New signed residential contracts in South Florida rose in December, according to Douglas Elliman’s monthly report.
Miami-Dade, Broward and Palm Beach counties saw annual increases in contracts signed. Single-family contracts in Broward County and condo contracts in Miami-Dade also increased on a monthly basis compared to November.
The reports, authored by Jonathan Miller of Miller Samuel, are meant to provide a market snapshot, as not all contracts will result in closed sales.
Here’s a breakdown of each county:
In Miami-Dade, condo contracts experienced a bigger increase than single-family homes.
Contracts for single-family homes grew 8.8 percent year over year to 1,059 contracts. Listings grew 22 percent to 853 listings. Contracts for condos grew 22 percent year over year to 1,305 contracts. The number of new listings fell by 43 percent to 1,645.
Top closed residential sales in the county last month include the waterfront Miami Beach mansion that the late Elizabeth Taylor called home in the 1940s, which sold in December for nearly $20 million.
New signed contract growth in the condo market continued to outpace single-family growth in Broward County. Larger year-over-year gains were observed in the higher price ranges.
Single-family contracts rose 21 percent year over year to 605 contracts. Listings grew 2.3 percent to 745 new listings. Condo contracts grew 32 percent to 785 contracts. Inventory of new listings fell by about 5 percent to 1,280.
Last month, closed deals in Broward included the $5.5 million sale of a waterfront Fort Lauderdale mansion to Orianne Bates, ex-wife of singer Phil Collins, and her new husband.
New signed contracts for single-family homes and condos nearly doubled compared to last December, with greater growth seen in higher price ranges in Palm Beach County.
The number of new signed single-family contracts rose 73 percent year over year to 450 contracts. Inventory fell by about 6 percent to 707 new listings. In the condo market, new signed contracts grew 81 percent to 509 contracts. Inventory fell 6 percent to 1,125 new listings.
Actor Sylvester Stallone and his wife, Jennifer Flavin, bought a Palm Beach mansion for $35.4 million in December, marking one of the more high profile deals to close last month.
Source: The Real Deal
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