Since the start of the pandemic, we have seen the demographics of South Florida home buyers vary considerably. This has led to various records being broken due to the amount of people now calling The Sunshine State their home. Looking back at 2021, we can now add ultra-luxury real estate market sales to the record books as well. By definition, properties valued at $10 million dollars or more are considered to be ultra-luxury.
Breaking down the numbers
- 384 ultra-luxury homes sold in Palm Beach & Miami-Dade counties during 2021 (up from 176 in 2020)
- Miami-Dade County had 228 ultra-luxury home transactions
- Palm Beach County had 156 ultra-luxury home transactions
- Of the 384 transactions, 334 were waterfront or oceanfront properties
- Of the 384 transactions, 306 were townhouses
- 20 transactions involved properties valued at more than $40 million (up from 6 in 2020)
- Overall sales volume for ultra-luxury homes was $7.8 billion in 2021 (up from $3 billion in 2020)
Summary
In addition to customary migration patterns, we continue to see robust growth throughout the South Florida housing market. This continued population growth has resulted in steadily active home buyer activity throughout the typically slower winter months. Population growth, tight housing inventory, rising real estate prices and interest rates are all factors driving many buyers into the market now as opposed to the more traditional spring home buying season. Whether you are a seasoned home buyer looking for an ultra-luxury home or a first-time home buyer, we can help. Contact one of our friendly and knowledgeable real estate experts today!
At Live South Florida Realty, Inc. we have assisted many clients with their real estate needs. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!
