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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 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.

South Florida’s luxury market is rebounding

Condo sales rose by 5.9%, from 202 to 214 in the third quarter of 2020. The median sales prices climbed by 7.8%, from $1.6 million to $1.725 million. The number of all-cash buyers increased from 123 to 128.

For condo buyers, the hot spots were Aventura, Brickell, Coconut Grove and Miami Beach, Pappas said. House hunters are primarily searching Las Olas, Rio Vista, Pompano, and Weston, Pappas said.

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