Condo sales outpaced single-family sales in June. Condo sales growth in Miami-Dade County FL began overpowering single-family sales growth since September 2020.
Condominium Sales Growth Coming Back in Some Top Markets
Tony condominium markets in places such as Los Angeles, Aspen CO and Miami Dade County are exploding with new signed contracts, according to multiple reports/analyses by Douglas Elliman.
Overview of Florida’s Market
One report by Douglas Elliman noted that condominium sales in Florida’s Palm Beach County jumped +140.9% y/y in June. Condos with price tags of $5M+ spiked +77.3%.
Signed contracts for single-family homes in Palm Beach shot up nearly +22% y/y in June as well.
Both property types combined saw new listings “…decline year over year and fell from the same period in 2019…” with condo listings dropping -32.6% y/y in June while new listings for single-family homes increased just slightly by +1.3.”
Miami-Dale County, where new listings plummeted close to -45% y/y in June, saw a whopping increase of +85.9% in signed contracts for condominiums. And despite new listings for single-family homes being up +39.7%, signed contracts for Miami Dade’s single-family homes dropped -9% in June.
Overview of Aspen’s Market
A separate Elliman report noted that “new signed contracts for single family homes fell year over year for the first time since July 2020…restrained by annual declines in new inventory.”
Single-family home contracts plummeted -73.1% in June y/y. New listings for single-family property types also dropped precipitously to -41.7% y/y in June.
Condominium sales in Aspen, on the other hand, jumped up +42.9% y/y while new condo listings plunged -44.4% y/y.
Overview of Market in Los Angeles
The same pattern of sales by property type happened in Los Angeles during June as well. New signed contracts for condominiums in Los Angeles exploded by nearly +125% y/y. New listings for condos fell -18.5% y/y, according to a third Douglas Elliman report.
New listings for single family homes in Los Angeles fell -47.6% compared to June 2020 while new signed contracts increased +18%.
This separate Elliman report noted, “New signed contracts (for condos) have been rising annually every month since last August at a higher rate than sincle families, attributable to the much larger decline in single-family new inventory over the same period. Overall new signed contracts were on a par with the same period in 2019, albeit with mujch less new inventory coming to market.”
Thanks to Dopuglas Elliman and MansionGlobal.