Done Deals: Keyes/Illustrated Luxury Report: South Florida High-End Single-Family Market Outperforms Condominium Sector in Q2 2024

Wednesday, July 24, 2024

Keyes/Illustrated Luxury Report: South Florida High-End Single-Family Market Outperforms Condominium Sector in Q2 2024

Christina Pappas

Miami-Dade County records gains in $1 million-and-up transactions in both categories

MIAMI, FL and PALM BEACH, FL, July 24, 2024 – South Florida’s luxury residential market saw separation between the single-family and condominium sectors during the second quarter of 2024, according to The Keyes Company and Illustrated Properties’ new Luxury Real Estate Market Report.

All territories covered in the quarterly report posted year-over-year gains in $1 million-and-up single-family transactions.

The tremendous growth comes after a period of incredible wealth migration to Florida, which added $75+ billion in net wealth gain since 2020, according to IRS data.

The state also gained 1.4 million new tax filers in the same period, many of whom became buyers in South Florida’s high-end markets and zip codes.

Across Miami-Dade, Broward, Palm Beach counties, the Treasure Coast and Southwest Florida, luxury single-family sales jumped from 3,117 in the second quarter of 2023 to 3,476 in the second quarter of 2024 – an 11.5% increase.

The region’s condo sector had a 4.7% decline in $1 million-and-up transactions, from 1,411 to 1,345. The average sales price rose year-over-year for both sectors, however, with a 6.8% jump in the average luxury single-family price to $2.66 million and a 5.9% increase to $2.43 million for condos.

“The luxury single-family sector is benefitting from four consecutive quarters of year-over-year transaction growth,” Keyes President Christina Pappas said.

“That market segment remains largely unaffected by short-term economic challenges. High-end condo pricing continues to rise despite the drop in overall sales, which bodes well for sellers and developers of new product in a tight market.”

Mike Pappas

“We are back to a real - and healthy - luxury market in South Florida,” Keyes/Illustrated CEO Mike Pappas said.

“The pandemic-era frenzy elevated our region’s global stature in a way that will permanently benefit the high-end market, but we are now in a more balanced position that gives buyers and sellers equal comfort going forward.”