Transactions and pricing in the South Florida luxury home market saw mostly short-term gains but year-over-year declines, according to The Keyes Company and Illustrated Properties’ latest Luxury Report.

The report covers luxury transactions in Miami-Dade, Broward and Palm Beach counties, the Treasure Coast and Southwest Florida during the first three months of 2023. It showed a 19.7% annual drop in luxury single-family home sales, defined as properties worth $1 million or more. The median sale price dropped from $1.7 million last year to $1.599,900 this year. 

Luxury condo transactions dropped 32.7% year over year, but the median sale price increased from $1.725 million to $1.795 million.  

Luxury sales for both single-family homes and condos were up in the first quarter of the year compared to the fourth quarter of 2022. 

“Near-term market conditions are demonstrably improving in the luxury sector,” Keyes President Christina Pappas said. “The consistency of these quarterly increases, from Miami-Dade County to Southwest Florida and the Treasure Coast, shows that our region is accommodating the different preferences of a wide range of high-end buyers.”

Single-family home transactions grew by 16.9% and condo sales rose 45% percent quarter to quarter, and there was total sales growth in all five geographic areas covered in the report.

“There is now a growing comfort shared by luxury sellers and buyers about the state of the South Florida’s market,” Keyes/Illustrated CEO Mike Pappas said. “That bodes well for the rest of 2023, and we should see year-over-year increases return in upcoming quarters.”