A message from Mike Pappas
South Florida’s luxury market enjoyed notable year-over-year gains in $1 million-and-up single-family transactions, with Palm Beach County, Southwest Florida and the Treasure Coast driving the region’s overall uptick. This key indicator supports our thesis that we are firmly back to a “normal” pre-pandemic high-end residential sector. Across Miami-Dade, Broward, Palm Beach, the Treasure Coast, and Southwest Florida, luxury single-family sales jumped 6.2% year-over-year to 3,589 in the third quarter of 2025. The high- end condominium sector saw a 6.3% year-over-year decline in transactions to 980, however. Miami-Dade and Broward counties managed to post year-over-year luxury condo sales gains despite the regional drop. High-end pricing continued positive year-over-year trends from the previous quarter thanks to consistent buyer demand. The region’s average single-family sales price managed a fractional year-over-year increase to $2.35 million, so the overall transaction gain was not a result of pricing reductions. The average condo sales price rose 2.8% year-over-year to $2.34 million (almost identical to the average single-family sales price), as luxury buyers will pay premiums for high-end condos – especially in brand-new waterfront buildings. Southwest Florida was the second quarter’s biggest year-over- year gainer in average luxury single-family pricing. In the third quarter, its average sales price stayed flat, but it recorded a substantial 14.9% year-over-year surge in $1 million-and-up single- family transactions to 1,461. The Treasure Coast led the way with a 28.6% year-over-year jump in luxury single-family sales and 15.5% increase in average luxury single-family sales price, but it is important to note that the region has very little high-end inventory. As 2025 closes out, and we look ahead to 2026, South Florida’s luxury market still presents exciting opportunities for sellers and buyers alike.
CEO Illustrated Properties Mike Pappas
LUXURY REPORT
IPRE.COM
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