Q1: January—March 2014
Table of Contents Coastal SIR End-of-Year Report....................3
Market Update............................................4
Sale Price Analysis.......................................5
Single Family Homes...................................6
Condominiums and Townhomes..............10
On the cover: 2014 Palm Beach International Boat Show at The Waterfront in Downtown West Palm Beach
Coastal Sotheby’s International Realty & The Bear’s Club Sotheby’s International Realty Year-to-Date Report: January - March 2014
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Million
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Sales Volume
Transactions
Million
With the highest level of service and quality, we focus on providing extraordinary results. Comprised of a carefully selected team of professionals, our boutique real estate firm impresses with results that rival those of our biggest competitors in Palm Beach and Martin Counties.
Highest Sale
SIGNIFICANT SALES The Bear’s Club - $6,530,000
The Bear’s Club - $4,000,000
Jupiter Hills - $2,800,000
Harbour Isles - $2,500,000
Coastal Sotheby’s International Realty
Market Update 1st Quarter of 2014 The housing recovery continued through the 1st Quarter of 2014 in Palm Beach and Martin Counties. Inventory levels increased this quarter and the rate of price increases slowed down to a more sustainable level . While the pricing trajectory is still in an upward direction, we will likely not see double digit increases this year. This is a healthier speed for the housing market as it lessens the likelihood of another downturn. The inventory in Palm Beach and Martin Counties priced under $500K saw the largest increase in the number of transactions from 1st Quarter 2013 to 1st Quarter 2014. The number of transactions decreased in the $5M+ price points. The highlight of the quarter for the Northern Palm Beach County communities, however, was the sheer increase in the number of active and pending listings from the end of the year to the end of the 1st quarter. This suggests that there was clearly pent up demand that jumped at the opportunity as quickly as it came on the market. Our professionals are still finding that the new or recently renovated homes are the ones that are selling the fastest. We invite you to preview our quarterly report for further analysis of how various areas in our markets performed compared to the same time last year. Please feel free to contact one of our professionals for any assistance as you evaluate your own real estate plans this year.
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Q1 2013 v s. Q1 2014 Sale Price Analysis $10M+
Price Range
$5M-$10M
$3M-$5M
Q1 2013 Q1 2014
$1M-$3M
$500K-$1M 0
100
200
300
400
500
600
700
Number of Homes, Condos, Townhomes
1st Quarter Sales Price and Inventory Analysis The number of sales increased below $5M but decreased above $5M in the 1st quarter of 2014 compared to the 1st quarter of 2013 for homes, condos and townhomes in Palm Beach and Martin Counties. Active listings in Northern Palm Beach County increased significantly this quarter and pending inventory nearly tripled for the previous quarter.
3000
Active and Pending Inventory in Northern Palm Beach County
Number of Listings
2500 2000 1500
Active Listings Pending Listings
1000 500 0 End of Q1 End of Q2 End of Q3 End of Q4 End of Q1 2013 2013 2013 2013 2014
5 Source : FLEX MLS
Coastal Sotheby’s International Realty
Single Family Homes The number of transactions decreased by 9% in Palm Beach County and 2% in Martin County for single family homes in the first quarter of 2014 compared to the first quarter of 2013. Average sales prices and price per square foot varied throughout the communities, however, Singer Island, West Palm Beach and Tequesta saw the largest increases. The market appears to be stabilizing as more new construction inventory becomes available and price increases have started to slow down to a more normal rate. Click here to view single family homes for sale.
Total Sales 1st Quarter 2013 vs. 1st Quarter 2014 Palm Beach County Martin County Singer Island Palm Beach Gardens North Palm Beach Jupiter Juno Beach Jupiter Inlet Colony Tequesta West Palm Beach Wellington Hobe Sound Jupiter Island
Total # of Sales Q1:2013 3455 508 15 237 42 240 3 4 38 497 211 74 9
Total # of Sales Q1:2014 3124 499 16 238 33 235 3 2 37 433 202 53 4
% change -9.58% -1.77% 6.67% 0.42% -21.43% -2.08% 0.00% -50.00% -2.63% -12.88% -4.27% -28.38% -55.56%
Avg. Sales Price Q1:2013 $382,066 $450,653 $442,780 $546,618 $1,175,068 $520,894 $387,500 $1,281,250 $645,159 $203,133 $571,979 $1,025,118 $5,830,556
Avg. Sales Price Q1:2014 $457,927 $381,940 $658,656 $641,921 $814,961 $582,495 $471,333 $987,500 $867,824 $275,643 $567,225 $451,067 $3,962,750
% change 19.86% -15.25% 48.75% 17.44% -30.65% 11.83% 21.63% -22.93% 34.51% 35.70% -0.83% -56.00% -32.03%
Avg. Price Per SF Q1:2013 $141.00 $149.00 $223.24 $179.00 $297.00 $191.00 $199.29 $533.50 $200.91 $98.75 $185.46 $241.92 $926.47
Avg. Price Per SF Q1:2014 $163.00 $152.12 $290.56 $192.11 $254.35 $205.00 $250.70 $316.78 $252.83 $124.79 $161.07 $217.71 $940.03
% change 15.60% 2.09% 30.16% 7.32% -14.36% 7.33% 25.80% -40.62% 25.84% 26.37% -13.15% -10.01% 1.46%
Average Sales Price 1st Quarter 2013 vs. 1st Quarter 2014 Palm Beach County Martin County Singer Island Palm Beach Gardens North Palm Beach Jupiter Juno Beach Jupiter Inlet Colony Tequesta West Palm Beach Wellington Hobe Sound Jupiter Island
Average Price Per Square Foot 1st Quarter 2013 vs. 1st Quarter 2014 Palm Beach County Martin County Singer Island Palm Beach Gardens North Palm Beach Jupiter Juno Beach Jupiter Inlet Colony Tequesta West Palm Beach Wellington Hobe Sound Jupiter Island Coastal Sotheby’s International Realty Coastal Sotheby’s International Realty
Single Family Homes Most Active Communities Acreage, West Palm Beach
Evergrene, Palm Beach Gardens
Frenchmans Reserve, Palm Beach Gardens
Ibis Golf & Country Club, WPB
Jupiter Farms, Jupiter
Olympia, Wellington
Average Days on Market Comparison Average Days on Market Palm Beach County Martin County Singer Island Palm Beach Gardens North Palm Beach Jupiter Juno Beach Jupiter Inlet Colony Tequesta West Palm Beach Wellington Hobe Sound Jupiter Island
Q1:2013 122 136 197 138 155 145 146 511 178 122 110 222 374
Q1:2014 86 88 113 111 105 90 61 49 128 81 96 76 144
Key Observations
All of the markets in Northern Palm Beach and Martin County areas reported lower days on market with Jupiter Inlet Colony the lowest at 49 days.
Palm Beach County saw a 20% increase in average sales price from the same quarter last year; however, Martin County saw a 15% decrease.
Singer Island showed a 48% increase in average sales prices from 1 year ago and a 30% increase in average price per square foot. .
The average sales price per square foot increased by 15% for Palm Beach County. 7
Source : FLEX MLS
Coastal Sotheby’s International Realty
Condominiums & Townhomes The number of transactions decreased by 8% in Palm Beach County and 13% in Martin County for condos and townhomes in the first quarter of 2014 compared to the first quarter of 2013. The average sales prices and average sales price per square foot increased in almost all of the market segments. Buyers continue to display caution and units that are move-inready or have recently been renovated are moving the fastest. Click here to view condominiums and townhomes for sale.
Total Sales 1st Quarter 2013 vs. 1st Quarter 2014 Palm Beach County Martin County Singer Island Palm Beach Gardens North Palm Beach Jupiter Juno Beach Jupiter Inlet Colony Tequesta West Palm Beach Wellington Hobe Sound Jupiter Island
Total # of Sales Q1: 2013 3655 367 67 178 74 205 21 1 34 642 70 46 6
Total # of Sales Q1:2014 3375 321 68 151 66 187 23 0 32 637 49 28 7
% change -7.66% -12.53% 1.49% -15.17% -10.81% -8.78% 9.52% -100.00% -5.88% -0.78% -30.00% -39.13% 16.67%
Avg. Sales Price Q1: 2013 $166,809 $149,582 $589,575 $190,456 $203,341 $221,453 $484,413 $375,000 $208,438 $107,146 $182,405 $151,095 $429,250
Avg. Sales Price Q1:2014 $196,642 $147,302 $768,849 $211,245 $217,671 $295,360 $483,567 $0 $309,530 $103,506 $223,374 $185,679 $1,509,286
% change 17.88% -1.52% 30.41% 10.92% 7.05% 33.37% -0.17% -100.00% 48.50% -3.40% 22.46% 22.89% 251.61%
Avg. Price Per SF Q1: 2013 $105.49 $98.05 $275.44 $127.92 $126.21 $147.11 $230.89 $164.84 $132.89 $77.74 $108.13 $97.72 $234.37
Avg. Price Per SF Q1:2014 $230.71 $100.26 $335.66 $119.00 $146.87 $171.00 $247.97 $0.00 $177.88 $84.68 $134.20 $114.34 $423.83
% change 118.70% 2.25% 21.86% -6.97% 16.37% 16.24% 7.40% -100.00% 33.86% 8.93% 24.11% 17.01% 80.84%
Average Sales Price 1st Quarter 2013 vs. 1st Quarter 2014 Palm Beach County Martin County Singer Island Palm Beach Gardens North Palm Beach Jupiter Juno Beach Jupiter Inlet Colony Tequesta West Palm Beach Wellington Hobe Sound Jupiter Island
Average Price Per Square Foot 1st Quarter 2013 vs. 1st Quarter 2014 Palm Beach County Martin County Singer Island Palm Beach Gardens North Palm Beach Jupiter Juno Beach Jupiter Inlet Colony Tequesta West Palm Beach Wellington Hobe Sound Jupiter Island Coastal Sotheby’s International Realty Coastal Sotheby’s International Realty
Condominiums & Townhomes Most Active Communities Old Port Cove, North Palm Beach
Two City Plaza, West Palm Beach
Abacoa, Jupiter
Westwood Gardens, Palm Beach Gardens
PGA National, Palm Beach Gardens
Andros Isle, West Palm Beach
Average Days on Market Comparison Average Days on Market Palm Beach County Martin County Singer Island Palm Beach Gardens North Palm Beach Jupiter Juno Beach Jupiter Inlet Colony Tequesta West Palm Beach Wellington Hobe Sound Jupiter Island
Q1:2013 133 131 238 112 141 145 124 267 189 103 231 194 350
Q1:2014 83 115 173 69 85 79 168 0 96 82 96 143 111
Key Observations
Singer Island, Juno Beach and Jupiter Island were the only markets to see increases in the number of transactions.
Average sales prices increased 17% in Palm Beach County but decreased 1.5% in Martin County.
Tequesta, Jupiter and Singer Island saw the largest average sales price increases at 48% and 33% and 30%, respectively.
Average days on the market decreased in all markets except Juno Beach. Tequesta days on market went down the most.
Tequesta continued to strengthen with significant increases in the average sales prices and price per square foot. 9
Source : FLEX MLS
Coastal Sotheby’s International Realty
t. 561.694.0058 I f. 561.694.0106 info@coastalsir.com I www.CoastalSIR.com
t. 561.514.6948 I f. 561.799.4091 mgriffin@coastalsir.com I www.TheBearsClubSIR.com
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