The number of transactions involving South Florida’s ultra-luxury properties, valued at $10 million or more, grew by 118% last year, according to Bespoke Real Estate’s 2021 market report.

There were 384 homes sold in that ultra-luxury category last year in Palm Beach and Miami-Dade counties, up from 176 the previous year. 

Of the 384, 334 were waterfront or oceanfront properties, and 306 were townhomes. Miami-Dade had 228 of the $10 million or more transactions, and Palm Beach County had 156.

“South Florida’s ultra-luxury market has experienced tremendous growth over the last few years, the most rapid growth of any state in terms of sales volume and sales quantity,” the report said.

There were 20 transactions involving properties valued at $40 million or more, more than triple the six that sold in 2020.

Volume in the ultra-luxury category was $7.8 billion in 2021, compared to $3 billion in 2020. The number of sales in the category was strongest in the second quarter of the year but remained steady throughout.

“With customary migration patterns and four consecutive successful quarters, the sonic and steady growth of South Florida is projected to last well into 2022,” Harlan Goldberg, president of Bespoke Real Estate South Florida, said in the report.