A message from Mike Pappas
The “get-in” price for luxury single-family homes and condominiums in South Florida continues to rise, but that certainly did not scare away buyers in the first three months of 2025. Across Miami-Dade, Broward, Palm Beach counties, the Treasure Coast/Martin County and Southwest Florida, the average luxury single-family sales price jumped 12.4% year-over-year to $2.95 million in the first quarter of 2025. The average luxury condo sales price increased 6% year-over-year to $2.5 million during that span. Total high-end single-family sales inched up 0.3% year-over-year to 2,588, while $1 million-and-up condo transactions dropped 2.4% year-over- year to 1,014. Miami-Dade County mirrored the regional trend, with notable year- over-year average sales price gains for both the luxury single-family and condo markets. The high-end single-family average sales price jumped 17% year-over-year to $3.16 million in the first quarter of 2025. The average sales price for $1 million-and-up condo transactions rose 8.4% year-over-year to $2.82 million. Palm Beach County followed suit, as the average high-end single-family sales price increased 6.8% year-over-year to $3.1 million, and the average luxury condo sales price jumped 17.3% year-over-year to $2.55 million. Broward County was more mixed from a luxury pricing standpoint. The county’s average single-family high-end sales price notably climbed 6% year-over-year to $2.21 million, while the average high-end condo sales price dropped by 6.3% year-over-year to $1.7 million. Southwest Florida had a similar pricing trend, with the region’s $2.95 million average luxury single-family sales price representing a 12% year-over- year jump, and the average luxury condo sale price falling 4.5% year- over-year to $2.3 million. The Treasure Coast/Martin County luxury residential market saw an 83.3% year-over-year average sales price surge to $4.17 million for single-family homes, and 34.3% year-over- year to $1.91 million for condos Concerns about the broader economy and tariffs could slow things down temporarily over the next few months, but any temporary dip should be short-lived. As soon as South Florida luxury buyers and sellers feel a sense of clarity about the path forward, activity will escalate significantly.
CEO Illustrated Properties Mike Pappas
LUXURY REPORT
IPRE.COM
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