Engel & Völkers Florida Releases Mid-Year 2023 Luxury Real Estate Market Report
NAPLES, Fla. (PRWEB) August 04, 2023 -- Engel & Völkers Florida, the master franchisor for the Engel & Völkers brand in the state of Florida, is proud to announce the publication of its inaugural "Mid-Year 2023 Luxury Real Estate Market Report." The report offers comprehensive insights into the luxury residential real estate market across Florida, focusing on properties priced above $1,000,000, which is the brand's specialization. It delves into the trends and analyses in various Metropolitan Statistical Areas (MSAs) and provides a statewide overview, compiled using active and sold data from multiple sources, including MLS', Florida Association of Realtors data, and Engel & Völkers internal reporting systems.
“We have been a leader in the global luxury real estate market for decades,” said Peter Giese, CEO of Engel & Völkers Florida. “Now, with our expanded coverage throughout the state of Florida, we can provide direct insights into the dynamics of this segment, leveraging the expertise of our top-performing shops and advisors statewide.”
The report highlights the robust growth and resilience of Florida's luxury real estate market. Despite challenges such as increased mortgage borrowing costs, the prices of homes in Florida have remained steady throughout 2023. The outcome of the pandemic accelerated the migration of families and affluent individuals to Florida, creating a strong emotional demand for luxury properties, and solidifying Florida's position as the top destination for such purchases.
Key Highlights from the Mid-Year 2023 Luxury Real Estate Market Report:
153% increase in the total number of single-family homes sold over $1-million in the state in the first half of 2023, compared to the same period in 2019.
109% increase in new luxury homes listed in 2023 over 2019, reaching a total of 19,781.
Median time on the market reduced to 46 days in 2023 from 130 days in 2019, indicating high demand for luxury properties.
Florida led all states with $39.2-billion in income migration to the state in 2023, as per the Florida Chamber of Commerce's mid-year economic report.
Engel & Völkers shops demonstrated exceptional performance in key markets, outperforming local averages in prominent counties such as Broward, Duval, Hillsborough, Lake, Marion, Miami-Dade, Orange, Palm Beach, Pinellas, and Sarasota. This achievement underscores the brand's commitment to providing top-notch service and expertise in the luxury real estate sector, ensuring unmatched results for clients seeking exceptional properties in these thriving regions.
Engel & Völkers Florida has expanded its presence in the state to meet the growing demand, now boasting 42 shop locations serving the largest metropolitan areas, beach and college towns, as well as up-and-coming equestrian and emerging markets. An additional 6 shops are soon to be launched, showcasing the company's unwavering dedication to providing a different level of service to clients.
As Florida continues to attract high-net-worth individuals and families, Engel & Völkers Florida remains at the forefront of the luxury real estate market, positioning itself to meet the growing demand and exceed expectations. The "2023 Mid-Year Luxury Real Estate Market Report" serves as a valuable resource for buyers, sellers, and investors, guiding them through the ever-evolving landscape of Florida's luxury real estate market. With a steadfast dedication to exceptional service and unparalleled market insights, Engel & Völkers Florida looks forward to empowering clients with the knowledge and expertise necessary to make informed real estate decisions in the Sunshine State.
The market report is a testament to Florida's thriving luxury real estate market and promises boundless opportunities for buyers and sellers alike. Engel & Völkers Florida remains optimistic about the second half of 2023 and looks forward to continuing to serve the luxury real estate needs of the state's discerning clientele.
For more information or to access the full report, please visit https://issuu.com/evfloridapr
Press contact:
Kaitlin Weigelt, Marketing and Brand Manager
Email: Kaitlin.Weigelt(at)evrealestate.com
Tel: (239) 348-9000
About Engel & Völkers:
Engel & Völkers is a global luxury real estate brand. Founded in Hamburg, Germany, in 1977, Engel & Völkers draws on its rich European history to deliver a fresh approach to luxury real estate in the Americas with a focus on creating a personalized client experience at every stage of the home buying or selling process. Engel & Völkers currently operates approximately 300 shop locations with over 6,500 real estate advisors in the Americas, contributing to the brand’s global network of over 16,600 real estate professionals in more than 30 countries, offering both private and institutional clients a professionally tailored range of luxury services, including real estate and yachting. Committed to exceptional service, Engel & Völkers supports its advisors with an array of premium quality business services; marketing programs, and platforms; as well as access to its global network of real estate professionals, property listings, and market data. Each brokerage is independently owned and operated. For more information, visit http://www.evrealestate.com.
About Engel & Völkers Florida:
Engel & Völkers Florida is the Master License Partner of the global luxury real estate brand Engel & Völkers in the state of Florida. Recognized for uniquely recruiting, training, and equipping some of the top professionals in the real estate industry, Engel & Völkers Florida’s exclusive business model positions its franchisees at the top of the premium market to gain market share and support their bottom line. The company represents franchise locations in 48 markets: 30A Beaches, Amelia Island, Belleair, Boca Raton, Bonita-Estero, Cape Coral, Clermont, Delray Beach, Destin, Fort Lauderdale, Fort Myers Central, Fort Myers Downtown, Gainesville, Islamorada, Jacksonville, Jacksonville Beach, Jupiter, Lakewood Ranch, Madeira Beach, Marco Island, Melbourne Beachside, Melbourne Central, Melbourne Downtown, Miami, Miami Coconut Grove, Neptune Beach, New Smyrna Beach, Ocala, Olde Naples, Orlando Dr. Philips, Palm Coast, Pompano Beach, Ponte Vedra Beach, Punta Gorda, San Marco, Sarasota, South Beach, South Tampa, St. Augustine, St. Pete, St. Pete Beach, Stuart, Tallahassee, Tampa Downtown, Venice Downtown, Vero Beach, and Wellington.
Engel & Völkers Florida is continuing to strategically strengthen and expand its presence in premium real estate markets across the state of Florida. If you would like to know more about the Engel & Völkers brand or how to join its global network—which is known for demonstrating competence, exclusivity, and passion, feel free to call our corporate office, located at 633 Tamiami Trl N, Suite 201, Naples, FL 34102 USA. Tel: +1 239-348-9000. For more information about Engel & Völkers Florida, please visit http://www.florida.evrealestate.com
Kaitlin Weigelt, Engel & Völkers Florida, http://Engel & Völkers Florida, 1 2393489000, [email protected]
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