New single-family contracts exceed condo contracts in May

Posted :
June 19, 2020
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As reported in The Real Deal.

Despite shelter-in-place orders and a shift to virtual showings, the number of signed residential contracts increased last month in South Florida. Fewer owners, meanwhile, decided to list their properties in May.

Here’s a breakdown of new contracts signed last month:

Miami-Dade

In Miami-Dade, signed contracts for single-family homes in May totaled 3,284, up 36.2 percent compared to May 2019. Only one price point experienced an annual drop: homes prices below $200,000, down 34 percent to 115 new contracts. The biggest jump was for properties priced between $500,000 and $599,000, where the number of new contracts was 291, up nearly 62 percent year over year.

Condos experienced a less dramatic rise, which could be attributed to a shift in buyer preference because of the pandemic. A majority of condo associations shut down showings during the lockdown, and slowed down the process to approve buyers. New signed contracts for condos in Miami-Dade totaled 3,058 in May, up 4.1 percent year over year.

Meanwhile, new single-family listings fell nearly 41 percent to 1,232, and new condo listings decreased by 43 percent to 1,386.

Broward

Contracts for single-family houses in Broward rose 33.4 percent to 3,499. The price point with the lowest increase was properties below $200,000: two more contracts were signed in May compared to the same period last month. Homes asking between $400,000 and $499,000 experienced the biggest surge on a percentage basis, jumping 55 percent year-over-year to 640 new contracts signed.

New condo contracts totaled 2,491 in May, up 19.2 percent. Condos in two price ranges experienced declines, though: those priced between $400,000 and $499,000, and units asking between $600,000 and $799,000.

Nearly 1,400 new single-family listings were added to the market, a 42 percent decrease. About 1,100 condo listings joined the market, amounting to a 35 percent annual drop.

Palm Beach

In Palm Beach County, 3,444 new contracts for single-family homes were signed last month, a 27.7 percent annual increase. Again, the under $200,000 market experienced the opposite, falling 5.5 percent to 205 contracts signed.

Condo contracts rose 16.6 percent to 2,033. Contracts for condos priced below $200,000 experienced the smallest bump, rising 13.6 percent to 1,150.

New listings for single-family homes dropped by 38 percent to 1,381, while falling by 29 percent to 906 for condos.