A message from Mike Pappas
South Florida’s luxury market enjoyed a surge of transaction activity across both the single-family and condominium sectors. The major increase in high-end sales did not rely on pricing reductions from sellers, a promising sign as we commence the second half of 2026. Across Miami-Dade, Broward, Palm Beach, the Treasure Coast and Southwest Florida, luxury single-family sales jumped 20.1% year-over-year to 8,013 in the second quarter. The high-end condominium sector enjoyed a 23.5% year-over-year gain in transactions to 2,590. Miami-Dade and Palm Beach again fueled single-family growth, with Broward and Southwest Florida also posting notable gains. High-end pricing maintained positive year-over-year momentum. The region’s average single-family sales price rose 7.2% to $2.63 million, and the average condo price rose a modest 0.3% to $2.37 million. Much of the national conversation this year centers on California wealth fleeing to Florida over tax policy. Our own transactions tell a different story: the top buyer-origin states behind our Q2 closings were New York, Illinois, Michigan, New Jersey and Ohio, the same corridor that has driven this market for years. California doesn’t appear in our top five for a second consecutive quarter. This confirms South Florida’s luxury market remains largely insulated within its own segment. Looking ahead, we expect uncertainty elsewhere to only heighten the region’s appeal, drawing high-net-worth buyers seeking that rare blend of lifestyle, stability and long-term value.
CEO Illustrated Properties Mike Pappas
LUXURY REPORT
IPRE.COM
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