The South Florida housing market is finally getting its time in the sun after months of weathering a storm. And condos, not just single-family homes, are feeling the warmth.
Broward and Miami-Dade saw 45% to 50% growth in year-over-year condo and single-family home sales, according to the Douglas Elliman July 2020 report. The percentage of new listings in some areas trailed behind in comparison to July 2019 while growing in others.
The report studied new signed contracts for condos and single-family homes priced below $200,000 to those above $1 million on the Multiple Listing Service, or MLS.
“The market is really strong. I was cautioned by the coverage of spikes in Covid-19 cases, but people were able to read between the lines — we’re going to get through this. The COVID-19 activity did not deter interest in living here,” said Jay Phillip Parker, CEO of Douglas Elliman Florida Brockerage.
Buyers are coming from Boston, California, Chicago and New York, Parker said.
Besides tax flight, technology is playing a big factor in the increase in sales activity, said Jonathan Miller, president and CEO of the real estate consulting firm Miller Samuel and author of the study. “Executives can work from anywhere. Technology accelerated inbound migration. …Buyers are seeing their second homes as being more permanent.”
New signed contracts increased by 49% for single-family homes when comparing July 2019 with 888 contracts to July 2020 with 1,727 contracts. The majority of contracts were for single-family homes priced $300,000 to $399,999 with the least amount of activity for homes priced at or below $200,000.
The number of new listings decreased year-over-year for single-family homes from 947 in July 2019 to 859 in July 2020. Most of the new listings in July 2020 were for homes listed between $300,000 to $399,999.
New signed contracts for condos nearly doubled with a 45% uptick, from 3,345 contracts in July 2019 to 6,087 contracts in July 2020. The majority of contracts were for condos priced $200,000 to $299,999 with the least amount of activity occurring for units priced above $1 million.
The number of new listings increased year-over-year from 3,659 in July 2019 to 3,872 in July 2020. Most of the listings in July 2020 were for condos priced $500,000 to $599,999.
New signed contracts doubled year-over-year for single-family homes in Broward, from 524 in July 2019 to 1,052 in July 2020. In July 2020, the majority of new contracts were for homes priced $300,000 to $399,999. Homes priced at or below $200,000 saw the least amount of activity.
The number of new listings of single-family homes dwindled from 1,122 in July 2019 to 1,072 in July 2020. This year, the majority were of single-family homes priced $300,000 to $399,999.
New signed contracts for condos increased by 49% year-over-year, from 455 in July 2019 to 895 in July 2020. Condos priced at or below $200,000 experienced the most activity in July 2020 with those priced above $1 million seeing the least amount of movement.
The number of new listings grew from 1,572 in July 2019 to 1,692 in July 2020. The majority of new listings in July 2020 were for units priced at or below $200,000.