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.

The average luxury condo traded for about $1,077 per square foot during the 2023-24 South Florida Winter Buying Season. (Photo courtesy of Google Maps)

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.

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.

We crunch a lot of statistics each week and then publish the results byway of a series of reports posted on CondoVultures.com.

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