Luxury Florida Real Estate Sales Finally Breaking Out

Luxury Florida Real Estate for Sale I wrote a post prior to season this year in Southwest Florida about how the Luxury Florida real estate market appeared to finally be ready to burst its bubble too. Well, it seems like many high end sellers also came to the realization they would have to give in on price in order to sell their properties.

Let’s take a look at how things have shaken out.

All Property Sales $1 Million – $2 Million

Luxury Home and Condominium Sales:

198 Closed Sales (133 in 2009)
Average Sales Price – $1,389,617
Median Sales Price – $1,350,000
Average Days on Market – 231
Average Sales Price/Square Foot – $448.81
Average List to Sales Price – 87%

In comparison with 2009 sales data, we saw a 49% increase in the number of luxury property sales. The average price fell by 3% and the median price dropped 2%. Average days on market decreased 9% and the list to sales price ratio climbed 2.5%.

All Property Sales $2 Million Plus

Luxury Home and Condominium Sales:

110 Closed Sales (75 in 2009)
Average Sales Price – $3,607,157
Median Sales Price – $2,875,000
Average Days on Market – 300
Average Sales Price/Square Foot – $618.27
Average List to Sales Price – 86%

In comparison with 2009 sales data, we saw a 47% increase in the number of luxury property sales. The average price fell by 5% and the median price dropped 8%. Average days on market decreased 3% and the list to sales price ratio climbed 2.3%.

While the numbers are encouraging, it’s still important to understand most luxury real estate in Florida is located on some of the most prized property available. You don’t just give away oceanfront estates, island getaways or high rise condominiums with views to die for just because the rest of the market has hit hard times. In addition, folks who are wealthy enough to afford such properties in the first place are also wealthy enough to carry them as they weather the market downturn.

So, if you’re thinking about purchasing a little piece of paradise, now may be the time to do it. The fact that we’re starting to see the high end move might just get you a really good buy on a really desirable property.