Q2 | 2018
Palm Beach
Market Update
NORTH PALM BEACH
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Debra Reece Brokerage Manager
We invite you to review a summary of sales activity in the Palm Beach area during the second quarter of 2018. The Palm Beach Multiple Listing Service reports the following statistics for this quarter, which are compared here with statistics for the same period of 2017: Year-over-year gains were achieved in sales of single-family homes in Palm Beach as total dollar volume rose 7%, generated by a 9% increase in the total number of homes sold during the second quarter of this year. This increase in the number of homes sold was mitigated by a 2% reduction in average selling price. the available single-family home inventory levels during this period declined 6% to 199 from 212 the previous year. The average time on the market for single family homes increased by 7% to 244 days in the second quarter of 2018 from 241 days in the second quarter of 2017. Sales of Palm Beach condominiums also posted a year-over-year increase in total dollar volume during the second quarter of 2018, gaining 15% in the In-Town market, where the number of units sold was up by 11% with 52 units in Q2 in 2018 from 47 in Q2 in 2017. In the South End condominium market, total dollar volume was up 3% despite a slight 2% pull-back in the number of units sold. As always, our goal in sharing this data with you is to create a better understanding of the trends affecting our unique housing market. We hope you find it to be a valuable resource, and we look forward to working with you to meet your real estate needs now and in the future. If you have any questions about the Palm Beach market, please do not hesitate to reach out to me at (561) 659-3555.
phone
561 659 3555
debra.reece@sothebyshomes.com
All data within this document is pulled from the Palm Beach Board of Realtors Multiple Listings Service. Information is believed to be true; no guaranty of accuracy is made. Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks used with permission. Operated by Sotheby’s International Realty, Inc. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully. Real estate agents affiliated with Sotheby’s International Realty, Inc. are independent contractor sales associates and are not employees of Sotheby’s International Realty, Inc.
Market Snapshot Palm Beach
Single Family Homes
Highlight: ASP vs units Manalapan
$6.0
120
$5.0
100
$4.0
80
$3.0
60
$2.0
40
$1.0
20
$0.0
0
Total Volume 87 % 10 % 3%
Palm Beach West Palm Beach Manalapan
2018
2017
*Price in Millions
2016
Palm Beach
2015
t: ume
2014
West Palm Beach
Average Selling Price vs. Total Units Sold 405.2m $ 47.8m $ 13.5m $
*In Millions
Average Selling Price Total Units Sold
Highlighting Single Family Homes Palm Beach, West Palm Beach,
and Manalapan
Manalapan $14.0 $12.0 $10.0
Highlight: Units Sold
$8.0 $6.0
Highlights: Median Sale Price
West Palm Beach
Palm Beach
$4.0 $2.0
Median Selling Price 5.1m $ 0.7m $ 13.5m $
Palm Beach West Palm Beach Manalapan
Manalapan
West Palm Beach
*Price in Millions
Palm Beach
$-
Total Units Sold 52 % 47 % 1%
Palm Beach West Palm Beach Manalapan
51 46 1
*In Millions
Q2 Market Snapshot
/ Palm Beach Q2 Market Update
at a glance {Q2 | 2018}
palm beach
Single Family Homes
405m
$
Total Sales Volume
9
%
Change of Units Sold {2018 v 2017}
51 Units Sold
7.94m
$
Average Selling Price
SINGLE FAMILY HOMES | Q2 2018
Palm Beach Average Selling Price | Median Selling Price | Units Sold $9
60
$8
50
$7 $6
40
$5
30
$4 $3
20
$2
10
$1 $0
0
2014
2015
2016
2017
2018
*Price in Millions
Average Selling Price Median Selling Price
Total Units Sold
S OT H E BYSH OME S.C OM/PALMB E AC H
Average Median Sold Selling Price Selling Price Volume
Units Sold
-2%
21%
7%
9%
2018
$7,945,623
$5,100,000
$405,226,780 51
2017
$8,072,791
$4,200,000
$379,421,166
2016
$6,985,574
$4,500,000
$230,523,958 33
2015
$5,085,187
$3,495,000
$167,811,175
2014
$5,565,433
$3,275,000
$272,706,234 49
Q2 {2018 v 2017}
Change
47
33
Palm Beach Single Family Homes
/ Palm Beach Q2 Market Update
SINGLE FAMILY HOMES | Q2 2018
Manalapan Average Selling Price | Median Selling Price | Units Sold 6
$16 $14
5
$12 4
$10
3
$8 $6
2
$4 1
$2
0
$0
2014
2015
2016
2017
2018
*Price in Millions
Average Selling Price Median Selling Price
Total Units Sold
S OT H E BYSH OME S.C OM/PALMB E AC H
Average Median Sold Selling Price Selling Price Volume
Units Sold
62%
62%
-19%
-50%
2018
$13,500,000
$13,500,000
$13,500,000
1
2017
$8,329,165
$8,329,165
$16,658,333
2
2016
$0
$0
$0
0
2015
$6,689,000
$3,000,000
$33,445,000
5
2014
$8,954,667
$7,914,000
$26,864,000
3
Q2 {2018 v 2017}
Change
Palm Beach Q2 Market Update / Manalapan Single Family Homes
at a glance {Q2 | 2018}
manalapan
Single Family Homes
13.5m
$
Total Sales Volume
-50
%
Change of Units Sold {2018 v 2017}
1
Units Sold
13.5m
$
Average Selling Price
at a glance {Q2 | 2018}
west palm beach Single Family Homes
47.8m
$
Total Sales Volume
12
%
Change of Units Sold {2018 v 2017}
46 Units Sold
1
$ m Average Selling Price
SINGLE FAMILY HOMES | Q2 2018
West Palm Beach Average Selling Price | Median Selling Price | Units Sold $1.2
50 45
$1.0
40 35
$0.8
30
$0.6
25 20
$0.4
15 10
$0.2
5
$0.0
0
2014
2015
2016
2017
2018
*Price in Millions
Average Selling Price Median Selling Price
Total Units Sold
S OT H E BYSH OME S.C OM/PALMB E AC H
Average Median Sold Selling Price Selling Price Volume
Units Sold
22%
23%
37%
12%
2018
$1,038,721
$692,500
$47,781,175
46
2017
$849,909
$561,500
$34,846,262
41
2016
$836,544
$453,000
$30,952,110
37
2015
$813,250
$510,000
$37,409,492
46
2014
$761,642
$557,000
$33,512,250
44
Q2 {2018 v 2017}
Change
West Palm Beach Single Family Homes
/ Palm Beach Q2 Market Update
Market Snapshot Palm Beach
Highlight: ASP vs units
Condominiums
200
$1.20
180 $1.00
West Palm Beach
$0.80
Palm Beach | South End
Palm Beach | In-Town
160
Highlight: Closed Volume
140 120 100
$0.60
80 $0.40
60 40
$0.20
20 0
Total Volume 54 % 26 % 19 %
Palm Beach | In-Town South End West Palm Beach
Average Selling Price vs. Total Units Sold 1.8m $ 7k $ 7k $
*In Thousands
Average Selling Price Total Units Sold
2018
2017
2016
2015
*Price in Millions
2014
$0.00
Highlighting Condominiums
Palm Beach In-Town, Palm Beach South End, and West Palm Beach
$1,400 $1,200 $1,000
West Palm Beach $800
Highlights: Median Sale PricePalm Beach | In-Town
Highligh Units So
$600
Palm Beach | South End
$400 $200
Median Selling Price $
1.23m $ 482k $ 440k
Palm Beach | In-Town South End West Palm Beach
West Palm Beach
Palm Beach | South End
*Price in Thousands
Palm Beach | In-Town
$-
Total Units Sold 33 % 39 % 28 %
Palm Beach | In-Town South End West Palm Beach
52 62 45
*In Thousands
Q2Market Snapshot
/ Palm Beach Q2 Market Update
at a glance {Q2 | 2018}
palm beach | in-town Condominiums
93m
$
Total Sales Volume
11
%
Change of Units Sold {2018 v 2017}
52 Units Sold
1.79m
$
Average Selling Price
CONDOMINIUMS | Q2 2018
Palm Beach | In-Town Average Selling Price | Median Selling Price | Units Sold $2.0
70
$1.8
60
$1.6 50
$1.4 $1.2
40
$1.0 30
$0.8 $0.6
20
$0.4
10
$0.2 $0.0
0
2014 *Price in Millions
2015
2016
Average Selling Price Median Selling Price
2017
2018
Total Units Sold
S OT H E BYSH OME S.C OM/PALMB E AC H
Average Median Sold Selling Price Selling Price Volume
Units Sold
4%
-6%
15%
11%
2018
$1,787,750
$1,237,500
$92,963,000
52
2017
$1,720,917
$1,312,500
$80,883,138
47
2016
$1,493,376
$850,000
$49,281,439
33
2015
$1,320,429
$1,075,000
$80,546,181
61
2014
$1,366,305
$1,025,000
$57,384,810
42
Q2 {2018 v 2017}
Change
Palm Beach In-Town Condominiums
/ Palm Beach Q2 Market Update
CONDOMINIUMS | Q2 2018
South End Average Selling Price | Median Selling Price | Units Sold $2.0
70
$1.8
60
$1.6 50
$1.4 $1.2
40
$1.0 30
$0.8 $0.6
20
$0.4
10
$0.2 $0.0
0
2014
2015
2016
2017
2018
*Price in Thousands
Average Selling Price Median Selling Price
Total Units Sold
S OT H E BYSH OME S.C OM/PALMB E AC H
Average Median Sold Selling Price Selling Price Volume
Units Sold
5%
-12%
3%
-2%
2018
$725,986
$482,500
$45,011,155
62
2017
$693,416
$550,000
$43,685,261
63
2016
$607,458
$502,000
$40,092,250
66
2015
$639,143
$456,000
$53,048,883
83
2014
$520,094
$350,000
$39,007,100
75
Q2 {2018 v 2017}
Change
Palm Beach Q2 Market Update / South End Condominiums
at a glance {Q2 | 2018}
south end
Condominiums
45m
$
Total Sales Volume
-2
%
Change of Units Sold {2018 v 2017}
62 Units Sold
725k
$
Average Selling Price
at a glance {Q2 | 2018}
west palm beach Condominiums
33.3m
$
Total Sales Volume
32
%
Change of Units Sold {2018 v 2017}
45 Units Sold
740k
$
Average Selling Price
CONDOMINIUMS | Q2 2018
West Palm Beach Average Selling Price | Median Selling Price | Units Sold $800
50 45
$700
40
$600
35
$500
30 25
$400
20
$300
15
$200
10
$100
5 0
$0
2014
2015
2016
2017
2018
*Price in Thousands
Average Selling Price Median Selling Price
Total Units Sold
S OT H E BYSH OME S.C OM/PALMB E AC H
Average Median Sold Selling Price Selling Price Volume
Units Sold
68%
24%
122%
32%
2018
$740,028
$440,000
$33,301,301
45
2017
$441,250
$355,000
$15,002,500
34
2016
$718,879
$462,275
$22,285,275
31
2015
$611,171
$460,000
$25,058,012
41
2014
$632,520
$407,500
$22,770,750
36
Q2 {2018 v 2017}
Change
West Palm Beach Condominiums
/ Palm Beach Q2 Market Update
Extraordinary Results We celebrate the notable success of our associates and clients
PALM BEACH
180 Canterbury Lane Last asking $10,600,000
Recent Extraordinary Sales PALM BEACH
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