new home contracts

COVID Fuels Palm Beach County Real Estate Sale Contracts

Boca Raton News Palm Beach County
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new home contracts
Douglas Elliman Report released October 2, 2020.

BOCA RATON, FL ( — Palm Beach County “new signed contracts” for single family homes valued at more than $1M are up 221.4 percent from one year ago, suggesting that COVID-19 has created a high-priced buying frenzy in the area. The data, released by Douglas Elliman Real Estate and compiled by MillerSamual appraisers, was made public early Friday morning.

There were just 28 contracts signed in Palm Beach County for $1M+ homes in September of 2019. There were 90 signed last month. You can view other price points in the report, below.

Condo contracts are also up significantly in Palm Beach County, although the numbers are somewhat sensational. There was just one condo contract signed in September of 2019 for a unit valued in the $800k to $999k range, but 12 in September. That represents a $1,100-percent increase. There were seven contracts signed last September for condos in the $1M+ price point, and 25 this September. That represents a 257-percent jump.

New listings are also up across the board, with the largest jump in the $600k to $799k range in Palm Beach County. That jumped from 66 listings in September of 2019 to 93 listings in September of 2020. The largest increase for condo listings falls in the $300k to $399k range, where 99 were listed in September of 2019 and 150 in September, 2020. That represents a 51.5-percent jump.


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