Q2: April - June 2016
Table of Contents Coastal SIR Q2 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 2016 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.
SIGNIFICANT SALES The Bears Club - $8,500,000
Jupiter Island - $3,500,000
Boca Raton - $4,625,000
The Addison - $3,100,000
Coastal Sotheby’s International Realty
Market Update
2nd Quarter of 2016
Nationally, the second quarter of 2016 showed a strong housing market as the median price increased 5.7% from one year ago and inventory decreased by 1.5%. New construction sales peaked to its highest level in nearly 5 years. Real estate agents across the country acknowledged though that buyers are increasingly frustrated by the lack of inventory for affordable homes. Interest rates continued to decrease. According to the Mortgage Bankers Association, the number of mortgage applications is decreasing. Locally, the market shows signs of cooling. Inventory levels increased 11% compared to the same time last year and the number of pending listings decreased by 6%. Despite this shift, prices remained strong in many of the Northern Palm Beach communities. Increasingly, buyers are paying over market value for fully renovated properties. Homes that are “merchandised� in such a way that entice them to make a purchase are the ones selling the fastest. The exciting market that we experienced for the last several years is likely behind us; however, we are entering a more stable and sustainable real estate market that matches historical trends. A more balanced market usually results in increased opportunities for both Buyers and Sellers. Great deals will still be available on both sides of the market. 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
2nd Quarter Sales Price and Inventory Analysis Properties priced under $5M saw a decrease in the number of transactions, while homes priced over $5M saw an increase in the number of transactions in Northern Palm Beach County and Martin County. The number of active listings increased by 11% and pending listings decreased by 7% in Northern Palm Beach County from the same time last year.
5 Source : FLEX MLS
Coastal
Single Family Homes The number of transactions decreased by 9% in Palm Beach County and decreased by 10% in Martin County for single family homes in the second quarter of 2016 compared to the second quarter of 2015. The change in average sales prices and price per square foot varied throughout the communities; however, Tequesta and Wellington reported the largest increases. Buyers have been paying above market value for turnkey single family homes that are completely renovated. Click here to view single family homes for sale.
Total Sales 2nd Quarter 2015 vs. 2nd Quarter 2016 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 Q2:2015 5067 900 15 366 55 386 3 2 57 719 362 115 7
Total # of Sales Q2:2016 4570 803 10 301 36 368 4 7 59 636 313 110 3
% change -9.81% -10.78% -33.33% -17.76% -34.55% -4.66% 33.33% 250% 3.05% -11.54% -13.54.% -4.35% -57.14%
Avg. Sales Price Q2:2015 $502,653 $418,461 $612,833 $682,448 $876,446 $661,204 $600,000 $6,450,000 $669,321 $285,583 $661,990 $742,238 $6,445,317
Avg. Sales Price Q2:2016 $540,257 $495,620 $660,950 $617,335 $689,692 $549,749 $607,625 $1,695,714 $800,536 $308,000 $854,102 $471,475 $4,333,333
% change 7.48% 18.44% 7.85% -9.54% -21.31% -16.86% 1.27% -73.71% 19.60% 7.85% 29.02% -36.48% -32.77%
Avg. Price Per SF Q2:2015 $185.38 $165.24 $286.07 $215.65 $286.78 $229.97 $365.86 $1,103.35 $231.63 $139.10 $215.08 $234.15 $1,261.31
Avg. Price Per SF Q2:2016 $199.21 $178.70 $308.51 $219.58 $270.88 $223.47 $310.57 $620.94 $274.60 $157.60 $246.41 $188.73 $855.07
% change 7.46% 8.15% 7.84% 1.82% -5.54% -2.83% -15.11% -43.72% 18.55% 13.30% 14.57% -19.40% -32.21%
Average Sales Price 2nd Quarter 2015 vs. 2nd Quarter 2016 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 2nd Quarter 2015 vs. 2nd Quarter 2016 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 Coastal Sotheby’s International Realty Jupiter Island Coastal Sotheby’s International Realty
Single Family Homes Community Spotlight Jonathan’s Landing Jupiter, FL Jonathan’s Landing, located in the heart of Jupiter, is 350 pristine acres of a golfer’s and boater's paradise. This is one of the few private gated communities in Palm Beach County that offers 54 holes of championship golf, 2 clubhouses, fitness center, fabulous dining and is located just minutes from shopping, dining, and the pristine waters of the Atlantic Ocean. Residences range in size from condominiums to large estate homes. Many of the homes are located directly on the Intracoastal Waterway or deep water canals. Click here to view available homes for sale in Jonathan’s 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
Q2:2015 71 85 49 93 116 74 113 327 88 62 85 97 288
Q2:2016 66 83 139 80 80 67 45 106 75 54 74 103 260
% change -7.04% -2.35% 183.67.% -13.98% -31.03% -9.46% -60.18% -67.58% -14.77% -12.90% -12.94.% 6.19% -9.72%
Key Observations
Most of the communities Northern Palm Beach County and Martin County reported lower days on market except for Singer Island and Hobe Sound. Most of the markets reported lower average sales prices in the second quarter of 2016 compared to the second quarter of 2015. Jupiter Inlet Colony reported the largest increase in the number of transactions rising from 2 in the second quarter of 2015 to 7 in the second quarter of 2016. The number of Jupiter Island homes sales, average sales price and average price per square foot decreased significantly from the same time last year. 7
Source : FLEX MLS
Coastal Sotheby’s International Realty
Condominiums & Townhomes The number of transactions decreased by 9% in Palm Beach County and by 11% in Martin County for condos and townhomes in the second quarter of 2016 compared to the second quarter of 2015. The counties saw 3% and 6% increases, respectively, in the average sales prices though. During the second quarter, days on market decreased significantly in most of the communities. Click here to view condominiums and townhomes for sale.
Total Sales 2nd Quarter 2015 vs. 2nd Quarter 2016 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 Q2:2015 4858 464 88 241 71 349 52 0 42 773 76 58 16
Total # of Sales Q2:2016 4385 412 76 226 81 278 35 0 49 736 66 33 14
% change -9.74% -11.21% -13.64% -6.22% 14.08% -20.34% -32.69% 0.00% 16.67% -4.79% -13.16% -43.10% -12.50%
Avg. Sales Price Q2:2015 $230,284 $165,807 $702,828 $229,500 $256,132 $313,215 $557,254 0 $250,593 $134,007 $260,121 $184,735 $842,719
Avg. Sales Price Q2:2016 $237,800 $176,811 $587,000 $248,626 $226,472 $226,189 $470,558 0 $268,748 $150,683 $280,646 $200,156 $1,058,562
% change 3.26% 6.64% -16.48% 8.33% -11.58% -27.78% -15.56% N/A 7.24% 12.44% 7.89% 8.35% 25.61%
Avg. Price Per SF Q2:2015 $148.27 $115.57 $332.63 $145.11 $173.03 $206.48 $307.34 0 $169.81 $102.72 $156.66 $117.47 $418.41
Avg. Price Per SF Q2:2016 $155.02 $126.25 $305.17 $162.22 $167.68 $212.72 $279.49 0 $170.67 $114.94 $167.53 $132.36 $447.66
% change 4.55% 9.24% -8.25% 11.79% -3.09% 3.02% -9.06% N/A 0.51% 11.90% 6.94% 12.68% 6.99%
Average Sales Price 2nd Quarter 2015 vs. 2nd Quarter 2016 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 2nd Quarter 2015 vs. 2nd Quarter 2016 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
Condominiums & Townhomes Community Spotlight Jupiter Yacht Club Jupiter, FL Jupiter Yacht Club is the most luxurious marina along the south Florida shore consisting of 5 buildings and 150 spectacular well-appointed luxury condominiums boasting either marina or Intracoastal views offering Florida living at its finest. Enjoy the peaceful, tropical setting from your balcony or walk on the scenic Jupiter Riverwalk. The Jupiter Yacht Club is the perfect location for yachting/fishing enthusiasts, beach lovers, and is close to restaurants, shopping, Carlin Park and the beach. Click here to view available condominiums for sale in Jupiter Yacht Club
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
Q2:2015 73 76 154 72 73 55 102 0 89 76 98 89 156
Q2:2016 67 73 133 50 84 64 96 0 65 66 101 73 143
% change -8.22% -3.95% -13.64% -30.56% 15.07% 16.36% -5.88% 0 -26.97% -13.16% 3.06% -17.98% -8.33%
Key Observations
Nearly all of the communities reported a decrease (6% to 43%) in the number of transactions from the same time last year with the exception of North Palm Beach and Tequesta which rose 14% and 16%, respectively. The number of transactions decreased in Hobe Sound by 43% year over year but the average sales price increased by 8%. Average sales price increased in all markets except Singer Island, North Palm Beach, Jupiter and Juno Beach. Overall, Days on Market decreased in almost all of the markets which is a shift from the first quarter where days on market increased in most markets. Across the board, Tequesta reported the strongest numbers with increases in the number of transactions, the average sales prices and average price per square foot. 9
Source : FLEX MLS
Coastal Sotheby’s International Realty
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