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.
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.
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