South Florida Luxury Real Estate Market Update Q3 2024
Despite the traditional summer slowdown, South Florida’s luxury residential market demonstrated resilience in the third quarter of 2024, according to the latest Luxury Report from The Keyes Company and Illustrated Properties. Notably, Miami-Dade County’s high-end single-family home sector showcased remarkable growth.
Market Overview
Across South Florida, which includes Miami-Dade, Broward, Palm Beach counties, the Treasure Coast, and Southwest Florida, luxury single-family sales witnessed a slight 3% decrease, falling from 2,505 in Q3 2023 to 2,429 in Q3 2024. The luxury condo market also experienced a downturn, reporting a 7.2% reduction in transactions from 890 to 826.
Key Highlights
- Luxury Single-Family Sales: 2,429 in Q3 2024, down from 2,505 in Q3 2023
- Luxury Condo Transactions: 826, down from 890 in the previous year
- Average Sale Price per Square Foot:
- Condos: Declined 2% year-over-year to $963 per square foot.
Miami-Dade County Leads the Way
Miami-Dade County’s luxury segment performed exceptionally well:
- High-End Single-Family Sales: Increased by 9.8%, totaling 673 transactions this quarter.
- Price per Square Foot: Rose to $824, marking a 7.5% year-over-year increase.
Other County Insights
- Palm Beach County: Remained stable with 777 transactions and reported a 3.8% increase in upscale condo sales.
- Broward County: Experienced a more challenging quarter with declines in both single-family (3.2%) and condo (16.7%) sales.
Regional Performance Breakdown
Notable Trends:
- Treasure Coast: Saw declines in both luxury single-family (17.8%) and condo (7.9%) sales.
- Southwest Florida: Mixed results; while high-end single-family sales dropped 21.9%, condo sales increased by 4.7%.
Miami-Dade’s Price Dynamics
- Average luxury single-family price increased by 9.8% to $854 per square foot.
- High-end condo prices jumped 10.6% to $1,166 per square foot.
Areas of Significant Activity
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Luxury Single-Family Gains:
- Coral Gables: 61.3% increase
- Key Biscayne: 62.5% increase
- Brickell: 40% increase
However, areas like Miami Beach and Pinecrest saw declines of 23.1% in sales.
[link-whisper-related-posts] - Palm Beach County Highlights:
- Palm Beach Island: 80% increase in high-end sales
- West Palm Beach: 67.4% increase
- Notably, Singer Island recorded a staggering 231.3% rise in luxury condo transactions.
Market Outlook
Christina Pappas, President of Keyes, notes that the luxury market continues to benefit from an influx of high-net-worth individuals, sustaining four consecutive quarters of growth:
“While all streaks end at some point, numerous cities and property types maintained upward trends during the third quarter.”
Mike Pappas, CEO of Keyes/Illustrated, emphasized the market’s consistency:
“We expect to see activity pick up considerably once the election is in the rear view, whether that occurs immediately after or at the outset of the new year.”
Conclusion
The data from the Q3 2024 Luxury Report indicates that while there are fluctuations in certain sectors, the South Florida luxury market remains robust and adaptable. As seasonal patterns resume, anticipation builds for heightened activity as the new year approaches.
For those wanting to delve deeper into luxury market data, you can explore the Luxury Market Report Q3 2024.
Additional Resources
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