South Florida luxury resi sales continue to soar in February

Combined sales volume totaled $4.6B throughout South Florida

Miami /
Mar.March 23, 2021 12:30 PM
(iStock)

(iStock2

Luxury home sales soared throughout South Florida in February, continuing a monthslong trend in the tri-county region.

A lack of inventory pushed prices up yet again in Miami-Dade, Broward and Palm Beach counties. In all, sales volume totaled about $4.6 billion in the tri-county region, according to reports from the Miami Association of Realtors.

Miami-Dade

In Miami-Dade County, residential sales rose 33.5 percent in February, year over year, to 2,485 closings. Single-family home sales increased nearly 24 percent to 1,093, and condo sales jumped 42 percent to 1,392.

Luxury single-family homes priced at $1 million and up soared, rising 203 percent to 200 sales. Luxury condo sales lept to 163 closings, an annual increase of more than 213 percent.

Single-family sales dollar volume jumped by 124 percent to $1 billion, and condo dollar volume increased 131 percent to $859 million.

Median prices continued to rise, as well. Single-family home prices rose nearly 22 percent to $450,000, and condo prices increased nearly 18 percent to $300,000.

Broward County

In Broward County, residential sales jumped 25 percent in February, year over year, to 2,694. Single-family home sales rose 24 percent to 1,243, and condo sales grew by 26 percent to 1,451.

Luxury single-family home sales climbed by 98 percent to 117 sales, while luxury condo sales soared 200 percent to 54 transactions.

Single-family sales dollar volume increased 44 percent to $786 billion, and condo sales volume jumped by 52 percent to $422 million.

Single-family home prices in Broward were up 12.5 percent to $433,000. Condo prices rose 11 percent to $200,000.

Palm Beach

In Palm Beach County, residential sales increased slightly, up 3.1 percent in February to 2,318. Single-family home sales decreased nearly 2 percent to 1,211, and condo sales increased 9 percent to 1,107.

Luxury home sales, meanwhile, jumped 62 percent to 172 sales. Condo sales climbed by 94 percent to 93 closings.

Single-family home dollar volume increased 36 percent to $1 billion. Condo sales volume totaled $483 million, a 43 percent annual increase.

Single-family home prices rose 24 percent to $450,000, and condo prices grew by 25 percent to $236,000.






    Related Articles

    arrow_forward_ios
    Jim Clark and 120 Jungle Road in Palm Beach (Getty, Douglas Elliman)
    Netscape billionaire Jim Clark sells Palm Beach estate for $30M
    Netscape billionaire Jim Clark sells Palm Beach estate for $30M
    The home will be developed by Andres Isaias-led Andian Group and Alejandro Diaz Bazan of Coldwell Banker’s The Jills Zeder Group. (Bazan, Jills Zeder)
    Eastern Real Estate co-founder pays $18M for waterfront North Bay Road home
    Eastern Real Estate co-founder pays $18M for waterfront North Bay Road home
    Alfred F. Kelly, Jr. and 833 Turtle Beach Road (Visa, Google Maps)
    Life takes cash: Visa CEO buys lakefront home in North Palm Beach
    Life takes cash: Visa CEO buys lakefront home in North Palm Beach
    Florinda “Flory” Padrón and 1335 North Venetian Way (Google Maps, Instagram/Padron)
    Widow of late Padrón Cigars founder sells waterfront Venetian Islands home for $6M
    Widow of late Padrón Cigars founder sells waterfront Venetian Islands home for $6M
    Marcos Achar (PPG, Compass)
    Mexican paint mogul pays $18M for Golden Beach home
    Mexican paint mogul pays $18M for Golden Beach home
    Rey Grabato and 707 North Ocean Boulevard, Delray Beach (Linkedin, 707 Delray)
    NRIA CEO sells oceanfront Delray Beach spec home for $16M
    NRIA CEO sells oceanfront Delray Beach spec home for $16M
    341 Peruvian Avenue, Palm Beach (Google Maps)
    A trust spent $18M on a Palm Beach home
    A trust spent $18M on a Palm Beach home
    Pharma exec Glenn Rice and his new Fort Lauderdale mansion. (LinkedIn via Rice, Compass)
    Pharma mogul buys waterfront home in Fort Lauderdale for $16M
    Pharma mogul buys waterfront home in Fort Lauderdale for $16M
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...