MIAMI and PALM BEACH, Fla. | Jan. 20, 2020 – Across South Florida, luxury condominiums sold for higher prices during the fourth quarter of 2019, according to the quarterly South Florida Luxury Market Report produced by The Keyes Company and Illustrated Properties. The region’s high-end single-family market did not experience similar pricing gains, staying relatively flat when compared to the same period 12 months earlier.
Miami-Dade, Broward, Palm Beach and Martin counties had a year-over-year average sales price jump of 14.4% for $1 million-and-up condos, from $1.93 million to $2.21 million. The average price per square foot rose 15.8%, from $711 to $823. Total sales increased from 327 to 337.
On the single-family side, South Florida’s year-over-year average sales had a fractional decline, from $2.257 million to $2.248 million. The average price per square foot had a similar decline, from $528 to $500. Total single-family luxury sales slightly increased, from 686 to 692.
Palm Beach County had the most dramatic difference between the luxury condo and single-family sectors. The county’s average sales price for high-end condos surged 38.9% year-over-year from $1.97 million to $2.73 million, while the average sales price for luxury single-family homes declined by 8.1%, from $2.55 million to $2.34 million.
One important caveat: Palm Beach County has significantly more $1 million-and-up single-family product than condos. Total single-family luxury sales in the county dropped by 6.2%, from 260 to 244. High-end condo sales jumped by 18.1%, from 83 to 98.
Miami-Dade County posted average sales price and total sales increases for both luxury single-family homes and condos. On the single-family side, prices rose 3% year-over-year, from $2.31 million to $2.38 million. Total sales climbed from 235 to 247 – a 5.1% gain.
High-end condos in Miami-Dade sold for an average sales price of $2.09 million, up 4.1% from $2.01 million. Total sales jumped 14%, from 171 to 195.
“Luxury condo sellers continue to benefit from the domestic migration of northeasterners fleeing high taxes and cold weather,” said Keyes and Illustrated President and CEO Mike Pappas. “This is especially benefitting Palm Beach County, which is attracting many of these high-net-worth buyers from New York and Connecticut. The single-family sector’s fourth-quarter performance shows that pricing is still an issue – we expect sellers of luxury single-family homes to get more realistic about pricing expectations in 2020.”
Keyes and Illustrated also separately released its 2019 year-end South Florida Luxury Market Report. The year-end data looked similar to the quarterly report, with luxury condo prices rising 9.4% from $2.1 million in 2018 to $2.3 million in 2019 and high-end single-family homes fractionally declining from $2.42 million to $2.40 million.
