Keyes/Illustrated Luxury Report: South Florida High-End Condominium Market Shines During Second Quarter

 

Mike Pappas

 MIAMI, FL and PALM BEACH, FL – South Florida’s luxury single-family market has dominated headlines for the past year, but the region’s high-end condo sector is gaining significant ground in year-over-year sales activity.

 Led by Miami-Dade County, the condo market greatly benefitted from local and out-of-state domestic buyers.

 The tri-county area and Treasure Coast had a total of 1,628 $1 million-and-up condo sales during the second quarter of 2021. That is a 479.4% surge from only 281 sales in the second quarter of 2020 and a 49.9% percent jump from 1,086 sales in the first quarter of 2021.

 

Miami-Dade County posted a whopping 611.7% year-over-year gain in total luxury condo sales, from 128 to 911. The county had a 56.8% quarter-over-quarter increase from 581 sales in the first quarter of 2021.

  The average sales price climbed by 13.9% year-over-year to $2.76 million.

 

Within Miami-Dade County, Aventura, Brickell, Key Biscayne and Miami Beach set the pace for luxury condo sales increases.

 

“Corporate relocation from New York and other high-tax states propelled South Florida’s luxury condo market,” said Keyes and Illustrated President and CEO Mike Pappas.

 “Demand for new condos in Miami-Dade and its neighbors to the north should only intensify with the anticipated return of international buyers as travel restrictions ease. That is not to detract from the region’s luxury single-family market, which continued its strong run.”

 

Miami-Dade and Palm Beach counties eclipsed $3 million in average single-family luxury sales price in each of the first two quarters for the first time ever, according to Keyes/Illustrated.

 One eight-figure single-family sale is occurring every day (compared with one every four days two years ago).

 

Palm Beach County continues to be the target for New York-based corporate executives and finance moguls who covet uber-luxury homes on the water.

 

The county had a 202% year-over-year jump in total $1 million-and-up single-family sales to 1,036 and a year-over-year sales volume gain of 258.7% to $3.56 billion.

 

Palm Beach Island remains the focal point for the county’s high-end market, with an average single-family sales price of $11.69 million during the second quarter of 2021.

 

Miami-Dade County had a 338.8% year-over-year rise in total luxury sales to 939 and a 421.7% increase in sales volume to $2.91 billion. Coral Gables, Miami Beach and Pinecrest were the strongest single-family submarkets.

 

 Contact:

Eric Kalis

Vice President

 BoardroomPR

ekalis@boardroompr.com

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