A message from Mike Pappas
South Florida’s luxury residential market held its ground through the third quarter of 2024, staying relatively steady compared to the same time last year, despite the usual summer slowdown in activity. Across Miami-Dade, Broward, Palm Beach counties, the Treasure Coast, and Southwest Florida, luxury single-family home sales dipped slightly by 3% year-over-year, totaling 2,429 transactions. On the flip side, the price per square foot for these high-end homes saw a 4% increase, now averaging $696. Meanwhile, the luxury condo market faced a bit more of a challenge, with transactions down 7.2%, dropping from 890 to 826 units. For condos that did sell, the price per square foot slipped just a bit, down 2% year-over-year to $963. In the tri-county area, Miami-Dade was a standout performer. The county posted a notable 9.8% year-over-year increase in luxury single-family home sales, reaching 673 transactions. Prices also climbed, with a 7.5% increase in the average price per square foot, bringing it to $824. Palm Beach County remained steady in its luxury single-family sales, holding firm at 777 $1 million-plus transactions, while also seeing a modest 3.8% uptick in luxury condo sales. Broward County, on the other hand, experienced a more sluggish quarter, with a 3.2% dip in luxury single-family home sales and a sharper 16.7% drop in condo transactions. Further north, the Treasure Coast felt the summer slowdown more acutely, with a significant year-over-year decline in both luxury single- family (down 17.8%) and condo sales (down 7.9%) for the third quarter. In Southwest Florida, the market was more of a mixed bag. The luxury single-family home segment saw a steep 21.9% decline in sales, but the condo market fared better, posting a 4.7% year-over-year gain, with 157 high-end transactions. Looking ahead, we can only wonder: will the post-election buzz stir up a flurry of luxury sales in the final weeks of 2024, or will buyers and sellers take a wait-and-see approach, holding off until the new year? Either way, we’re likely to see a significant uptick in activity in the coming months.
CEO Illustrated Properties Mike Pappas
LUXURY REPORT
IPRE.COM
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