The supply of luxury homes and condos in South Florida is drying up. If doubled or tripled, inventory levels would still be considered low.
Markets for Luxury Homes & Condos in South Florida More than Tight
Amid South Florida’s luxury home and condominium markets, “inventory has collapsed,” according to Jonathan Miller, CEO of Miller Samuel, an appraisal and consulting firm that tracks 14 real estate markets in this region for Douglas Elliman.
Miller’s data indicates that South Florida lux inventory stood at a record low of 7,906 units in Q1 2022, nearly -75% below an average of 27,000 units from 2017 to 2019.
Are you ready to learn what your DISC personality style is? You know it’s critical that you understand what your natural personality style is. Once you have obtained this knowledge everything in your business and personal life will change for the better. Tim and Julie Harris are making it super simple for you to have this powerful info. Now, text the word YOU to 47372, and when you do you will instantly receive a special exclusive text link. Next, you will complete your own DISC personality test.. the results will be shared with you instantly once you complete the simple and fun test, no strings attached. Simply text the word YOU to 47372 and click the link.
P.S. (Limited time: no charge to take the complete test)
* 4 Msgs/Month. Reply STOP to cancel, HELP for help. Msg&data rates may apply. Terms & Privacy: slkt.io/JWQt
Miller does not foresee these rock bottom inventory numbers changing in the near future. Miller said, “Even if listing inventory doubled or tripled, supply would be considered ‘low’ in most markets.”
Amid Scant Supply, Sales Are Hot
Q1 2022 saw South Florida’s luxury sales exceed the previous quarter’s sale by +$1.9B for a total of more than $11.8B. Miller said that within South Florida’s 14 lux markets, some achieved record high sales totals. In fact, the area’s top five lux markets accounted for +45% of all sales volume in the regional area for almost $5.4B.
Top Five Luxury Markets in South Florida in Q1 2022
Palm Beach
- Total sales volume – +$.5B
- Average sale price of single-family home – $12M
- Average price/square foot – $3,659
- Total closed sales – +67% q/q
Miami Beach – Barrier Islands that includes Fisher Island
- Total sales volume at all price points – nearly $2.9B
- Average sale price of single-family home – nearly $17.9M
- Average price/square foot – $$3,766
Coral Gables
- Average sale price – $10.6M
- Average price/square foot – $1,609, +33.7% q/q
Fort Lauderdale
- Average sale price – $6.9M
- Average price/square foot – $1,167
Boca Raton/Highland Beach
- Average sale price – $5.5M+
- Average price/square foot – $670
URGENT: Are You Worried About Having A Slower Start To The Year? Don’t Hit The Panic Button, Learn How To Have Massive Success In A Shifting Market. When You Attend This Exclusive Training You Will Learn 17 Surprising Secrets Of The Top 100 $ Millionaire Agents. Claim Your FREE Spot Now. After You Have Attended This Event You Will Experience A Huge Feeling Of Relief Knowing You Will FINALLY Laugh At Your Money Worries – You Will Have Your Own Personalized 2022 Step-By-Step Business And Lead Generation Plan. Learn Now How To Generate 100’s of Motivated Leads for FREE, Without Coming Off As A Pushy Salesperson and Losing Your Soul. You Will Soon Know How To Become One of the 1000s of Agents Making HUGE Money In This Changing Market. Claim your FREE spot now. YES, I Want To Attend The FREE Webinar! <——Click To Register
P.S. Free Webinar, Limited Space. Less Than 300 Spots Still Available.
Thanks to CNBC and Miller Samuel.
