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| Christina Pappas |
The
first-quarter metrics hint at an active remainder of 2023.
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| Mike Pappas |
Luxury condo transactions jumped from 812 in
the fourth quarter of 2022 to 1,178 in the first quarter of 2023.
All five geographic areas had transaction upticks in both sectors
during that timeframe.
“Near-term market conditions are demonstrably improving in the luxury
sector,” Keyes President Christina Pappas said. “The consistency of
these quarterly increases, from Miami-Dade County to Southwest Florida and the
Treasure Coast, shows that our region is accommodating the different
preferences of a wide range of high-end buyers.”
The Treasure Coast was the only geographic area covered in this
report to generate a year-over-year gain in luxury single-family sales.
“There is now a growing comfort shared by luxury sellers and
buyers about the state of the South Florida’s market,” Keyes/Illustrated CEO Mike
Pappas said. “That bodes well for the rest of 2023, and we should see
year-over-year increases return in upcoming quarters.”
Other notable findings in the first quarter luxury report include:
- Miami-Dade County’s $1 million-and-up
single-family sales climbed 5.9% from the fourth quarter of 2022 to 430
completed transactions in the first quarter. For high-end condos, sales
increased by 3.8% to 411 during the same span.
-
- Coral Gables stood out as the most
active high-end single-family market, with $1 million-and-up transactions
jumping from 55 in the fourth quarter to 84 in the first quarter – and the
median sales price growing 7.2% during that timeframe.
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- Miami Beach had the most luxury
condo sales activity in the county, with 104 completed sales (up 25.3%
from the fourth quarter)
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- After being the only
geographic area covered in the report to post year-over-year transaction
increases for both luxury single-family homes and condominiums in 2022,
Broward County joined its neighbors by recording year-over-year declines
in the first quarter of 2023.
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- However, $1 million-and-up single-family
transactions rose by 6.4% (347 sales) quarter-to-quarter, and luxury condo
sales surged by 21.6% (118 sales) in the same timeframe
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- Palm Beach County high-end condo sales
skyrocketed by 52.1% from the fourth quarter of 2022 to the first quarter
of 2023 (219 completed transactions), while $1 million-and-up
single-family sales increased by 13.4% in the same span (645 sales). The
average luxury condo price per square foot rose 11.8% year-over-year to
$1,018.
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- The Boca Raton/Delray
Beach
submarket more than tripled the next-highest submarket with 76
first-quarter condo closings at or above $1 million.
-
- The same holds true for
luxury single-family, with Boca Raton/Delray Beach combining for 265
first-quarter sales (Jupiter’s 83 transactions ranked as the county’s
second-highest)
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To see the first-quarter report, submarket data and for photos of
Mike and Christina Pappas, click here: https://www.dropbox.com/scl/fo/dwvguwxmi5awli7pkzr2z/h?dl=0&rlkey=awocbxipa60y50o5sl2gw8lap
Contacts:
Eric Kalis and Daniel Benjamin
BoardroomPR
954-370-8999
