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Q2 2018 was kind to South Florida luxury sales

by Andrew Morrell

During the second quarter of 2018, South Florida’s luxury housing market saw significant growth in sales volume and prices, according to a report from The Keyes Company. The report included a snapshot of South Florida home sales of at least $1 million during the months of April, May and June, as well as more refined reports for the region’s four principal counties: Miami-Dade, Palm Beach, Broward and Martin Counties.

“We projected major second-quarter gains for the South Florida luxury market, and the data bears out our outlook,” Keyes Company Vice President of Luxury Kevin Leonard said in a statement. Leonard cited federal tax reform and national economic forces as key factors in South Florida’s strong luxury home sales, echoing other reports including a recent nationwide survey of luxury sales from realtor.com.

The combined South Florida market tallied 956 single-family home sales of at least $1 million in Q2, a 6.5 percent increase from the same period last year. Luxury condo and townhome sales increased substantially — 45.1 percent — to end the quarter at 566 total sales. The price per square foot of luxury single-family sales also rose 9 percent to $537 per square foot. Condos averaged $800 per square foot.

Across all data sets, lower luxury sales figures were few and far between. For the entire South Florida single-family luxury market, only average square footage declined on an annual basis (by 0.3 percent, to 4,460 square feet) while sales and prices all rose. The size of luxury condos sold in the region during Q2 increased to 2,681 square feet on average.

While signs of strength were abundant in the Keyes Company report, it was the area’s condo market that earned the most attention. Several South Florida counties saw larger year-over-year increases in condo sales than average. Broward County posted the biggest gain of all with 63.2 percent more luxury condo sales than last year’s Q2.

“Clearly the luxury condominium market is booming throughout South Florida from a transactions standpoint,” Mike Pappas, Keyes Company president and CEO, said of the report.

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Comments

  • don Silver says:

    i love seeing accurate stats on the health of the market. Hats off to Kevin Leonard and Keyes for developing this excellent report.

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