South Florida luxury properties continue to rise in value while total transactions dip

by Patrick Regan

Prices continue to increase for South Florida’s high-end real estate, even as the number of total transactions has slowed, The Keyes Company and Illustrated Properties third-quarter luxury report showed.

Miami-Dade, Broward and Palm Beach counties, the Treasure Coast and Southwest Florida collectively recorded a 15.3% year-over-year drop in total sales of single-family homes worth $1 million and up in the third quarter of the year. Luxury condo sales also saw a year-over-year decline of 33.5%.

Pricing, though, showed annual increases. The areas combined to record an 11.1% jump in average price per foot to $929 and a 1% increase in average sale price to $2.14 million. Broward County led the way with a 22.9% year-over-year increase in average sales price to $2.13 million and 35.9% hike in price per square foot to $881.

“These pricing metrics are sustainable, as they indicate consistent demand and tight supply are converging to keep sale prices on an upward trend,” Keyes/Illustrated CEO Mike Pappas said in a news release. “Luxury sellers are in a great position to capitalize on the current environment. As we move further away from the 18-month stretch from summer 2020 to the end of 2021, it will become even more apparent that it was the strongest market most of us will ever see.”

In Miami-Dade County, $1 million-and-up single-family sales declined by 30.6% year-over-year to 520 in the third quarter. The average price per square foot rose by 6.6% to $760. Luxury condo transactions dropped by 40.2% to 399, with the average price per square foot increasing 10.5% to $1,021.


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