Keyes/Illustrated Luxury Report: South Florida Sees Return of Year-Over-Year Gains in Q3 2023

 

Christina Pappas 

 

MIAMI and PALM BEACH, FL– South Florida’s luxury residential market experienced year-over-year gains in many important categories during the third quarter of 2023, according to The Keyes Company and Illustrated Properties’ new Luxury Report.

 

Buyers and sellers of $1 million-and-up single-family homes and condominiums acknowledged that the pandemic-era frenzy is firmly in the past, and the region is back in a “normal” market.

Across Miami-Dade, Broward, Palm Beach counties, the Treasure Coast and Southwest Florida, luxury single-family sales jumped from 2,221 in the third quarter of 2022 to 2,397 in the third quarter of 2023 – a 7.9% increase.

 

 The region’s condo sector had a 0.3% uptick in $1 million-and-up transactions, from 892 to 895. The tri-county area of Miami-Dade, Broward and Palm Beach counties had single-family transaction increases during that timeframe, with Palm Beach County also enjoying a big year-over-year jump in high-end condo sales (21.3%).

 

“It is encouraging to see that the incremental gains of the past few quarters gave way to notable year-over-year increases,” Keyes President Christina Pappas said.

 “We expect that to continue as we close out 2023. The luxury sector is not hampered by the current interest rate environment or broader economic challenges.”

 

  

CONTACT:

 

Eric Kalis

Vice President,

 BoardroomPR

ekalis@boardroompr.com

O 954-370-8999 

C 305-794-5123

Bank of America Plaza

 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

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