Lockdown paralysis ended with a roar as luxury home buyers fled taxes elsewhere, creating a third-quarter surge in South Florida.
After a whopping 55.6% drop in year-over-year luxury sales in the second quarter, third-quarter sales of existing homes skyrocketed by 65.2% for single-family houses and by 18.2% for condos when compared with the same period in 2020, according to the latest Keyes Luxury South Florida Market report. The firm based its findings on data from the Multiple Listing Service for residential sales priced over $1 million across Palm Beach, Broward, Miami-Dade and Martin counties.
“The opening after the shutdown created a surge of pent-up demand that exploded the luxury market. What happened is that the shutdown accelerated the decision-making of everyone that was thinking that they wanted a bigger home or a Florida home. When they were given the chance, they jumped on it,” said Mike Pappas, the CEO and president of the Keyes Company.
Source: Miami Herald