Keyes/Illustrated Luxury Report: First Quarter Data Confirms South Florida High-End Market is Scorching

 

Mike Pappas

 MIAMI, FL and PALM BEACH, FL, April 14, 2021 – South Florida’s luxury residential market continued its blistering pace of sales activity and price gains during the first quarter of 2021, according to the quarterly South Florida Luxury Market Report produced by The Keyes Company and Illustrated Properties.

 

 Miami-Dade, Broward, Palm Beach and Martin counties recorded year-over-year increases of 116.2% in completed $1 million-and-up single-family sales and 131.5% in condominium transactions.

 

And the second quarter could see even more closed high-end transactions, as the Keyes Family of Companies had more than $1 billion in pending sales in March 2021 – the most in the 95-year history of the firm.

Miami skyline

South Florida’s total high-end single-family sales rose from 826 in the first quarter of 2020 to 1,786 in the first quarter of 2021. The average sales price increased 20.1% year-over-year, from $2.55 million to $3.06 million. Cash sales also soared, with a 126.7% gain from 460 to 1,043.

 

Miami-Dade, Broward and Palm Beach counties all had year-over-year increases in luxury single-family sales, average sales price and cash transactions.

 

On the condo side, South Florida’s total sales jumped from 425 in the first quarter of 2020 to 984 in the first quarter of 2021. The average sales price rose 8.1% year-over-year, from $2.23 million to $2.41 million. Cash sales surged 139.3%, from 303 to 725.

Broward County hot spots

“It has been the perfect storm for South Florida’s luxury market since late last year,” said Keyes and Illustrated President and CEO Mike Pappas.

 

“All the converging trends, including domestic migration from high-tax states, a brutal winter around the nation and historically low interest rates, are resulting in an unprecedented high-end market. Our firm’s record-setting March is an indication that the second quarter could be even stronger.”

 

Other notable findings from the quarterly luxury report include:

 

• Palm Beach County’s high-end single-family sales climbed by 94.8% year-over-year, from 347 to 676. Cash transactions rose by 109%, from 234 to 489

Palm Beach condos

• Broward County $1 million-and-up single-family sales jumped 97.6% year-over-year, from 207 to 409. Luxury condo transactions increased by 131.3%, from 67 to 155
• Miami-Dade County’s high-end market is seeing significant gains in total sales and pricing. The county’s closed single-family transactions surged by 159.6%, from 245 to 636, with the average sales price increasing by 46.1%, from $2.18 million to $3.18 million. Condo sales soared by 159.7%, from 206 to 535, with a 16.7% climb in average sales price, from $2.43 million to $2.73 million.

  CONTACT:

 Eric Kalis,

 BoardroomPR

ekalis@boardroompr.com

954-370-8999