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| Mike Pappas |
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.
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| Miami skyline |
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.
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| 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
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| 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
954-370-8999
