In the first quarter of 2023, luxury home sales in South Florida increased significantly compared to Q4 of 2022. This data applies to real estate in Miami-Dade, Broward, Palm Beach, Treasure Coast counties, as well as in southwest Florida.
Sales of luxury single-family homes increased by 19.7%. Real estate worth $1 million and above falls under this definition. The average selling price has fallen from $1.7 million in 2022 to $1.6 million this year. Transactions with luxury apartments fell by 32.7% year-on-year, but the average sale price increased from $1.72 million to $1.79 million.
According to experts, the market situation in the luxury real estate sector is clearly improving. Transactions with single-family homes increased by 16.9%, and apartment sales increased by 45% compared to the previous quarter. The overall increase in sales was observed in all 5 geographical regions mentioned above.