Miami Dade and Palm Beach counties together recorded 117 trades in Q1—up from 79 trades in Q4 2024 and 67 trades a year earlier—while dollar volume more than doubled year-over-year, rising from $1.14 billion in Q1 2024 to $2.38 billion. Compared with Q4 2024, when dollar volume totaled $1.36 billion, Q1’s $2.38 billion represents a 75 percent increase, underscoring a market that has regained the pace seen during the post pandemic surge.
“South Florida’s momentum reinforces what we hear from clients daily: when premier waterfront inventory comes to market, decisive capital follows,” says Zachary Vichinsky, Founding Partner of Bespoke Real Estate. “Ultra-luxury buyers prize immediacy and certainty, and this quarter’s activity shows just how ready they are to act when the right property surfaces.”
In terms of settings, waterfront estates dominated with 55 transactions totaling roughly $1.22 billion, a jump of 77 percent in quantity and 128 percent in volume from first quarter last year. Further, average waterfront pricing climbed 29 percent to $22.2 million, confirming that discerning buyers are continuing to pay premiums for exclusive dockage and wide-bay vistas, properties with historically low inventory on the market. Oceanfront properties followed with 22 trades at $441 million—up from 12 trades and $245 million—while averaging just under $20 million in average listing price, an immaterial 2 percent dip that reflects stable pricing rather than waning demand. Inland homes, meanwhile, posted 40 trades at $711 million, effectively doubling last year’s $355 million on a 67 percent gain in quantity. The breadth of demand across every setting signals healthy liquidity and a buyer pool willing to transact wherever quality product appears.
Consistent with recent quarters, turn-key properties led overall activity. Ready-to-occupy residences accounted for 96 trades and $2.03 billion—82 percent of all transactions and 85 percent of total volume—representing a 96 percent jump in quantity and 156 percent growth in volume from Q1 2024. The surge reflects an infusion of newly delivered spec inventory arriving just as a new wave of tax-motivated relocations sought immediate occupancy; for buyers at this level, turn-key homes provide instant lifestyle utility and price certainty without the execution risk inherent in custom builds. New construction slipped 5 percent in volume to $250.3 million on 15 trades, suggesting that buyers are waiting for projects to stabilize pricing before re engaging. Land and teardown deals edged higher to 6 transactions totaling $99.4 million, an encouraging sign that developers continue to replenish buildable inventory.
Price segmentation reinforces these trends. The $10–$20 million tier generated 82 trades and $1.09 billion—58 percent and 53 percent gains, respectively—while the $20–$30 million bracket delivered 19 trades at $469.5 million, mirroring 58 percent growth in both quantity and volume. The $30–$40 million band rebounded from a single $32.5 million sale in Q1 2024 to 6 trades totaling $204.4 million. At the very top, 10 sales above $40 million amassed $607.3 million, versus 2 trades and $93 million a year earlier; average price moved up to $60.7 million. Bespoke’s listing at 6901 Fisher Island Drive, with a last ask $42.5 million, exemplifies this appetite, while our actively marketed penthouse at 6802 Fisher Island ask $85 million underscores the pipeline of best-in-class supply still to come. Fisher Island, accessible only by boat, remains one of the world’s most exclusive waterfront enclaves; its perpetual scarcity of buildable land and true, deep-water frontage translates into remarkably low inventory and resilient pricing across economic and seasonal cycles.
Geographically, Miami Dade led with 61 trades totaling roughly $1.35 billion, soaring 118 percent in quantity and 175 percent in volume from a year ago.
Palm Beach County followed with 56 trades at $1.03 billion, up 44 percent and 59 percent, respectively. For the first time since 2021, each county surpassed $1 billion in a single quarter, a milestone that once required their combined output. Condominium sales—often overshadowed by single-family estates—also gained ground, more than doubling to 20 trades worth $327.6 million, as newly delivered waterfront towers attracted both primary and secondary-home buyers.
Looking to Q2 2025, waterfront and oceanfront segments are poised to continue driving momentum amid tight inventory and steady capital inflows. High-end buyers remain willing to stretch price ceilings when best-in-class properties become available, and robust turnover in the mid-tier provides a firm foundation for sustained volume. Assuming current momentum holds, South Florida appears well-positioned to challenge its own post 2020 benchmarks.
