Luxury Condo Sales Rebound 6% In 2023-24 South Florida Winter Buying Season
A review of the South Florida condo sales statistics shows nearly 1,445 units traded between November 2023 and April 2024 compared to less than 1,360 during the previous 2022-23 Winter Buying Season.
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South Florida’s luxury condo market made a comeback in the recently completed Winter Buying Season that stretched from November 2023 through April 2024 after experiencing a steep drop in the previous 2022-23 season, according to an analysis of statistics compiled by CondoVulturesRealty.com.
As for pricing, the average price per square foot for luxury condos was somewhat flat, rising less than two percent during the 2023-24 Winter Buying Season.
Join the Miami Condo Market Investing Club™ to see all five of the charts in this report that analyze the South Florida luxury condo market during the Winter Buying Seasons since 2013
The annual Winter Buying Season traditionally extends from November through April when visitors flock to the tricounty South Florida region of Miami-Dade, Broward and Palm Beach to take advantage of the weather, events and vibe.
For this report, luxury condos are defined as those units that are listed for minimum price of $1 million each.
Buyers purchased nearly 1,445 luxury condos in the tricounty region in the 2023-24 Winter Buying Season. By comparison, buyers bought less than 1,360 luxury condos in the 2022-23 season due, in part, to rising interest rates, skyrocketing asking prices and a lack of resale supply available for purchase.
This change represents more than a six percent increase in total luxury condo transactions in South Florida on a year-over-year basis.
The recent increase in sales comes a year after luxury condo transactions dropped nearly 47 percent in the 2022-23 season from the nearly 2,540 units that traded during the 2021-22 season.
In reviewing the statistics from the last decade, the 2021-22 season represents the peak of luxury condo sales during a South Florida Winter Buying Season.
It is worth noting, a total of nearly 4,765 luxury condos traded during the Winter Buying Seasons spanning from the 2013-14 season through the 2019-20 season. That’s an average of about 681 luxury unit transactions per season.
During the 2020-21 season, nearly 1,900 South Florida luxury condos traded in a six-month span as stay-at-home orders from the pandemic were lifted and a plethora of work-from-home employees relocated to South Florida from places such as California, Illinois and New York.
Industry watchers are at odds as to the direction of the South Florida housing market in 2024. Bullish investors are predicting housing demand will reignite once interest rates begin to fall. Bearish investors contend that home prices are too high and likely to collapse in the months ahead.