The Keyes Company and Illustrated Properties, both affiliates of Leading Real Estate Companies of the World (LeadingRE), have released a new Luxury Report, tracking changes to the South Florida Luxury Real Estate Market in 2023.
With “luxury” defined as $1 million and up properties (particularly single-family homes and condos), the report found yearly declines and quarterly gains during Quarter 2, 2023
Key details:
- Miami-Dade, Broward, Palm Beach counties, the Treasure Coast and Southwest Florida collectively recorded a 18.1% year-over-year decline in $1 luxury single-family sales to 2,904 in the second quarter of 2023.
- The luxury condo market posted a 29.5% year-over-year drop in transactions, from 2,019 to 1,423.
- Luxury single-family homes experienced 33.8% quarter-to-quarter gain in $1 million-and-up sales, from 2,171 to 2,904.
- Luxury condo transactions jumped from 1,236 in Q1 2023 to 1,423 in Q2.
- Miami-Dade County’s $1 million-and-up single-family sales climbed 38.1% from the first quarter of 2023 to 631 in the second quarter.
- For high-end condos, sales increased by 17.2% to 519 during the same span.
- South Florida luxury single-family sales at original list prices rose 53.5% from the first quarter to the second quarter (327 total).
- Broward County’s number of $1 million-and-up single-family sales at original list prices (60) surged by 275% from the first quarter.
- Miami-Dade County enjoyed a 109.7% quarter-to-quarter jump (to 65).
Regional rundown:
- Coral Gables:
-
-
- The most active high-end single-family market, with $1 million-and-up transactions increasing 8.9% from the first quarter to 98 sales in the second quarter.
- The median sales price likewise increased 1.2%.
-
- Brickell and Aventura:
-
-
- The former recorded a 52.2% quarter-to-quarter jump in transactions (to 70) and the latter rose 40.5% (to 52).
-
- Broward County:
-
-
- 1 million-and-up single-family transactions rose by 46.3% (528 sales) quarter-to-quarte.
- Luxury condo sales climbed by 27.3% (154 sales) in the same timeframe.
- $1 million-and-up single-family sales at original list prices (60) surged by 275% from the first quarter, while high-end condo transactions at original list prices jumped 81.8%.
-
- Palm Beach County:
-
-
- High-end condo sales jumped by 55% from the first quarter of 2023 to the second quarter (358 completed transactions), while $1 million-and-up single-family sales increased by 37.4% in the same span (936 sales).
- The high-end condo output was only 2.6% behind that of the second quarter of 2022 and even saw a 13.0% year-over-year increase in median sales price (to $1.81 million).
-
- Boca Raton/Delray Beach:
-
- Quarter-to-quarter increase in luxury single-family and condo transactions, with a 5.5% year-over-year rise to 115 condo sales in the second quarter. Boynton Beach had year-over-year and quarter-to-quarter increases in high-end single-family transactions (to 67).
The takeaway:
“These near-term market conditions should give buyers and sellers equal confidence going forward,” Keyes president Christina Pappas said. “We are seeing quarterly increases just about everywhere in the geographic areas tracked in our report. That should translate to year-over-year gains in upcoming quarters.”
“The notion of price reductions in our local luxury market is being emphatically disproven,” Keyes/Illustrated CEO Mike Pappas said. “South Florida’s limited inventory – especially when it comes to waterfront property – insulates us from what is happening in other parts of the nation.”
For more information, visit https://www.leadingre.com/.
