Douglas Elliman in conjunction with Miller Samuel, a leading independent appraisal firm, has released its second monthly recurring report for June 2020. The report focuses on the new contracts signed and new listings that entered the rapidly changing market in Douglas Elliman’s Florida regions of Miami-Dade, Broward, Palm Beach, Pinellas, and Hillsborough. Overall, there was a surge in new signed contracts far exceeding year-ago levels, with excess demand coming from the Northeast. However, new inventory level gains have not kept pace with the growth in new contracts.
New contracts and new listings for each property type have been broken out by eight price tranches depending on regional pricing, on a year to year basis. Douglas Elliman will release a similar report to this one once again during the first week of August to disclose data regarding the number of new contracts signed and new listings during the month of July.
Palm Beach County
Key Trend Metrics (Year to Year)
Single Family:
Number of new signed contracts soared 71.3% to 4,261 contracts
Listing inventory dropped 19.9% to 1,604 units
642 single family homes priced above $1M went into contract, a 114.7% increase from last year
Condo:
Number of new signed contracts jumped 76.0% to 2,626 contracts
Listing inventory surged 4.2% to 1,175 units
Condos priced between $200K and $299K saw a 107.6% incline in the number of signed contracts for a total of 467
Broward County
Key Trend Metrics (Year to Year)
Single Family:
Number of new signed contracts rose 76.1% to 4,336 contracts
Listing inventory decreased by 27.0% to 1,622 units
There was a 123.2% increase in the number of signed contracts for homes priced between $600K and $799K
Condo:
Number of new signed contracts surged 61.4% to 3,154 contracts
Listing inventory fell 14.2% to 1,403 units
78 condos priced between $500K and $599K went into contract, a 116.7% jump from last year
Miami-Dade County
Key Trend Metrics (Year to Year)
Single Family:
Number of new signed contracts edged up 74.3% to 3,955 contracts
Listing inventory dropped 25.0% to 1,426 units
There were 172 homes priced between $800K and $99K that went into contract, a 123.4% increase from last year for similarly priced homes
Condo:
Number of new signed contracts climbed 54.6% to 4,093 contracts
Listing inventory slipped 4.0% to 1,918 units
643 condos priced between $200K and $299K went into contract compared to last year’s 344
Pinellas County
Key Trend Metrics (Year to Year)
Single Family:
Number of new signed contracts surged 95.9% to 2,897 contracts
Listing inventory decreased by 26.9% to 1,031 units
There was a 148.8% rise in homes priced between $500K and $599K that went into contract
Condo:
Number of new signed contracts increased by 93.4% to 1,408 contracts
Listing inventory fell 12.0% to 512 units
28 condos priced between $800K and $999K went into contract, a 250.0% surge from last year’s 8
Hillsborough County
Key Trend Metrics (Year to Year)
Single Family:
Number of new signed contracts rose 98.2% to 4,524 contracts
Listing inventory declined 32.1% to 1,550 units
There was a 223.9% jump in the number of new signed contracts for homes priced at or above $1M
Condo:
Number of new signed contracts grew 124.0% to 616 contracts
Listing inventory declined 18.9% to 223 units
Condos priced at or above $1M saw a drastic increase of 1633.3% in the number of new signed contracts for a total of 52
by Isabella Zimmermann