At $1B Over Last Year, Q1 Ultra-luxe Market is Alive and Well
Provided by the Florida real estate lawyers at Rabideau Klein
Key points
- Florida’s ultra-luxury single-family home market made significant gains in Q1.
- The median price of advertised homes sold in the $5 million-plus category increased 6%..
- Total revenues of the advertised sales in the sector was $4.108 billion during Q1.
During Quarter One, Florida’s ultra-luxury home market niche of residences priced at $5 million saw nice gains in selling prices, number of homes sold and number of new listings. The mean sale price of those advertised in the Multiple Listing Service (MLS) increased 6%, to $7.4 million as compared to $7 million during the first quarter of 2024. The total in sales revenues for the quarter logged in at $4.108 billion this year, overtaking last year’s $3.115 billion by almost a billion.
The largest advertised single-family home sale in Florida of last month, and also of Q1, was a never-lived-in waterfront mansion at 66 La Gorce Circle in Miami Beach that closed at $60 million.