South Florida signed resi contracts up in September: Elliman

Miami /
Oct.October 02, 2020 08:45 AM
From left: The Bristol in West Palm Beach; 6431 Pine Tree Drive Circle, Miami Beach; 2325 Desota Drive, Fort Lauderdale; and 12520 Seminole Beach Road, North Palm Beach (Realtor, iStock)

From left: The Bristol in West Palm Beach; 6431 Pine Tree Drive Circle, Miami Beach; 2325 Desota Drive, Fort Lauderdale; and 12520 Seminole Beach Road, North Palm Beach (Realtor, iStock)

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:

Miami-Dade

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.

Broward

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.


Related Articles

arrow_forward_ios
Shahla and Hushang Ansary with Sun and Surf One Hundred building in Palm Beach (Getty, Google Maps)

Billionaire’s wife pays $14M for Palm Beach penthouse and cabana

Billionaire’s wife pays $14M for Palm Beach penthouse and cabana
Widow of late San Francisco Giants owner buys Palm Beach home

Widow of late San Francisco Giants owner buys Palm Beach home

Widow of late San Francisco Giants owner buys Palm Beach home
8 Windsor Court and Jonathan Sack (Google Maps)

Attorney buys Palm Beach mansion for $13M

Attorney buys Palm Beach mansion for $13M
Lawrence Kaplan and Bart Halpern with 2299 Ibis Isle Road East, Palm Beach (Getty, Corcoran) 

Textile designer pays $7M for waterfront Palm Beach home

Textile designer pays $7M for waterfront Palm Beach home
Scott and Kimberly Goodwin and 232 Bahama Lane, Palm Beach (Patrick McMullan/Getty, Corcoran)

Hedge funder buys Palm Beach spec home for nearly $6M

Hedge funder buys Palm Beach spec home for nearly $6M
249 Seabreeze Ave, Palm Beach

Driving away: Taxi magnate sells Palm Beach home for $6M

Driving away: Taxi magnate sells Palm Beach home for $6M
South Florida’s residential markets bounced back in the third quarter

South Florida’s residential sales rise in Q3, led by surge in Palm Beach County

South Florida’s residential sales rise in Q3, led by surge in Palm Beach County
Caryn Zucker and 167 Seabreeze Ave (Credit: Google Maps)

This just in: CNN chief’s ex-wife pays $8M for Palm Beach home

This just in: CNN chief’s ex-wife pays $8M for Palm Beach home
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...