$1 million-and-up transactions increase year-over-year across tri-county area
South Florida’s luxury residential market recorded year-over-year increases in total single-family sales during the first quarter of 2024, according to The Keyes Company and Illustrated Properties’ new Luxury Report. Buyers and sellers of $1 million-and-up single-family properties are showing increased confidence, especially in the tri-county area.
Across Miami-Dade, Broward, Palm Beach counties, the Treasure Coast and Southwest Florida, luxury single-family sales jumped from 2,195 in the first quarter of 2023 to 2,452 in the first quarter of 2024 – an 11.7% increase. The region’s condo sector had a 15.6% decline in $1 million-and-up transactions, from 1,240 to 1,047. While the average high-end single-family sales price increased by 2.5% year-over-year to $2.65 million, the condo median sales price declined by 1.4% to $2.38 million in the same span.
“We have now seen three consecutive quarters of year-over-year transaction gains in the luxury single-family sector,” Keyes President Christina Pappas said. “That output is consistent with the feedback we receive from our agents on the ground. While total luxury condo sales decreased on a year-over-year basis, it is important to note that transactions were up 13.6% from the previous quarter.”
Pappas noted that younger buyers are entering the luxury market, which should help fuel activity across different high-end product types to accommodate evolving preferences.
Palm Beach County enjoyed year-over-year increases in both luxury single-family and condo activity. High-end condo sales climbed by 4.8% from the first quarter of 2023 to the first quarter of 2024 (242 completed transactions), while $1 million-and-up single-family sales increased by 15% in the same span (790 sales).
Miami-Dade and Broward counties had similar gains on the single-family side, with Miami-Dade recording a 24.9% jump in $1 million-and-up single-family sales to 602, and Broward seeing a 27.6% surge in $1 million-and-up transactions to 462 in the first quarter.
Other notable findings in the first quarter luxury report include:
- The Treasure Coast and Southwest Florida were impacted by tight supply in the first quarter. The Treasure Coast had an 18.7% year-over-year drop in luxury single-family sales and an 18.2% year-over-year decline in high-end condo transactions. Southwest Florida had average pricing gains for luxury single-family and condo sales but also saw year-over-year transaction declines (8.8% year-over-year for single-family and 40.8% year-over-year for condos).
- The Boca Raton/Delray Beach submarket helped drive Palm Beach County’s luxury condo gains with a 30.8% year-over-year surge in transactions to 102. Its high-end single-family market recorded a 5.1% year-over-year increase to 291.
- In Broward County, Weston had an enormous 96.4% year-over-year jump in luxury single-family sales to 55, with Davie/Plantation/Southwest Ranches (52.5%) and Fort Lauderdale/Hollywood (35.5%) also seeing notable transaction gains.
- In Miami-Dade County, Doral led the year-over-year increases in high-end single-family transactions, surging 45.5% in the first quarter. Other submarkets experiencing year-over-year gains in luxury single-family sales include Coconut Grove (28.6%) and Pinecrest (29.4%).
“The overall activity in the first quarter exceeded expectations, putting to rest any concerns that tight inventory levels would discourage high-end buyers,” Keyes/Illustrated CEO Mike Pappas said. “While there is always the possibility of a brief lull as we get closer to the November elections, 2024 is shaping up to be a foundational year for the next luxury market upcycle.”
The complete first-quarter luxury report can be found here: https://inside.onekeyes.com/Luxury_Report/index.html
To see countywide and submarket data, and for photos of Mike and Christina Pappas, click here: https://www.dropbox.com/scl/fo/o732vsjy6e7327uoi5icx/AKgZtstcsgWq2Kg8oaOur5U?rlkey=jtzja60fd0yxeryy295vwbivu&st=0ulfw9ym&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.
