South Florida’s luxury condo market surges

Real estate transactions involving condominiums of $1 million or more grew by 31.2% in the first quarter of the year compared to the same period last year, according to The Keyes Company Luxury Report.

Much of the growth in the South Florida luxury market was in the condominium sector. Single-family homes transactions remained mostly flat, with slight average and median price decreases compared to the first quarter of 2021.

Across Miami-Dade, Broward, Palm Beach, St. Lucie and Martin counties, there were 1,433 million-dollar condo sales in the first quarter of 2022. The median price was $1.76 million, a 6.5% increase year over year.

Much of the demand came from people seeking retirement, vacation or investment properties. The top three states for incoming buyers were New York, New Jersey and Massachusetts.

“There is no shortage of buyers clamoring for luxury residential product in South Florida as we look ahead to the rest of 2022,” The Keyes Company President & CEO Mike Pappas said in the report. “It will be interesting to see whether these buyers keep pivoting to condos or pounce on the limited single-family inventory in the region’s most sought-after places to live. Either way, it’s an optimal time to be a seller in luxury real estate in our region.”

Miami-Dade had the biggest spike in luxury condo sales with 837, a 42.8% increase from the first quarter of 2021.

Housing inventory of all kinds remained low, and average days on the market dropped across the region.