Key Highlights
- Lux home sales in South Florida growing faster than rest of market
- Million-dollar-plus sales more than doubled in Miami-Dade County while overall single-family sales increased +15.7%
The disparity between Florida’s economy and its lux housing market is on clear display in Miami. According to the Miami Association of Realtors, lux sales in Miami-Dade County more than doubled y/y while the overall single-family home sales rose a comparatively modest rate of +15.7%.
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According to Jorge L. Guerra Jr., chair of the Miami Association of Realtors, “Robust pent-up demand, record-low mortgage rates and purchases from tax-burdened Northeastern home buyers are fueling a resilient Miami real estate market.”
Existing home sales are blanketing the market with double-digit growth among all market sectors but in October, there was a +122% blast of luxury home sales. One result of this blast was an annual increase of more than +19% in Miami-area median sale prices.
Palm Beach County is nipping at the heels of Miami-Dade in this dramatic divergence between lux and “mainstream” markets. Though mainstream single-family home sales increased by nearly one-third y/y in October. Million-dollar-plus sales soared +140% for both single-family and condominium sales. This lux buying frenzy in Palm Beach County has mirrored that in Miami-Dade by jacking up median single-family home prices +17% to $420,000 compared to one year ago.
The middle county, Fort Lauderdale’s Broward County between Palm Beach and Miami-Dade Counties, saw million-dollar-plus home sales increase +84% y/y in October.
Thanks to MansionGlobal.
Also read: How Different Ages Search Differently to Find Homes, Typical Mortgage Payment Dipping Below 2018 Levels, Special Edition Podcast: JD McClintock – Palm Beach Real Estate Top-Producer!
