The Keyes Company

Luxury Report
Q 2 | 2023 | S O U TH FLO R I DA
 An Introduction
from Mike Pappas
The second quarter of 2023 continued a trend of increased luxury residential
sales activity on a quarter-to-quarter basis. Nearly all South Florida
territories covered in our report enjoyed gains in $1 million-and-up single-
family and condominium transactions when comparing the first and second
quarters.

Across Miami-Dade, Broward, Palm Beach counties, the Treasure Coast and
Southwest Florida, luxury condo sales jumped from 1,236 in the first quarter
of 2023 to 1,423 in the second quarter of 2023 – a 15.1% increase. The region’s
single-family sector had a 33.8% quarter-to-quarter gain in $1 million-and-
up sales, from 2,171 to 2,904. The tri-county area of Miami-Dade, Broward
and Palm Beach counties had transaction upticks in both sectors during that
timeframe.

Another positive quarter-to-quarter trend is that high-end single-family

homes are increasingly selling at original list prices. The notion of price
reductions in our local luxury market is being emphatically disproven. For
example, Broward County’s number of $1 million-and-up single-family sales
at original list prices (60) surged by 275% from the first quarter, while Miami-
Dade County enjoyed a 109.7% quarter-to-quarter jump (to 65). Overall,
South Florida luxury single-family sales at original list prices rose 53.5% from
the first quarter to the second quarter (327 total)

We are now coming off two consecutive quarters of near-term gains in the
luxury residential market. That bodes extremely well for the second half of
2023 and gives comfort to prospective buyers who act quickly.

Mike Pappas, President & CEO

South Florida Regional
MIAMI DADE | BROWARD | PALM BEACH | TREASURE COAST | SOUTHWEST FLORIDA
Single Family Homes
Number of Sales Sales Volume Days On Market

2,904 $7B 96
-18.1% YEAR OVER YEAR -24.6% YEAR OVER YEAR +45.3% YEAR OVER YEAR

Average Price Median Price

$2,450,983 $1,575,000
-8.0% YEAR OVER YEAR -4.7% YEAR OVER YEAR

Condos & Townhomes

Number of Sales Sales Volume Days On Market

1,423 $3B 125

-29.5% YEAR OVER YEAR -33.0% YEAR OVER YEAR +12.3% YEAR OVER YEAR

Average Price Median Price

$2,261,625 $1,675,000
-4.9% YEAR OVER YEAR +1.5% YEAR OVER YEAR

Top 3 States for Incoming Buyers

New York • Illinois • Massachusetts

Miami Dade County
THE CURRENT & FUTURE TECH HUB | GATEWAY TO LATIN AMERICA
Single Family Homes
Number of Sales Sales Volume

631
-20.4% YEAR OVER YEAR
$1.6B
-33.2% YEAR OVER YEAR

Average Price Median Price

$2,508,103
-16.0% YEAR OVER YEAR
$1,615,000
-10.3% YEAR OVER YEAR

Average SQFT Price Per SQFT

3,109
-8.5% YEAR OVER YEAR
$765
-7.6% YEAR OVER YEAR

Condos & Townhomes

Number of Sales Sales Volume

519
-43.6% YEAR OVER YEAR
$1.2B
-47.3% YEAR OVER YEAR
Miami Dade County Market Highlights
Miami-Dade County’s luxury residential sector is experiencing brisk
activity with favorable conditions for both buyers and sellers. The
Average Price Median Price county’s $1 million-and-up single-family sales climbed 38.1% from the

$2,380,655 $1,575,000
first quarter of 2023 to 631 in the second quarter. For high-end condos,
sales increased by 17.2% to 519 during the same span. Luxury single-
family homes posted a 109.7% quarter-to-quarter jump to 65 sales at
original list prices in the second quarter, while the condo sector saw
-6.5% YEAR OVER YEAR -1.6% YEAR OVER YEAR a 32.3% gain to 41 such sales. Coral Gables again set the pace as the
most active high-end single-family market, with $1 million-and-up
Average SQFT Price Per SQFT transactions increasing 8.9% from the first quarter to 98 sales in the

2,217 $1,055
second quarter – and the median sales price gaining 1.2% during that
timeframe. Brickell and Aventura saw surges in luxury condo activity
in the second quarter, with the former recording a 52.2% quarter-to-
-0.8% YEAR OVER YEAR -1.5% YEAR OVER YEAR quarter jump in transactions (to 70) and the latter rising 40.5% (to 52).
Broward County
FLORIDA’S VENICE BY THE SEA
Single Family Homes
Number of Sales Sales Volume

631
-20.4% YEAR OVER YEAR
$1.6B
-33.2% YEAR OVER YEAR

Average Price Median Price

$2,508,103
-16.0% YEAR OVER YEAR
$1,615,000
-10.3% YEAR OVER YEAR

Average SQFT Price Per SQFT

3,109
-8.5% YEAR OVER YEAR
$765
-7.6% YEAR OVER YEAR

Condos & Townhomes

Number of Sales Sales Volume
Broward County Market Highlights

519
-43.6% YEAR OVER YEAR
$1.2B
-47.3% YEAR OVER YEAR
To an extent, Broward County is emerging from the shadow of its
more established luxury market neighbors to the immediate north and
south. The county’s $1 million-and-up single-family transactions rose by
46.3% (528 sales) quarter-to-quarter, and luxury condo sales climbed
Average Price Median Price by 27.3% (154 sales) in the same timeframe. Broward’s number of $1

$2,380,655 $1,575,000
million-and-up single-family sales at original list prices (60) surged by
275% from the first quarter, which high-end condo transactions at
original list prices jumped 81.8%. The county’s top individual condo sale
-6.5% YEAR OVER YEAR -1.6% YEAR OVER YEAR price of $13.25 million represents a 6.9% year-over-year and 147.7%
quarter-over-quarter increase. Parkland is where many luxury single-
Average SQFT Price Per SQFT family buyers want to be, as its 93 transactions matched the second

$1,055
quarter of 2022 and represented a 93.8% gain from the first quarter

2,217
of 2023. The Fort Lauderdale/Hollywood area drives the county’s high-
end condo market and enjoyed a 12.9% uptick in sales (96) from the
first quarter.
-0.8% YEAR OVER YEAR -1.5% YEAR OVER YEAR
Palm Beach County
FLORIDA'S PLAYGROUND FOR THE WEALTHY
Single Family Homes
Number of Sales Sales Volume

936
-12.7% YEAR OVER YEAR
$2.5B
-17.8% YEAR OVER YEAR

Average Price Median Price

$2,743,542
-5.8% YEAR OVER YEAR
$1,700,000
-1.4% YEAR OVER YEAR

Average SQFT Price Per SQFT

3,622
-1.1% YEAR OVER YEAR
$719
-7.5% YEAR OVER YEAR

Condos & Townhomes Palm Beach County Market Highlights

Number of Sales Sales Volume Like its neighbors to the south, Palm Beach County again had

358 $826M
encouraging quarterly gains in luxury single-family and condo activity
amid year-over-year declines. High-end condo sales jumped by 55.0%
from the first quarter of 2023 to the second quarter (358 completed
-2.5% YEAR OVER YEAR -2.4% YEAR OVER YEAR transactions), while $1 million-and-up single-family sales increased by
37.4% in the same span (936 sales). The high-end condo output was
Average Price Median Price only 2.6% behind that of the second quarter of 2022 and even saw a

$2,308,054 $1,808,750
13.0% year-over-year increase in median sales price (to $1.81 million).
By the next quarterly report, Palm Beach County could see several
year-over-year metrics flip to gains. The Boca Raton/Delray Beach
+0.1% YEAR OVER YEAR +13.0% YEAR OVER YEAR submarket posted quarter-to-quarter increases in luxury single-family
and condo transactions, with a 5.5% year-over-year rise to 115 condo
Average SQFT Price Per SQFT sales in the second quarter. Jupiter recorded year-over-year gains in

2,336 $985
both categories, as New Yorkers and others covet the town’s waterfront
homes and condos. Keep an eye on Boynton Beach, which had year-
over-year and quarter-to-quarter increases in high-end single-family
-1.9% YEAR OVER YEAR +3.6% YEAR OVER YEAR transactions (to 67).
Treasure Coast
SERENITY IN PARADISE
Single Family Homes
Number of Sales Sales Volume

86
-4.4% YEAR OVER YEAR
$235M
+8.4% YEAR OVER YEAR

Average Price Median Price

$2,729,400
+13.4% YEAR OVER YEAR
$1,690,000
-1.0% YEAR OVER YEAR

Average SQFT Price Per SQFT

3,661
-6.9% YEAR OVER YEAR
$708
+15.7% YEAR OVER YEAR

Condos & Townhomes

Number of Sales Sales Volume
Treasure Coast Market Highlights
53 $114M
+12.8% YEAR OVER YEAR
The Treasure Coast was a partial outlier for the second straight quarter,
as the region recorded year-over-year gains in multiple categories. Its
86 luxury single-family sales kept pace with the second quarter of
Average Price Median Price 2022 and first quarter of 2023, while the region’s 53 high-end condo

$2,153,932 $1,850,000
transactions matched the previous year’s output and marks a 55.9%
jump from the first quarter. Year-over-year increases were posted in
average sales price for both $1 million-and-up single-family homes and
+12.8% YEAR OVER YEAR +16.8% YEAR OVER YEAR condos, median sales price for luxury condos, average price per square
foot for high-end single-family homes and total sale volume for both
Average SQFT Price Per SQFT
sectors. Stuart again set the pace for the region, with an 18.2% climb

3,252 $686
in year-over-year luxury single-family sales and 34.8% jump in high-
end condo transactions. Its average price per square foot rose in both
sectors (2.8% year-over-year for single-family, 7.9% for condos).
+7.2% YEAR OVER YEAR -0.9% YEAR OVER YEAR
Southwest Florida
A RELAXING CHANGE OF PACE
Single Family Homes
Number of Sales Sales Volume

723
-18.1% YEAR OVER YEAR
$1.7B
-24.7% YEAR OVER YEAR

Average Price Median Price

$2,361,658
-8.1% YEAR OVER YEAR
$1,580,000
-4.8% YEAR OVER YEAR

Average SQFT Price Per SQFT

3,029
-2.1% YEAR OVER YEAR
$742
-5.7% YEAR OVER YEAR

Condos & Townhomes

Number of Sales Sales Volume
Southwest Florida Market Highlights

339
-23.6% YEAR OVER YEAR
$758M
-24.0% YEAR OVER YEAR
Southwest Florida’s luxury market performance hinges on that of
Naples, which accounts for the vast majority of $1 million-and-up
single-family and condominium inventory and sales activity. From a
Average Price Median Price quarter-to-quarter standpoint, Naples had a strong second quarter for

$2,236,964 $1,755,000
high-end single-family transactions and a softer three-month stretch
for luxury condo sales. Southwest Florida’s overall activity followed suit,
with a 23.2% increase in high-end single-family transactions from 587 in
-0.4% YEAR OVER YEAR -2.5% YEAR OVER YEAR the first quarter to 723 in the second quarter and a 16.7% decline to 339
luxury condo sales in the same span. The Sanibel/Captiva submarket
Average SQFT Price Per SQFT
enjoyed a 103.6% quarter-to-quarter surge in luxury single-family sales

2,422 $899
to 57 in the second quarter. Bonita Springs had a 9.2% quarter-to-
quarter increase in such transactions to 83. Its high-end condo sector
was unable to replicate an extremely active first quarter, however.
+1.6% YEAR OVER YEAR -4.0% YEAR OVER YEAR
KeyesLuxuryR e p ort.c om