South Florida resi contracts continue growing in November, with Palm Beach in the lead

Single-family home contracts jumped more than 50% in Palm Beach

Miami /
Dec.December 02, 2020 08:45 AM
Palm Beach (iStock)

Palm Beach (iStock)

Prospective buyers continued to sign contracts for single-family homes and condos in South Florida last month, as the region continues to attract out-of-state buyers.

Though the number of signed contracts rose across South Florida in November, Douglas Elliman’s monthly report showed month-to-month declines compared to October.

The reports, authored by Jonathan Miller of Miller Samuel, are meant to provide a market snapchat, as not all contracts will result in closed sales.

Here’s a breakdown of each county:

Miami-Dade

New signed contracts for single-family homes in the county market grew 10 percent year over year, reaching 1,068 contracts. Declines at the lower end of the market were offset by increases elsewhere in the market.

There was a 60 percent drop in new contracts signed for houses asking less than $200,000, down to 21 contracts signed. Homes asking between $600,000 and $799,000 saw contracts increase 70 percent to 114 last month, the largest increase. But the majority of contracts signs were in the $300,000 to $499,000 range, for a total of 527.

The Miami-Dade condo market saw a year-over-year increase of 13 percent for new signed contracts, reaching 1,178 signed in November. The majority, 670 contracts, were for units priced at $299,000 and under, but that price range also saw new contracts signed fall 12 percent compared to November of last year.

Broward

The single-family homes market saw a modest 5 percent annual growth in new contracts, reaching 578 contracts in November. Most of those were for mid-market houses, with 153 contracts signed for homes priced between $300,000 and $399,000.

Contracts for houses priced between $500,000 and $599,000 jumped 66 percent to 65 contracts. But those in the $600,000 and $799,000 range, as well as under $200,000, saw contracts fall compared to last November.

Broward condos experienced a 55 percent increase in new contracts, up to 795 in November. Most were for condos in the low-end of the market. Prospective buyers signed 437 contracts for condos asking less than $200,000.

On a percentage basis, the middle and high end saw the biggest increases. Contracts for condos priced at more than $400,000 quadrupled year over year, reaching 104 contracts last month.

Palm Beach

The number of newly signed contracts for single-family homes increased 53 percent year over year to 462 contracts in Palm Beach last month. Most of the new contracts were signed for homes valued at more than $1 million and between $300,000 and $399,000.

The largest year-over-year increase occurred at the higher end, with the number of signed contracts more than doubling for homes priced at more than $600,000, reaching 180 signed contracts in November.

On the condo side, the number of new signed contracts grew 80 percent year over year, reaching 414 contracts in November. Most of the new contracts were for the lower-end of the market, with 269 contracts signed for condos priced at under $299,000.

Most of the growth occurred at the high end of the market – new signed contracts for condos asking more than $1 million grew tenfold, reaching 31 contracts in November.





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