 |
| 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 |
“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.”
- The
complete second-quarter luxury report can be found here: KeyesLuxuryReport.com
-
Contacts:
Eric Kalis and Daniel Benjamin,
BoardroomPR
954-370-8999
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