The Keyes Company

Luxury Report
Q1 | 2023 | S O U TH FLO R I DA
 An Introduction
from Mike Pappas
In the first quarter of 2023, we began to see indicators that luxury residential
buyers and sellers have adapted to last year’s return to a normal market.
High-end single-family and condominium sales were mostly up across the
board when using a quarter-to-quarter comparison.

Across Miami-Dade, Broward, Palm Beach counties, the Treasure Coast and
Southwest Florida, luxury condo transactions jumped from 812 in the fourth
quarter of 2022 to 1,178 in the first quarter of 2023 – a 45.1% increase. The
region’s single-family sector had a 16.9% quarter-to-quarter gain in $1
million-and-up sales, from 1,776 to 2,077. All five geographic areas had
transaction upticks in both sectors during that timeframe.

While the tri-county area of South Florida tends to dominate headlines, the
Treasure Coast and Southwest Florida regions appear to be gaining steam.
The Treasure Coast was the only geographic area covered in this report to
generate a year-over-year gain in luxury single-family sales. That is largely
driven by Stuart, which had substantial luxury transaction and pricing gains.
Southwest Florida had an encouraging jump of 35.6% year-over-year to 396
in the first quarter of 2023 and a 152.2% surge when compared with the
previous quarter. It is possible that supply constraints in the tri-county area
are motivating some buyers to look further north and west.

Why focus on near-term gains from the fourth quarter of 2022 to the first
quarter of 2023 instead of the traditional year-over-year timeframe?
Because they offer a glimpse of what is likely to come over the rest of this
year. Activity should steadily increase – with pricing following suit – as 2023
unfolds.

Mike Pappas, President & CEO

South Florida Regional
MIAMI DADE | BROWARD | PALM BEACH | MARTIN | ST. LUCIE
Single Family Homes
Number of Sales Sales Volume Days On Market

2,077 $5.4B 95
-19.7% YEAR OVER YEAR -24.7% YEAR OVER YEAR +13.8% YEAR OVER YEAR

Average Price Median Price

$2,591,463 $1,599,900
-6.3% YEAR OVER YEAR -5.9% YEAR OVER YEAR

Condos & Townhomes

Number of Sales Sales Volume Days On Market

1,178 $2.8B 59
-32.7% YEAR OVER YEAR -34.5% YEAR OVER YEAR -57.4% YEAR OVER YEAR

Average Price Median Price

$2,403,474 $1,795,000
-2.7% YEAR OVER YEAR +4.1% YEAR OVER YEAR

Top 3 States for Incoming Buyers

New York • New Jersey • Illinois

Miami Dade County
THE CURRENT & FUTURE TECH HUB | GATEWAY TO LATIN AMERICA
Single Family Homes
Number of Sales Sales Volume

430
-35.2% YEAR OVER YEAR
$1.2B
-38.5% YEAR OVER YEAR

Average Price Median Price

$2,796,842
-5.0% YEAR OVER YEAR
$1,683,750
-10.2% YEAR OVER YEAR

Average SQFT Price Per SQFT

3,279
-5.3% YEAR OVER YEAR
$771
-2.7% YEAR OVER YEAR

Condos & Townhomes

Number of Sales Sales Volume

411
-52.0% YEAR OVER YEAR
$1B
-53.1% YEAR OVER YEAR
Miami Dade County Market Highlights
While year-over-year metrics show luxury transaction and pricing
declines in the first quarter of 2023, the quarter-to-quarter comparison
Average Price Median Price
tells another story. Near-term market conditions are improving in the

$2,638,483 $1,700,000
county’s high-end sector. For instance, $1 million-and-up single-family
sales climbed 5.9% from the fourth quarter of 2022 to 430 completed
transactions in the first quarter. For high-end condos, sales increased
-2.3% YEAR OVER YEAR -4.5% YEAR OVER YEAR
by 3.8% to 411 during the same span. The median luxury sales price
Average SQFT Price Per SQFT followed a similar pattern, with a quarterly gain of 8.6% for single-

2,266 $1,101
family and 7.8% for condos. Coral Gables stood out as the most active
high-end single-family market, with $1 million-and-up transactions
jumping from 55 in the fourth quarter to 84 in the first quarter – and
-7.1% YEAR OVER YEAR +3.8% YEAR OVER YEAR the median sales price growing 7.2% during that timeframe. Miami
Beach had the most luxury condo sales activity in the county, with 104
completed sales (up 25.3% from the fourth quarter).
Broward County
FLORIDA’S VENICE BY THE SEA
Single Family Homes
Number of Sales Sales Volume

347
-35.7% YEAR OVER YEAR
$740M
-39.7% YEAR OVER YEAR

Average Price Median Price

$2,132,209
-6.2% YEAR OVER YEAR
$1,500,000
Average SQFT Price Per SQFT

3,533
-6.6% YEAR OVER YEAR
$594
+0.3% YEAR OVER YEAR

Condos & Townhomes

Number of Sales Sales Volume Broward County Market Highlights

118 $217M
After being the only geographic area covered in this report to post
year-over-year transaction increases for both luxury single-family
homes and condominiums in 2022, Broward County joined its
-48.9% YEAR OVER YEAR -51.7% YEAR OVER YEAR
neighbors by recording year-over-year declines in the first quarter of
Average Price Median Price 2023. However, $1 million-and-up single-family transactions rose by

$1,839,606 $1,500,000
6.4% (347 sales) quarter-to-quarter, and luxury condo sales surged
by 21.6% (118 sales) in the same timeframe. Broward’s top single-
family sale price of $29.67 million represents a 21.1% year-over-year
-16.0% YEAR OVER YEAR
-11.0% YEAR OVER YEAR jump from $24.5 million a year ago. The county maintained its strong
luxury single-family average price per square foot from a year ago,
Average SQFT Price Per SQFT
closing the first quarter at $594. We might be seeing the start of an

2,345 $788
eastern shift in Broward’s high-end single-family sector, as the
Lighthouse Point/Pompano Beach submarket nearly matched
Parkland’s first quarter transaction output, and the Fort Lauderdale/
-6.7% YEAR OVER YEAR -12.1% YEAR OVER YEAR
Hollywood area surpassed Parkland and Weston combined in sales.
Palm Beach County
FLORIDA'S PLAYGROUND FOR THE WEALTHY
Single Family Homes
Number of Sales Sales Volume

645
-10.2% YEAR OVER YEAR
$1.7M
-20.7% YEAR OVER YEAR

Average Price Median Price

$2,630,544
-11.7% YEAR OVER YEAR
$1,575,000
-7.4% YEAR OVER YEAR

Average SQFT Price Per SQFT

3,594
-8.6% YEAR OVER YEAR
$691
-3.3% YEAR OVER YEAR

Condos & Townhomes

Number of Sales Sales Volume
Palm Beach County Market Highlights

219 $534M
Like its neighbors to the south, Palm Beach County had promising
quarterly gains in luxury single-family and condo activity amid year-
over-year declines. High-end condo sales skyrocketed by 52.1% from
-33.6% YEAR OVER YEAR -31.6% YEAR OVER YEAR
the fourth quarter of 2022 to the first quarter of 2023 (219 completed
Average Price Median Price transactions), while $1 million-and-up single-family sales increased by

$2,437,760 $1,700,000
13.4% in the same span (645 sales). The average luxury condo price
per square foot rose 11.8% year-over-year to $1,018. For some New
Yorkers, Californians and other out-of-towners seeking to relocate to
+3.1% YEAR OVER YEAR -2.2% YEAR OVER YEAR Palm Beach County, condos are an increasingly popular option as an
alternative to the supply-constrained single-family sector. Most of
Average SQFT Price Per SQFT these buyers are purchasing in the Boca Raton/Delray Beach

2,335 $1,018
submarket, which more than tripled the next-highest submarket with
76 first-quarter condo closings at or above $1 million. The same holds
true for luxury single-family, with Boca Raton/Delray Beach
-11.4% YEAR OVER YEAR +11.8% YEAR OVER YEAR
combining for 265 first-quarter sales (Jupiter’s 83 transactions ranked
as the county’s second-highest.
Treasure Coast
SERENITY IN PARADISE
Single Family Homes
Number of Sales Sales Volume

80
+23.1% YEAR OVER YEAR
$205M
+1.2% YEAR OVER YEAR

Average Price Median Price

$2,561,140
-17.8% YEAR OVER YEAR
$1,694,500
-0.3% YEAR OVER YEAR

Average SQFT Price Per SQFT

3,619
-10.3% YEAR OVER YEAR
$670
-4.9% YEAR OVER YEAR

Condos & Townhomes

Number of Sales Sales Volume

34
-17.1% YEAR OVER YEAR
$86M
+1.3% YEAR OVER YEAR
Treasure Coast Market Highlights
The Treasure Coast had a moment in the sun as the only geographic
Average Price Median Price area covered in this report to generate a year-over-year gain in luxury

$2,539,409 $1,565,000
single-family sales. The region’s 80 first-quarter closings represent a
23.1% surge from a year ago, with total sale volume increasing 1.2%
to $204.89 million in the same span. High-end condo sales jumped
+22.1% YEAR OVER YEAR -7.6% YEAR OVER YEAR 88.9% from 18 in the fourth quarter of 2022 to 34 in the first quarter
of 2023. The average condo sales price rose 22.1% year-over-year to
Average SQFT Price Per SQFT $2.54 million. Stuart again set the pace for the region, with a 83.3%

3,429 $699
leap in year-over-year luxury single-family sales and 4.5% increase in
high-end condo transactions. Its average price per square foot rose in
both sectors (19.3% year-over-year for single-family, 8/3% for
+9.3% YEAR OVER YEAR -1.6% YEAR OVER YEAR
condos). Port Saint Lucie enjoyed an 83.3% year-over-year jump in
luxury single-family sales in the first quarter.
Southwest Florida
A RELAXING CHANGE OF PACE
Single Family Homes
Number of Sales Sales Volume

575
-3.8% YEAR OVER YEAR
$1.5B
-5.4% YEAR OVER YEAR

Average Price Median Price

$2,675,405
-1.6% YEAR OVER YEAR
$1,650,000
-0.8% YEAR OVER YEAR

Average SQFT Price Per SQFT

3,109
-8.0% YEAR OVER YEAR
$808
+7.1% YEAR OVER YEAR

Condos & Townhomes

Number of Sales Sales Volume
Southwest Florida Market Highlights

396
+35.6% YEAR OVER YEAR
$909M
+42.5% YEAR OVER YEAR
Southwest Florida made some headway in the region’s long road to
recovery and normalcy post-Hurricane Ian. High-end condo sales
jumped 35.6% year-over-year to 396 in the first quarter of 2023. That
Average Price Median Price represents a 152.2% surge when compared with the previous quarter.

$2,296,952 $1,995,000
Luxury single-family transactions only declined slightly year-over-year
while increasing 32.8% quarter-to-quarter (575 sales). The average
single-family price per square foot rose 7.1% year-over-year to $808.
+5.1% YEAR OVER YEAR +17.4% YEAR OVER YEAR
Naples is by far the largest submarket in the region, and its 36.8%
Average SQFT Price Per SQFT year-over-year jump in luxury condo sales (to 327) fueled the sector’s

2,719 $850
overall gains. Bonita Springs had an impressive 87% year-over-year
rise in high-end condo sales to 43, with a 27.6% uptick in luxury
single-family transactions to 74.
+14.9% YEAR OVER YEAR -7.9% YEAR OVER YEAR
KeyesLuxuryR e p ort.c om