$1 million-and-up single-family and condo markets post increases in total transactions
South Florida’s luxury residential market recorded year-over-year increases in total single-family and condominium sales during the fourth quarter of 2023, according to The Keyes Company and Illustrated Properties’ new Luxury Report. Activity continues to pick up in the region’s $1 million-and-up market, as buyers and sellers become more adjusted to a “normal” market after the pandemic-era frenzy.
Across Miami-Dade, Broward, Palm Beach counties, the Treasure Coast and Southwest Florida, luxury single-family sales jumped from 1,778 in the fourth quarter of 2022 to 1,969 in the fourth quarter of 2023 – a 10.7% increase. The region’s condo sector had a 9.2% uptick in $1 million-and-up transactions, from 815 to 890. The tri-county area of Miami-Dade, Broward and Palm Beach counties had single-family transaction increases during that timeframe, with Palm Beach County also enjoying a big year-over-year jump in high-end condo sales (50%).
“The year-over-year transaction gains we saw in the fourth quarter of 2023 continue the trend of the previous quarter,” Keyes President Christina Pappas said. “Luxury buyers and sellers in South Florida are increasingly comfortable with the pricing environment and accepting of the fact that we might never experience the feverish pace of activity that occurred in 2021 and part of 2022.”
High-end prices were a mixed bag on a regional basis. South Florida’s average luxury single-family sales price declined year-over-year, with a 3.4% drop to $2.37 million. However, the average high-end condo sales price stayed flat at $2.3 million.
Broward County was the biggest year-over-year gainer in average luxury sales price, with an 8.4% increase to $2.04 million for single-family and a 12% rise to $2.05 million for condos.
Other notable findings in the fourth quarter luxury report include:
- The Treasure Coast and Southwest Florida continue to emerge as desirable alternatives for some high-end buyers. The 38 high-end single-family transactions in the Treasure Coast represent a 5.6% year-over-year increase from the fourth quarter of 2022, while the region’s 20 luxury condo transactions marked an 11.1% year-over-year jump. Southwest Florida had a 35% surge in $1 million-and-up condo sales to 212, with Naples driving the activity.
- Palm Beach County had encouraging year-over-year jumps in both luxury single-family and condo activity. High-end condo sales climbed by 50% from the fourth quarter of 2022 to the fourth quarter of 2023 (216 completed transactions), while $1 million-and-up single-family sales increased by 11.3% in the same span (638 sales)
- The Boca Raton/Delray Beach submarket posted a year-over-year increase in luxury single-family transactions, with a 13.2% rise to 258 sales in the fourth quarter. Other submarkets with year-over-year gains in high-end single-family sales include Boynton Beach/Ocean Ridge (11.8%), Jupiter (27.4%) and Palm Beach Island (150% jump to 15 sales)
“Looking ahead to this year, tight inventory and limited new development in the pipeline could keep luxury sales activity somewhat in check,” Keyes/Illustrated CEO Mike Pappas said. “But we still expect to see positive year-over-year increases over the next few quarters. Relocation demand from domestic and international feeder markets remains very strong.”
To see the fourth-quarter data, year-end luxury report and for photos of Mike and Christina Pappas, click here: https://www.dropbox.com/scl/fo/7ztdrwtuzdfe3a5n1wib5/h?rlkey=vdnxu6qjcunf44tctm5uxr923&dl=0
About The Keyes Company: Independently-owned and operated since 1926, The Keyes Company is a leader in the real estate industry. The Keyes Family of Companies, along with its network of partner brokerages comprises 58 offices, more than 3,600 Associates and closed over $10 billion in annual real estate sales and services in 2022. Keyes’ offices are distributed throughout seven counties – Miami-Dade, Broward, Palm Beach, Martin, St. Lucie, Volusia, and Lee. Keyes expands our Associates’ reach globally as a Founding Member and Shareholder of Leading Real Estate Companies of the World®, the world’s largest network of independent brokerages, and Member of the exclusive Forbes Global Properties network. The Keyes Company offers a suite of resources to cover whatever needs arise while buying or selling a home. Mortgage, title, insurance and property management needs are all be managed in-house, allowing Keyes Realtors® to close deals with speed and efficiency while giving clients valuable access to the professionals responsible for the specific service lines.
