South Florida’s real estate inventory has declined rapidly over the past five years, but luxury homes are selling for bigger sums than ever before.
of all sales volume for the region, or almost $5.4 billion, according to data compiled by Miller forHere's a list of the top five luxury markets in South Florida by average sales price and a closer look at how headwinds like low inventory and rising mortgage rates might affect future sales.Aerial view of the $53 million Palm Beach home that delivered the top sale for Q1 2022 in South Florida.
"If you look at the history of active listings, we are at an all-time record low, that doesn't change overnight," said Pohrer."It will restrain sales below their potential and sustain or increase the market share of bidding wars," he said.Miami Beach, Barrier Islands, was the second most expensive luxury single-family home market in the report, with 17 closings and an average price of almost $17.9 million.
In essence, the luxury buyer's reliance on cash mutes the effect of rising rates, but it doesn't eliminate it. Miller told CNBC they could create"a slight increase in listing inventory and a slight reduction from the current frenzied environment." The market achieved the fourth-highest home sale in all of South Florida, and a record-breaking price for the town of Highland Beach when the oceanfront mansion at 2455 S Ocean Blvd., sold for $40 million, according to public records. The sale of the 17,600-square-foot home was the highest price ever for Boca Raton/Highland Beach, according to Miller. The home's listing agent, Beverly Aluise Knight of Ocean Estate Properties, told CNBC the mansion's move-in-ready status was a plus.
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