Hello and Happy May,
My Master Broker Forum group has released some interesting information.
"Real estate transactions involving condominiums of $1 million or more grew by 31.2% in the first quarter of the year compared to the same period last year, according to The Keyes Company Luxury Report.
Much of the growth in the South Florida luxury market was in the condominium sector. Single-family homes transactions remained mostly flat, with slight average and median price decreases compared to the first quarter of 2021.
Across Miami-Dade, Broward, Palm Beach, St. Lucie and Martin counties, there were 1,433 million-dollar condo sales in the first quarter of 2022. The median price was $1.76 million, a 6.5% increase year over year.
Much of the demand came from people seeking retirement, vacation or investment properties. The top three states for incoming buyers were New York, New Jersey and Massachusetts.
Miami-Dade had the biggest spike in luxury condo sales with 837, a 42.8% increase from the first quarter of 2021.
Housing inventory of all kinds remained low, and average days on the market dropped across the region.
It’s an optimal time to be a seller in luxury real estate in our region.”
The Joelle Team has over 20 years of experience in the South Florida real estate market. We have helped our clients navigate market successfully with record breaking sales achievements on our listings and negotiated optimal pricing on purchases.
Warm Regards,
Joelle