South Florida’s luxury residential market closed out a year of significant challenges on a positive note during the fourth quarter of 2020, according to the latest South Florida Luxury Market Report produced by The Keyes Company and Illustrated Properties.

Miami-Dade, Broward, Palm Beach and Martin counties posted astonishing year-over-year increases of 120% in completed $1 million-and-up single-family sales and 58.3% in condominium transactions.

South Florida’s total high-end single-family sales rose from 734 in the fourth quarter of 2019 to 1,615 in the fourth quarter of 2020. The average sales price increased 26.9% year-over-year, from $2.22 million to $2.82 million. Cash sales also surged, with a 121.7% gain from 374 to 829.

Miami-Dade, Broward and Palm Beach counties all saw significant year-over-year increases in luxury single-family sales, average sales price and cash transactions.

“South Florida’s real estate market has certainly been on a roller coaster ride since the onset of the pandemic,” said Keyes and Illustrated President and CEO Mike Pappas in a press release. “But the luxury sector catapulted the region to the point that the total number of properties sold in 2020 ended up on par with 2019. With interest rates expected to stay low and the continued increase in prices, 2021 could be a record year in terms of volume.”

Other notable findings from the quarterly luxury report include:

• Palm Beach County’s high-end single-family sales leaped by 157% year-over-year, from 256 to 658. Cash transactions had almost an identical year-over-year gain, rising 156.2% to 415.
• Broward County $1 million-and-up single-family sales jumped 85.4% year-over-year, from 192 to 356. Luxury condo transactions increased by 96.2%, from 53 to 104.
• Miami-Dade County’s high-end market had the biggest year-over-year gain in average sales price at 35.5%, from $2.33 million to $3.16 million. The average price per square foot rose by 28.4%, from $542 per square foot to $696 per square foot.