Q2: April to June 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: Beautiful South Florida Sunset overlooking the Jupiter Inlet and Jupiter Lighthouse.
Coastal Sotheby’s International Realty & The Bear’s Club Sotheby’s International Realty Year-to-Date Report: January—June 2014
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Sales Volume
Transactions
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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
Palm Beach - $3,500,000
Coastal Sotheby’s International Realty
Market Update 2nd Quarter of 2014 If there is one evident statistic for the 2nd quarter of 2014, it is a tightened supply of inventory. Nationally and locally, many sellers are reluctant to list their homes for sale because of the incredibly low interest rates on their mortgages. They often choose to keep their home as a rental property and purchase another one instead of selling. This has resulted in fewer homes for sale. For sellers on the fence about selling, this is a great time to list a property as competition is slim. The housing recovery continued through the 2nd Quarter of 2014 in Palm Beach and Martin Counties. While average sales prices are still rising in both regions, the rate of increase is more modest than last year at the same time. With the number of homes starts on a steady incline, price increases will likely slow to a more sustainable level as the available inventory slowly increases. Palm Beach County saw relatively fast market times and we will likely see a tight real estate market until next year. The number of distressed home sales in this region is still high compared to a normal market, but is still considerably lower than the housing crisis years. The number of luxury sales was minimal this quarter and thus luxury prices did not move upward as much. Buyers are savvy about well-priced properties and are not making bids on overpriced ones. They watch properties closely on public websites and wait for price reductions before making appointments to view them. The properties priced correctly are the ones resulting in bidding wars. 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.
Coastal Sotheby’s International Realty
Q2 2013 vs. Q2 2014 Sale Price Analysis
Price Range
$10M+ $5M-$10M
$3M-$5M
Q2 2013 Q2 2014
$1M-$3M $500K-$1M 0
200
400
600
800
1000
Number of Homes, Condos, Townhomes
2nd Quarter Sales Price and Inventory Analysis The number of sales increased in homes priced below $3M but decreased in the $3M to $5M price point in the 2nd quarter of 2014 compared to the 2nd quarter of 2013 for homes, condos and townhomes in Palm Beach and Martin Counties. Active and pending listings in Northern Palm Beach County decreased from the previous quarter, however the amount of pendings still doubled compared to Q2 of 2013.
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 End of End of End of End of End of Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014
5 Source : FLEX MLS
Coastal Sotheby’s International Realty
Single Family Homes The number of transactions decreased by 5% in Palm Beach County and increased 3% in Martin County for single family homes in the second quarter of 2014 compared to the second quarter of 2013. Average sales prices and price per square foot varied throughout the communities; however, North Palm Beach, Jupiter Inlet Colony and Jupiter Island saw the largest increases. Hobe Sound was named one of the top 10 beach towns in the country by RealtyTrac. This designation is based on several factors including home values, weather, crime rates and air quality. Click here to view single family homes for sale.
Total Sales 2ndQuarter 2013 vs. 2nd 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 Q2:2013 4518 712 14 350 37 354 7 1 56 584 326 95 7
Total # of Sales Q2:2014 4302 731 16 290 45 332 9 6 47 559 306 90 2
% change -4.78% 2.67% 14.29% -17.14% 21.62% -6.21% 28.57% 500.00% -16.07% -4.28% -6.13% -5.26% -71.43%
Avg. Sales Price Q2: 2013 $479,897 $411,647 $645,239 $519,613 $702,433 $598,850 $1,512,000 $775,000 $577,513 $239,244 $581,252 $642,275 $3,680,713
Avg. Sales Price Q2:2014 $481,872 $421,916 $795,162 $581,399 $1,014,006 $594,048 $1,129,767 $1,107,083 $468,923 $270,674 $562,106 $425,559 $9,100,000
% change 0.41% 2.49% 23.24% 11.89% 44.36% -0.80% -25.28% 42.85% -18.80% 13.14% -3.29% -33.74% 147.23%
Avg. Price Per SF Q2:2013 $160.07 $154.02 $249.42 $178.90 $252.41 $201.61 $292.50 $406.40 $196.32 $114.25 $190.79 $226.16 $888.61
Avg. Price Per SF Q2:2014 $244.81 $164.41 $295.96 $199.26 $276.62 $216.26 $347.39 $419.84 $198.77 $129.17 $199.75 $150.63 $1,483.87
% change 52.94% 6.75% 18.66% 11.38% 9.59% 7.27% 18.77% 3.31% 1.25% 13.06% 4.70% -33.40% 66.99%
Average Sales Price 2ndQuarter 2013 vs. 2nd 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 2ndQuarter 2013 vs. 2nd 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 Jupiter Farms, Jupiter
Ibis Golf & Country Club, WPB
Olympia, Wellington
BallenIsles, Palm Beach Gardens
PGA National, Palm Beach Gardens
Abacoa, Jupiter
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
Q2:2013 117 130 112 130 107 149 134 137 175 110 113 142 278
Q2:2014 83 94 160 126 102 88 197 205 90 82 77 102 120
Key Observations
Most of the markets in Northern Palm Beach and Martin County areas reported lower days on market with Wellington the lowest at 77 days.
Jupiter Inlet Colony saw an increase from 1 sale in the 2nd quarter last year to 7 sales in the 2nd quarter this year.
Palm Beach County saw a .5% increase in average sales price from the same quarter last year; however, Martin County saw a 2.5% increase.
The average sales price per square foot increased in all cities except Hobe Sound.
7 Source : FLEX MLS
Coastal Sotheby’s International Realty
Condominiums & Townhomes The number of transactions decreased by 6% in Palm Beach County and by 7% in Martin County for condos and townhomes in the second quarter of 2014 compared to the second quarter of 2013. The average sales prices and average sales price per square foot increased in almost all of the reported market segments. Buyers have shown a growing interest in townhomes and condos because of the low maintenance and convenience. Click here to view condominiums and townhomes for sale.
Total Sales 2ndQuarter 2013 vs. 2nd 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 Q2:2013 4563 449 83 245 81 283 38 0 44 784 84 49 11
Total # of Sales Q2:2014 4286 418 72 194 84 278 36 0 42 698 99 34 12
% change -6.07% -6.90% -13.25% -20.82% 3.70% -1.77% -5.26% 0% -4.55% -10.97% 17.86% -30.61% 9.09%
Avg. Sales Price Q2: 2013 $189,943 $141,163 $587,311 $204,644 $215,582 $238,694 $419,195 $0 $230,170 $105,034 $207,699 $164,756 $489,828
Avg. Sales Price Q2:2014 $218,697 $143,790 $715,948 $229,573 $213,619 $291,188 $505,777 $0 $493,426 $120,761 $244,337 $148,307 $519,788
% change 15.14% 1.86% 21.90% 12.18% -0.91% 21.99% 20.65% 0% 114.37% 14.97% 17.64% -9.98% 6.12%
Avg. Price Per SF Q2:2013 $118.19 $98.21 $273.83 $128.89 $138.85 $153.44 $228.14 $0.00 $132.88 $82.72 $127.26 $100.90 $291.45
Avg. Price Per SF Q2:2014 $168.25 $269.48 $323.96 $146.20 $147.56 $174.10 $281.12 $0.00 $200.27 $91.65 $145.70 $101.98 $302.28
% change 42.36% 174.39% 18.31% 13.43% 6.27% 13.46% 23.22% 0% 50.71% 10.80% 14.49% 1.07% 3.72%
Average Sales Price 2ndQuarter 2013 vs. 2nd 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 2ndQuarter 2013 vs. 2nd 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 Marina at the Bluffs, Jupiter
Abacoa, Jupiter
PGA National, Palm Beach Gardens
Marina Grande, Riviera Beach
Old Port Cove, North Palm Beach
Riverwalk, 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
Q2:2013 116 133 188 101 125 159 160 0 249 89 123 169 411
Q2:2014 85 104 145 63 104 77 118 0 216 78 76 80 263
Key Observations
North Palm Beach, Wellington and Jupiter Island were the only markets to see increases in the number of transactions.
Average sales prices increased 15% in Palm Beach County and 2% in Martin County.
Average price per square foot increased in all the cities with Tequesta increasing the most.
Average days on the market decreased in all markets with Hobe Sound reporting the most significant improvement.
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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