The luxury residential market in South Florida had a record pace of sales activity and price gains during the first quarter of 2021, according to a recent Keyes/Illustrated Luxury Property report.

The report, produced by The Keyes Company and Illustrated Properties, noted that the counties of Miami-Dade, Broward, Palm Beach and Martin, have recorded year-over-year increases of 116.2% in completed $1 million-and-up single-family sales and 131.5% in condominium transactions. And the second quarter of 2021 could prove to show even more high-end transactions.

“It has been the perfect storm for South Florida’s luxury market since late last year,” said Keyes and Illustrated President and CEO Mike Pappas, in a press release. “All the converging trends, including domestic migration from high-tax states, a brutal winter around the nation and historically low interest rates, are resulting in an unprecedented high-end market. Our firm’s record-setting March is an indication that the second quarter could be even stronger.”

South Florida’s total high-end single-family sales rose by 826 in the first quarter of 2020 to 1,786 in the first quarter of 2021. The average sales price increased 20.1% year-over-year, from $2.55 million to $3.06 million. Cash sales also increased with a 126.7% gain from 460 to 1,043.

Condos in South Florida’s total sales jumped from 425 in the first quarter of 202 to 984 in the first quarter of 2021. The average sales price rose 8.1% year over year, from $2.23 million to $2.41 million. Cash sales also increased 139.3%, from 303 to 725.