Q2: April - June 2015
Table of Contents Coastal SIR Year-to-Date Report.................3
Market Update............................................4
Sale Price Analysis.......................................5
Single Family Homes...................................6
Condominiums and Townhomes..............10
Coastal Sotheby’s International Realty & The Bear’s Club Sotheby’s International Realty Year-to-Date Report: January - June 2015
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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 Old Palm Golf Club - $5,639,000
The Bear’s Club - $5,375,000
The Bear’s Club - $5,000,000
Admirals Cove - $4,175,000
Coastal Sotheby’s International Realty
Market Update
2nd Quarter of 2015
The second quarter of 2015 proved positive both nationally and locally. Despite the undercurrent of predictions that the Federal Reserve would push rates higher faster than the market expected, it appears that it has remained cautious. Additionally, job growth and home prices rose in tandem and thus the robust real estate market continues. We will likely see a burst of late summer early fall finance purchases as many borrowers try to close on purchases prior to the October 1st deadline for lenders to follow new stricter disclosure policies for loans. The performance of the Palm Beach and Martin County residential market has continued to show a steady increase in in both unit volume and average sales price. All price points in both counties saw an increase in the number of sales in the second quarter of 2015 compared to the second quarter of 2014. The surprise factor is that the number of sales increased despite the significant decrease in the available inventory. The average days on market decreased significantly in most markets and sellers were able to move on to their next purchases faster than one year ago. Jupiter Island has been the big real estate story in our market for the past two quarters. Clearly, this quaint island has been discovered from a regional and national perspective. In addition to a 600% increase from 2nd Quarter of 2014, Jupiter Island also just had a record breaking sale of $38 million which is one of the highest priced home sales ever on the island. 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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Q2 2014 vs. Q2 2015 Sale Price Analysis $10M+
P rice Range
$5M-$10M
$3M-$5M
Q2 2014 Q2 2015
$1M-$3M
$500K-$1M 0
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Number of Homes, Condos, Townhomes
2nd Quarter Sales Price and Inventory Analysis The number of sales increased in all price points except $5M-$10M (which stayed the same) in the 2nd quarter of 2015 compared to the 2nd quarter of 2014 for homes, condos and townhomes in Palm Beach and Martin Counties. Sales in the $3M to $5M price range increased 141% compared to the same time in 2014. The number of active listings decreased by 13% and pending listings decreased slightly in Northern Palm Beach County from the previous quarter.
Active and Pending Inventory in Northern Palm Beach County
3000
Number of Listings
2500 2000 1500 Active Listings Pending Listings
1000 500 0
End of Q1 2013
End of Q2 2013
End of Q3 2013
End of Q4 2013
End of Q1 2014
End of Q2 2014
End of Q3 2014
End of Q4 2014
End of Q1 2015
End of Q2 2015
5 Source : FLEX MLS
Coastal Sotheby’s International Realty
Single Family Homes The number of transactions increased by 5% in Palm Beach County and increased by 12% in Martin County for single family homes in the second quarter of 2015 compared to the second quarter of 2014. Average sales prices and price per square foot varied throughout the communities; however, Palm Beach Gardens, West Palm Beach and Hobe Sound saw the largest increases. Condition, pricing and location are still major determining factors for buyers purchase decisions. Similar to condo sales, single family homes that are newly built or renovated are seeing the shortest market time. Click here to view single family homes for sale.
Total Sales 2ndQuarter 2014 vs. 2nd Quarter 2015 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 Q2:2014 4541 755 17 300 47 346 10 6 50 595 325 94 1
Total # of Sales Q2:2015 4793 849 15 355 48 362 3 2 56 673 346 111 7
% change 5.55% 12.45% -11.76% 18.33% 2.13% 4.62% -70.00% -66.67% 12.00% 13.11% 6.46% 18.09% 600.00%
Avg. Sales Price Q2:2014 $474,757 $399,434 $770,153 $578,574 $1,149,581 $590,377 $1,061,290 $1,107,083 $456,838 $265,792 $554,580 $417,940 $9,000,000
Avg. Sales Price Q2:2015 $510,982 $423,110 $612,833 $674,068 $928,990 $655,784 $600,000 $6,450,000 $647,559 $288,682 $678,113 $750,886 $6,445,317
% change 7.63% 5.93% -20.43% 16.51% -19.19% 11.08% -43.47% 482.61% 41.75% 8.61% 22.28% 79.66% -28.39%
Avg. Price Per SF Q2:2014 $239.48 $152.96 $289.44 $198.42 $299.61 $215.82 $347.39 $419.84 $184.60 $128.04 $197.99 $150.14 $682.95
Avg. Price Per SF Q2:2015 $187.14 $166.37 $286.07 $214.40 $297.73 $229.70 $365.86 $1,103.35 $228.06 $140.00 $219.14 $234.99 $1,261.31
% change -21.86% 8.77% -1.16% 8.05% -0.63% 6.43% 5.32% 162.80% 23.54% 9.34% 10.68% 56.51% 84.69%
Average Sales Price 2ndQuarter 2014 vs. 2nd Quarter 2015 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 2014 vs. 2nd Quarter 2015 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 Community Spotlight Seminole Landing North Palm Beach, FL Seminole Landing is an exclusive estate community on Palm Beach County’s most private stretch of beach, bordered on the north by the prestigious Seminole Golf Club, the south by Lost Tree Village & the east by the Atlantic Ocean. Seminole Landing offers 77 acres of beautiful old growth Banyan trees, lush manicured landscaping and canals offering access to the Atlantic Ocean via Little Lake Worth and the Intracoastal Waterway.
Click here to view available homes for sale in Seminole Landing.
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
Q2:2014 82 93 151 124 103 89 178 205 91 81 75 101 128
Q2:2015 72 85 64 93 106 77 113 327 86 63 87 96 288
Key Observations
Most of the communities Northern Palm Beach County and Martin County reported lower days on market. Jupiter Island saw a 600% increase in the number of sales in the 2nd quarter this year compared to last year. Hobe Sound saw a significant increase in average sales price and average price per square foot. The average sales price per square foot increased in all cities except Singer Island and North Palm Beach. Singer Island reported significant decreases in number of transactions, average price per square foot and average sales price.
7 Source : FLEX MLS
Coastal Sotheby’s International Realty
Condominiums & Townhomes The number of transactions increased only slightly (less than 1%) in Palm Beach County and increased (2.5%) in Martin County for condos and townhomes in the second quarter of 2015 compared to the second quarter of 2014. The counties saw 9% and 18% increases, respectively, in the average sales prices. The trend continues for buyers to clamor for updated residences that are in immaculate condition and require little or zero maintenance. Click here to view condominiums and townhomes for sale.
Total Sales 2ndQuarter 2014 vs. 2nd Quarter 2015 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 Q2:2014 4527 426 74 205 87 290 38 0 42 761 104 35 21
Total # of Sales Q2:2015 4555 437 83 226 67 333 52 0 39 734 68 55 16
% change 0.62% 2.58% 12.16% 10.24% -22.99% 14.83% 36.84% N/A -7.14% -3.55% -34.62% 57.14% -23.81%
Avg. Sales Price Q2:2014 $214,776 $141,381 $716,733 $228,422 $208,781 $287,146 $492,183 $0 $491,045 $121,697 $218,092 $145,212 $976,605
Avg. Sales Price Q2:2015 $234,229 $166,953 $726,071 $227,456 $262,107 $324,030 $557,254 $0 $259,190 $137,009 $262,624 $184,648 $842,719
% change 9.06% 18.09% 1.30% -0.42% 25.54% 12.85% 13.22% N/A -47.22% 12.58% 20.42% 27.16% -13.71%
Avg. Price Per SF Q2:2014 $164.84 $264.61 $323.23 $145.62 $145.30 $172.86 $278.05 $0.00 $199.42 $91.51 $136.61 $101.98 $366.97
Avg. Price Per SF Q2:2015 $149.75 $115.91 $338.39 $144.51 $174.58 $200.85 $307.34 $0.00 $173.30 $104.34 $159.17 $117.80 $418.41
% change -9.15% -56.20% 4.69% -0.76% 20.15% 16.19% 10.53% N/A -13.10% 14.02% 16.51% 15.51% 14.02%
Average Sales Price 2ndQuarter 2014 vs. 2nd Quarter 2015 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 2014 vs. 2nd Quarter 2015 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 Community Spotlight Juno by the Sea Juno Beach, FL Juno by the Sea is a 5 story Oceanfront condominium complex with exceptional amenities and privacy. Centrally located in the heart of Juno Beach, Juno by the Sea is convenient to all the Juno Beach restaurants, I-95, Palm Beach International Airport and minutes to the Gardens Mall.
Click here to view available condominiums for sale in Juno by the Sea.
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
Q2:2014 85 105 148 63 105 76 118 0 216 77 74 83 359
Q2:2015 73 77 160 73 75 52 102 0 94 77 99 92 156
Key Observations
Juno Beach and Hobe Sound saw the largest increases in number of transactions at 36% and 57% respectively. The number of transactions decreased in North Palm Beach by 23% year over year but the average sales price increased by 25%. Average price per square foot decreased significantly in Martin County overall. Overall, Days on Market decreased 14% in Palm Beach County and decreased by 26% in Martin County. Across the board, Juno Beach saw significant increases in the number of transactions, the average sales prices and average price per square foot.
9 Source : FLEX MLS
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