O 954-370-8999
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