Prospective buyers continued to sign contracts for both condos and houses throughout South Florida last month.
Miami-Dade, Broward and Palm Beach counties all experienced annual increases in the number of new residential contracts signed, according to a monthly report from Douglas Elliman. Not all signed contracts will close, and the report is meant to provide a market snapshot.
Unlike earlier on in the pandemic, condo contracts also rose throughout South Florida, according to the report, which is authored by Jonathan Miller’s Miller Samuel Inc.
Here’s a breakdown of each county:
New single-family contracts signed in Miami-Dade County rose 12 percent year over year to 1,372 contracts, but still lagged below a one-year record high in July.
Gains at the high end of the market — homes priced at more than $1 million more than doubled year over year to 201 contracts — offset fewer contracts signed at the lower end of the market. For homes priced under $200,000, new contracts fell by 62 percent year over year to 25 contracts in October.
Newly signed condo contracts in the county grew 13 percent year over year to 1,498 contracts in October. Again, gains in the lower-middle market — condos priced between $300,000 and $399,000 grew 66 percent to 286 contracts — were offset by decreases toward the lower end of the market. The county saw 382 contracts signed for condos valued at less than $200,000, a 19 percent annual drop.
More than 800 contracts were signed for condos under $300,000.
In Broward County, nearly 800 single-family contracts were signed last month, marking a 45 percent annual increase. The middle of the market saw the biggest surge, with an 86 percent jump in contracts signed for houses priced between $500,000 and $599,000, up to 80 contracts.
Most of the contracts signed were for homes in the $300,000 to $399,000 range, which saw 238 contracts signed during the month.
There was also an increase in condo activity. Nearly 950 contracts were signed for condos last month, up 86 percent from October 2019. Contracts for condos priced at more than $1 million increased sevenfold to 23 contracts.
Nearly 500 contracts were signed for condos priced at under $200,000.
Palm Beach County continued to see the biggest percentage increase in activity. In October, new signed contracts for single-family homes grew 90 percent year over year to 527 contracts. The largest gains were at the higher end of the market: homes priced at more than $1 million nearly quadrupled year over year to 109 contracts.
But homes priced between $300,000 and $499,000 saw the biggest number of signed contracts, at about 200 in October.
Condo contracts increased by 155 percent year over year to 612 contracts countywide. Most of the percentage gains were at the high end of the market, with condos priced at $800,000 and higher increasing almost fivefold to 47 contracts.
At 280 contracts, most of the newly signed condo contracts in October were for units priced at below $200,000.