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South Florida’s Luxury Real Estate Markets Are Hotter than Ever


May 12, 2022

The shortage of luxury homes and condos in South Florida has hit a record low of 7,906 units in the first quarter of this year, according to recently published reports. This is a decrease from the 2017-2019 average of 27,000 units. However, sales are red-hot.

Despite the low supply of available properties, the first quarter witnessed overall sales of more than $11.8 billion, a $1.9 billion increase over the previous quarter. Some luxury markets hit all-time highs. According to data produced by Miller for Douglas Elliman’s Elliman Report, the top five luxury real estate markets in the area accounted for about 45 percent of all regional sales volume, or nearly $5.4 billion.

With 17 closings and an average price of over $17.9 million, Miami Beach, Barrier Islands, was the report’s second most expensive luxury single-family house market. The average price per square foot was $2,766, down from the previous quarter’s high of $2,835 per square foot. The market’s total sales volume at all price levels was about $2.9 billion, second only to the Miami Mainland market’s $3.9 billion in sales.

This update is presented by the Miami Beach real estate team representing Blackstone International Realty, specializing in Continuum South Beach. To learn about our Continuum condos for sale, please visit us online.