South Florida’s residential markets in September saw mostly improvements compared to the same period the year prior, according to Douglas Elliman’s report of signed residential contracts.
The report, authored by Jonathan Miller’s Miller Samuel Inc., shows a more mixed month-over-month performance. It’s important to note that not all signed contracts will close.
Here’s a breakdown:
New signed contracts for single-family homes grew 20 percent annually to 1,335 contracts in Miami-Dade. The upper middle market saw the largest growth, with contracts for homes priced between $800,000 and $999,000 more than doubling to 134 contracts. The number of contracts for houses under $200,000, however, were halved to 27 contracts, likely due to a lack of supply.
In the condo market, new signed contracts grew 7 percent annually to 1,252. Much of the growth was in the middle of the market, with more than 30 percent increase in the contracts for condos priced between $300,000 and $499,000. But that growth was offset by a 29 percent drop in condos asking more than $1 million, which fell to 57 contracts.
The number of signed contracts has remained steady since May, above the 12-month low of roughly 500 contracts in March.
New single-family home contracts in September increased 40 percent year over year to 740 contracts. Most of the gains were in the middle and high markets, with contracts for houses priced between $500,000 and $599,000 growing 85 percent to 76; and contracts for $1 million-plus homes growing 76 percent to 44 contracts.
Still, compared to August, when about 800 single-family home contracts were signed, September marks a monthly decrease.
In the condo market, new signed contracts grew about 80 percent to 866 contracts year over year. Most of the growth on a percentage basis was in the higher end, with luxury condos rising to 9 contracts, up from two in September of last year.
Month over month, new signed condo contracts remained flat. They remain above April and May’s roughly 500 contracts.
Palm Beach County
New signed contracts for single-family homes grew nearly 62 percent year over year to 489 contracts in September. That’s higher than what was seen in March and April, but lower than the 600 contracts signed in August.
Most of the annual gains were for $1 million-plus contracts, which almost quadrupled to 90 contracts. For houses priced between $300,000 and $399,000, 108 contracts were signed.
The condo market saw total new signed contracts more than double year over year, reaching 552 contracts in September. Most of the gains were again in the higher end of the market, with contracts for condos priced between $800,000 and $999,000 increasing from one to 12. Most of the contracts in September were for condos priced below $200,000, with 278 such contracts.
Condo contracts were up on a monthly basis from August’s roughly 400 contracts. However, they still remained below July’s 12-month high of about 600 contracts.