Q3: July - September 2013
Table of Contents Coastal 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 Year-to-Date Report: January - September 2013
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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 PALM BEACH - $11,500,000
LOST TREE VILLAGE—$5,900,000
THE BEAR’S CLUB - $4,250,000
SEMINOLE LANDING - $3,800,000
3 Coastal Sotheby’s International Realty
Market Update 3rd Quarter of 2013 Similar to the first and second quarter of this year, the third quarter sales volume continued to show a steady recovery in the Northern Palm Beach and Martin Counties. This news is refreshing considering that it has been five years since the near collapse of the financial systems of this country. 19 consecutive months of price increases in Palm Beach County certainly indicates that those 5 years are behind us. The two questions on everyone’s minds these days, are 1) Can the economy continue to improve at this pace and 2) Will interest rates rise and slow it down? Many analysts believe that the pace of the price increases may have peaked and that slower, sustainable growth will follow. So far, the rising rates have impacted mortgage refinancing more than new loans. Typically, rising interest rates are viewed as a reflection of a healthier economy, so we welcome that indicator. We invite you to preview our quarterly report for further analysis of how various areas in our markets performed compared to 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
Q3 2012 vs. Q3 2013 Sale Price Analysis
Price Range
$10M+
2012: 2 Sales 2013: 3 Sales
$5M-$10M e g n a R $3M-$5M e c ir P $1M-$3M
3 2012 Q2 3 2013 Q2
$500K-$1M 0
100
200
300
400
500
600
700
Number of Homes, Condos, Townhomes
3rd Quarter Sales Price and Inventory Analysis Sales increased in each price point in the third quarter of 2013 compared to the third quarter of 2012 for homes, condos and townhomes in Palm Beach and Martin Counties. Active listings each quarter are slowly decreasing starting at almost 30,000 in Q1 to close to 20,000 in Q3 of 2013. The pending inventory remains stable around 400 listings each 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 5
Source : FLEX MLS
Coastal Sotheby’s International Realty
Single Family Homes Northern Palm Beach County and Martin County single family home sales displayed consistent progress when comparing the 3rd quarter of 2012 to the 3rd quarter of 2013. Average sales prices and price per square foot increased in all but 3 of the communities below. As many current home owners are finally finding equity in their homes, they are fueling the growth making “move-up” purchases into larger homes. This new fuel also signals that a shift is taking place from investors purchasing distressed properties, to households purchase primary residences. Click here to view single family homes for sale.
Total Sales 3rdQuarter 2012 vs. 3rd Quarter 2013 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 Q3: 2012 3787 541 9 247 38 276 7 1 32 547 261 68 1
Total # of Sales Q3: 2013 3633 595 9 246 34 263 7 2 56 485 241 91 0
% change -4.07% 9.98% 0.00% -0.40% -10.53% -4.71% 0.00% 100.00% 75.00% -11.33% -7.66% 33.82% -100.00%
Avg. Sales Price Q3: 2012 $333,032.00 $300,945.00 $488,333.00 $470,956.00 $1,218,528.00 $491,518.00 $1,479,429.00 $850,000.00 $489,513.00 $170,818.00 $397,770.00 $241,827.00 $1,450,000.00
Avg. Sales Price Q3: 2013 $396,990.00 $369,438.00 $632,683.00 $538,048.00 $637,674.00 $493,935.00 $702,714.00 $1,962,500.00 $703,915.00 $251,624.00 $424,747.00 $322,535.00 $0.00
% change 19.20% 22.76% 29.56% 14.25% -47.67% 0.49% -52.50% 130.88% 43.80% 47.31% 6.78% 33.37% -100.00%
Avg. Price Per SF Q3: 2012 $126.60 $125.27 $227.53 $160.43 $256.08 $172.75 $393.32 $280.71 $190.86 $90.32 $131.84 $117.41 $424.47
Avg. Price Per SF Q3: 2013 $165.22 $141.76 $280.77 $187.11 $219.49 $187.74 $264.75 $744.72 $232.13 $115.28 $153.23 $139.76 $0.00
% change 30.51% 13.16% 23.40% 16.63% -14.29% 8.68% -32.69% 165.30% 21.62% 27.64% 16.22% 19.04% -100.00%
Average Sales Price 3rdQuarter 2012 vs. 3rd Quarter 2013 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 3rdQuarter 2012 vs. 3rd Quarter 2013 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 Condominiums and Townhomes PGA National, Palm Beach Gardens
Abacoa, Juptier
Mirasol, Palm Beach Gardens
Evergrene, Jupiter
Eastpointe, Palm Beach Gardens
Jupiter Farms, 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
Q3: 2012 125 149 202 164 125 144 178 511 162 122 117 191 2044
Q3: 2013 93 110 101 110 102 102 77 81 84 98 101 154 0
Key Observations
All of the Northern Palm Beach and Martin County areas reported lower days on market with Juno Beach the lowest at 77 days.
Although many communities saw lower sales volume, most of them reported higher sales prices and price per square foot.
Tequesta saw a 75% increase in the number of transactions, a 44% increase in average sales prices and a 22% increase in average price per square foot.
The average sales price for West Palm Beach increased from $170,000 to $251,000. 7
Source : FLEX MLS
Coastal Sotheby’s International Realty
Condominiums and Townhomes Although the number of transactions decreased slightly in Palm Beach County, the volume of sales increased significantly for condos and townhomes in Martin County in the third quarter of 2013 compared to the third quarter of 2012. Signs of strengthening continue in the young professional and Baby Boomer segments of condo purchasers. Buyers continue to display caution and keep a close eye on valuations but condo developers remain optimistic and continue to build new buildings at near-record levels. Click here to view condominiums and townhomes for sale.
Total Sales 3rdQuarter 2012 vs. 3rd Quarter 2013 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 Q3: 2012 3548 256 51 170 54 181 17 0 28 668 78 19 1
Total # of Sales Q3: 2013 3355 296 61 185 48 176 22 0 28 585 73 45 13
% change -5.44% +15.63% +19.61% +8.82% -11.11% -2.76% +29.41% n/a +0.00% -12.43% -6.41% +136.84% +1200.00%
Avg. Sales Price Q3: 2012 $141,289.00 $122,823.00 $526,790.00 $154,800.00 $165,835.00 $197,939.00 $292,253.00 $0.00 $137,609.00 $83,944.00 $130,645.00 $139,874.00 $285,000.00
Avg. Sales Price Q3: 2013 $176,649.00 $134,031.00 $533,723.00 $217,694.00 $198,677.00 $270,311.00 $387,127.00 $0.00 $252,770.00 $118,556.00 $265,399.00 $134,726.00 $676,923.00
% change +25.03% +9.13% +1.32% +40.63% +19.80% +36.56% +32.46% n/a +83.69% +41.23% +103.15% -3.68% +137.52%
Avg. Price Per SF Q3: 2012 $93.32 $82.21 $248.12 $105.83 $109.28 $133.00 $187.62 $0.00 $105.89 $67.39 $86.59 $93.72 $157.72
Avg. Price Per SF Q3: 2013 $117.00 $99.95 $264.66 $135.82 $129.47 $165.00 $222.46 $0.00 $161.59 $92.25 $202.49 $92.14 $353.25
% change +25.38% +21.58% +6.67% +28.34% +18.48% +24.06% +18.57% n/a +52.60% +36.89% +133.85% -1.69% +123.97%
Average Sales Price 3rdQuarter 2012 vs. 3rd Quarter 2013 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 3rdQuarter 2012 vs. 3rd Quarter 2013 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 and Townhomes Most Active Condominiums and Townhomes Abacoa, Jupiter
PGA National, Palm Beach Gardens
Harbour Oaks, Palm Beach Gardens
Old Port Cove, North Palm Beach
Jonathan’s Landing, Jupiter
Two City Plaza, 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
Q3: 2012 120 144 153 140 196 114 189 n/a 190 115 100 154 1520
Q3: 2013 101 103 164 98 92 104 122 n/a 215 95 80 102 466
Key Observations
Singer Island, Juno Beach and Hobe Sound saw significant gains in the number of transactions.
Average days on the market decreased in 85% of the markets.
Palm Beach Gardens and West Palm Beach both saw 41% increases in the average sales prices.
Wellington and Juno Beach both 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
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