Miami-Dade recorded 504 luxury condo closings in Q1 2026, up 15.9% year-over-year, with average price rising 3.4% to $2.92 million, according to the Keyes and Illustrated Properties Q1 2026 Luxury Report. South Florida $5M-plus sales climbed 27% in the same period. For buyers evaluating entry timing, see the Miami pre-construction buyer guide.
On April 23, 2026, The Keyes Company and Illustrated Properties released their Q1 2026 Luxury Report covering Miami-Dade, Broward, Palm Beach, and Southwest Florida. The headline number for Miami-Dade: 504 luxury condo closings in three months, up 15.9% year-over-year, with the average price rising 3.4% to $2.92 million. This is not a soft market. I break down what these specific numbers mean for buyers evaluating pre-construction right now. See also my full Miami pre-construction buyer's guide and the Q1 2026 Miami market report.
What the Q1 2026 Keyes Report Actually Shows
The Keyes Company and Illustrated Properties publish a quarterly luxury market report covering Miami-Dade, Broward, Palm Beach, and Southwest Florida. Their Q1 2026 edition, released April 23, is the most data-rich independent read on South Florida luxury activity I have seen this year. For Miami-Dade specifically, the condo numbers are the story.
Miami-Dade luxury condo closings: 504 transactions in Q1 2026, up 15.9% from 435 in Q1 2025. Average sale price: $2.92 million, up 3.4% year-over-year. On the single-family side: 752 luxury SF transactions, up 19.6% year-over-year, with average price essentially flat at $3.17 million. Across all of South Florida, properties priced at $5 million and above saw sales volume climb 27% year-over-year. According to Miami Realtors data published in late April, the luxury threshold in Miami-Dade rose to $4.1 million from $3.2 million a year ago, meaning what was luxury 12 months ago is now market-rate. See the full Q1 2026 Miami market report and the luxury threshold analysis for the context behind that shift.
These are not directionally mixed numbers. Transaction volume is up across both condos and single-family. Average prices are up for condos. The $5M-plus segment, historically the most sensitive to macro headwinds, grew 27% in units. This is a market where buyers are executing, not speculating.
Why Miami-Dade Condo Prices Rose While the Region Dipped
The Keyes Q1 report shows a regional condo average of $2.3 million, down 3.5% year-over-year across all four counties combined. Miami-Dade bucked that trend with a 3.4% gain to $2.92 million. The divergence comes down to mix: Broward and Palm Beach had more mid-range luxury condo transactions, while Miami-Dade closings were weighted toward Brickell pre-construction, Edgewater, and Coconut Grove, where the product is consistently priced above $2.5 million. Miami-Dade is not dragged by its neighbors.
Five factors that explain Miami-Dade's continued condo price strength in Q1 2026:
- CEO and C-suite relocation continues. According to Miami Realtors April 2026 data, the luxury threshold in Miami-Dade rose to $4.1 million, driven by executives relocating from New York, Chicago, and California who are buying at or above the top of the price range.
- Delivered inventory is being absorbed, not discounted. Una Residences in south Brickell closed nearly 50 units at an average of $3.44 million post-TCO in early 2026, confirming that buyers close at or near ask.
- Pre-construction supply is thin at the top. Projects priced above $3 million per unit and delivering before 2028 are limited. Scarcity supports pricing.
- International buyers are back. According to NAR's 2025 foreign buyer report on Miami, Florida received 20% of all US residential purchases by foreign nationals, with Latin American buyers concentrated in Miami-Dade.
- Insurance market improved. 17 new insurers entered the Florida market and 83 rate-decrease filings are expected in 2026, reducing a cost headwind that weighed on condo demand in 2023 and 2024.
For buyers weighing the true cost of owning a Miami luxury condo, the insurance improvement is material. Lower insurance reduces carrying costs and strengthens the affordability case for buyers on the upper edge of their range.
Q1 2026 Miami-Dade Luxury Market: Condos vs. Single-Family vs. Regional Data
The Keyes Q1 2026 report breaks down performance by property type and county. Here is how Miami-Dade luxury condos compare to single-family and to the broader South Florida region in the same quarter.
| Segment | Q1 2026 Transactions | YoY Change | Avg Sale Price | Price YoY |
|---|---|---|---|---|
| Miami-Dade Luxury Condos | 504 | +15.9% | $2.92M | +3.4% |
| Miami-Dade Luxury Single-Family | 752 | +19.6% | $3.17M | Flat |
| South Florida Luxury SF (all counties) | Not disclosed | +19.6% (SFL) | $2.57M avg | +3.3% |
| South Florida Luxury Condos (all counties) | Not disclosed | Mixed | $2.30M avg | -3.5% |
| SW Florida Luxury Condos | 760 | +16% | $1.98M | -5.1% |
Miami-Dade condos are the single segment posting both volume growth and price growth simultaneously. Southwest Florida posted strong volume too, but prices declined 5.1%, reflecting a different buyer mix and product age. Miami-Dade's combination of +15.9% volume and +3.4% price is the clearest signal of genuine demand, not just motivated-seller activity.
What Q1 2026 Data Means If You Are Buying Pre-Construction Right Now
I use market data to frame timing conversations, not to manufacture urgency. Here is what Q1 2026 actually tells a buyer who calls me today about Brickell or Edgewater pre-construction.
First: absorption is real. 504 luxury condo closings in a single quarter is not pent-up demand clearing out. Miami-Dade has posted six consecutive months of rising home sales, according to Miami Realtors. Q1 transaction volume confirms that the pipeline of qualified buyers in the $1M-to-$5M range is not shrinking. If you are waiting for sellers to capitulate, Q1 2026 data tells you that is not happening in this price band.
Second: the threshold shift matters. The Miami-Dade luxury threshold rose to $4.1 million from $3.2 million year-over-year. That compression of the $1M-to-$4M segment into "market rate" territory is shifting more buyer attention toward pre-construction, where pricing is set at contract and buyers can lock in today's basis rather than bidding against cash buyers in the resale market. The pre-construction buying process guide explains exactly how that contract pricing works and why it is structurally different from resale negotiation.
Third: the $5M-plus segment grew 27%. That is the category where pre-construction in Brickell, Coconut Grove, and Bal Harbour competes for the same buyer. When that buyer pool expands 27% in a single quarter, it does not leave inventory sitting. It absorbs it. Call me at (305) 964-8614 if you want to walk through what is actually available in that range today. Also review the active pre-construction project list for current pricing by submarket.
"When luxury condo transactions in Miami-Dade rise 15.9% and average prices move up 3.4% in the same quarter, that is not a market sending mixed signals. That is a market telling you what buyers and sellers already decided. The Q1 2026 Keyes data is consistent with everything I am seeing on the ground. Buyers are not waiting, and the ones who waited through 2024 paid for it in 2025."Gerardo Gonzalez, Licensed Real Estate Agent at Compass
