Christina Pappas
MIAMI, FL and PALM BEACH, FL– South Florida’s luxury residential market recorded year-over-year increases in total single-family sales during the first quarter of 2024, according to The Keyes Company and Illustrated Properties’ new Luxury Report.
Buyers
and sellers of $1 million-and-up single-family properties are showing increased
confidence, especially in the tri-county area.
Across Miami-Dade,
Broward, Palm Beach counties, the Treasure Coast and Southwest Florida, luxury
single-family sales jumped from 2,195 in the first quarter of 2023 to 2,452 in
the first quarter of 2024 – an 11.7% increase.
The region’s condo sector had a 15.6% decline in $1 million-and-up transactions, from 1,240 to 1,047. While the average high-end single-family sales price increased by 2.5% year-over-year to $2.65 million, the condo median sales price declined by 1.4% to $2.38 million in the same span.
“We have now seen
three consecutive quarters of year-over-year transaction gains in the luxury
single-family sector,” Keyes President Christina Pappas said. “That
output is consistent with the feedback we receive from our agents on the
ground.
"While
total luxury condo sales decreased on a year-over-year basis, it is important
to note that transactions were up 13.6% from the previous quarter.”
Mike Pappas
Pappas noted that younger buyers are entering the luxury market, which should help fuel activity across different high-end product types to accommodate evolving preferences.
Palm Beach County
enjoyed year-over-year increases in both luxury single-family and condo
activity. High-end condo sales climbed by 4.8% from the first quarter of 2023
to the first quarter of 2024 (242 completed transactions), while $1
million-and-up single-family sales increased by 15% in the same span (790
sales).
Miami-Dade and
Broward counties had similar gains on the single-family side, with Miami-Dade
recording a 24.9% jump in $1 million-and-up single-family sales to 602, and
Broward seeing a 27.6% surge in $1 million-and-up transactions to 462 in the
first quarter.
Other notable
findings in the first quarter luxury report include:
- The
Treasure Coast and Southwest Florida were impacted by tight supply
in the first quarter. The Treasure Coast had an 18.7% year-over-year drop
in luxury single-family sales and an 18.2% year-over-year decline in
high-end condo transactions. Southwest Florida had average pricing gains
for luxury single-family and condo sales but also saw year-over-year
transaction declines (8.8% year-over-year for single-family and 40.8%
year-over-year for condos).
- The Boca Raton/Delray Beach submarket
helped drive Palm Beach County’s luxury condo gains with a 30.8%
year-over-year surge in transactions to 102. Its high-end single-family
market recorded a 5.1% year-over-year increase to 291.
- In Broward County, Weston had an enormous
96.4% year-over-year jump in luxury single-family sales to 55, with
Davie/Plantation/Southwest Ranches (52.5%) and Fort Lauderdale/Hollywood
(35.5%) also seeing notable transaction gains.
- In
Miami-Dade County, Doral led the year-over-year increases in high-end
single-family transactions, surging 45.5% in the first quarter. Other
submarkets experiencing year-over-year gains in luxury single-family sales
include Coconut Grove (28.6%) and Pinecrest (29.4%).
“The
overall activity in the first quarter exceeded expectations, putting to rest
any concerns that tight inventory levels would discourage high-end buyers,”
Keyes/Illustrated CEO Mike Pappas said.
“While there is always the possibility of a brief lull as we get closer to the November elections, 2024 is shaping up to be a foundational year for the next luxury market upcycle.”
The complete
first-quarter luxury report can be found here: https://inside.onekeyes.com/Luxury_Report/index.html
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