Page 3 - IPRE Luxury Report

A MESSAGE FROM MIKE PAPPAS
The third quarter of 2023 marked the return of notable year-over-year luxury market gains in many key categories across South Florida. High-end buyers and sellers have acknowledged that the pandemic-era frenzy is behind us, and we are back in a “normal” market for $1 million-and-up single-family and condominium product.
Across Miami-Dade, Broward, Palm Beach counties, the Treasure Coast and
Southwest Florida, luxury single-family sales jumped from 2,221 in the third quarter of 2022 to 2,397 in the third quarter of 2023 - a 7.9% increase. The region’s condo sector had a 0.3% uptick in $1 million-and-up transactions, from 892 to 895. The tri-county area of Miami-Dade, Broward and Palm Beach counties had single-family transaction increases during that timeframe, with Palm Beach County
also enjoying a big year-over-year jump in high-end condo sales (21.3%).
The Treasure Coast and Southwest Florida are gaining steam with luxury buyers. The 82 high-end transactions in the Treasure Coast represent a 20.6% year-over-year increase from the third quarter of 2022, while the region’s 33 luxury condo transactions marked an 83.3% year-over-year jump.
Southwest Florida had a 17.4% climb in $1 million-and-up single-family sales to 485 and a 3.3% increase in condominium transactions to 155, with Naples driving the activity.
It is encouraging that the near-term gains we saw in the first two quarters of 2023 gave comfort to luxury buyers and sellers in the third quarter. We expect that to continue over the final few months of 2023.
Mike Pappas
CEO
Illustrated Properties
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