Keyes/Illustrated Luxury Report: Miami-Dade County’s High-End Single-Family Sector Shines in Q3 2024

 Christina Pappas

MIAMI and PALM BEACH, FL, Oct. 28, 2024 – South Florida’s luxury residential market remained steady - despite the typical summer slowdown - during the third quarter of 2024, according to The Keyes Company and Illustrated Properties’ new Luxury Report. Miami-Dade County’s high-end single-family sector stood out among the territories covered in the report.

Across Miami-Dade, Broward, Palm Beach counties, the Treasure Coast and Southwest Florida, luxury single-family sales declined from 2,505 in the third quarter of 2023 to 2,429 in the third quarter of 2024 – a 3% decrease. The region’s condo sector had a 7.2% drop in luxury transactions, from 890 to 826. High-end condo sales that closed during the quarter did so at a slightly lower price per square foot than a year ago, as the region recorded a 2% year-over-year drop to $963.

“South Florida continues to benefit from the relocation of high-net-worth individuals, which helped lead to four consecutive quarters of growth,” Keyes President

Christina Pappas said. “While all streaks end at some point, numerous cities and property types maintained upward trends during the third quarter.”

Miami-Dade County’s high-end single-family sales jumped 9.8% from the third quarter of 2023 to 673 in the third quarter. The average luxury single-family price per square foot also increased year-over-year, with a 7.5% climb to $824 per square foot.

Palm Beach County stayed flat with luxury single-family sales (777 $1 million-and-up transactions) and posted modest year-over-year gains (3.8%) in high-end condo transactions. Broward County’s luxury market had a sluggish third quarter, with declines in both single-family (3.2%) and condominium (16.7%) transactions.

Mike Pappas 

Other notable findings in the third quarter luxury report include:

• The Treasure Coast’s luxury single-family (17.8%) and condominium sales (7.9%) both declined year-over-year in the third quarter.
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• Southwest Florida was a mixed bag in the third quarter, as the region’s high-end single-family sector recorded a 21.9% year-over-year drop in sales to 374, while its luxury condo market enjoyed a 4.7% year-over-year jump in $1 million-and-up transactions to 157.
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• Miami-Dade County’s average luxury single-family price per square foot rose 9.8% year-over-year to $854. The county’s average high-end condo price per square foot jumped 10.6% to $1,166.
• Coral Gables had the largest year-over-year gain (61.3%) in luxury single-family transactions for Miami-Dade County, followed by Key Biscayne (62.5%), Brickell (40%) and Coconut Grove (18.2%). Miami Beach (23.1%) and Pinecrest (23.1%) had significant year-over-year declines in high-end single-family sales.
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• Palm Beach County’s biggest year-over-year gainers in luxury single-family sales include Palm Beach Island (80%), West Palm Beach (67.4%) and Juno Beach (20%). Singer Island experienced a whopping 231.3% year-over-year uptick in high-end condo transactions, while the 25% year-over-year jump in Boca Raton/Delray Beach was the main driver for the countywide increase.

“South Florida’s luxury market is healthy and consistent with the seasonal buying and selling patterns we saw before the pandemic-era boom,” Keyes/Illustrated CEO Mike Pappas said. “We expect to see activity pick up considerably once the election is in the rear view, whether that occurs immediately after or at the outset of the new year.”

Contacts:

 

Eric Kalis and Daniel Benjamin,

BoardroomPR

ekalis@boardroompr.com or

 dbenjamin@boardroompr.com

954-370-8999