Q3: July - September 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: Aerial photograph of the Jupiter Inlet.
Coastal Sotheby’s International Realty & The Bear’s Club Sotheby’s International Realty Year-to-Date Report: January—September 2014
$
Million
$
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 - $9,050,000
Alicante - $5,650,000
The Bear’s Club - $6,530,000
The Bear’s Club - $4,000,000
Coastal Sotheby’s International Realty
Market Update
3rd Quarter of 2014
The glaring trends so far for 2014 are still the tightened supply of inventory and a tightened supply of credit. Together, these two trends result in a steady decline in the number of sales year over year. Fortunately, consumer confidence continues to grow while consumers are generally positive about the economy and job growth. This allows local prices to continue to rise in the South Florida market. The housing recovery continued through the 3rd Quarter of 2014 in Palm Beach County although Martin County saw a slight decline in average sales prices compared to the 3rd Quarter of 2013. As we expected, the rate of price increases has started to stabilize compared to one year ago. With lower inventory levels, sellers often expect bidding wars and quick sales. However, it is clear that today’s buyers are much more particular about their investment decision than in the boom years a decade ago. The full price “sight unseen” offers exist but only on the properties that are priced aggressively and are in pristine condition. With prices on the rise, buyers are stuck with a double-edged sword. As prices increase, more homeowners will elect to list their homes for sale, however, the prices start to tick up into ranges that are too high for first time and move up buyers. Investor demand has decreased this year which does allow potential “owner-occupants” the ability to purchase more properties and not compete against offers from investors. 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
3rd Quarter Sales Price and Inventory Analysis The number of sales increased in most price points except $1M-$3M in the 3rd quarter of 2014 compared to the 3rd 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.
5 Source : FLEX MLS
Coastal So-
Single Family Homes The number of transactions increased by less than 1% in Palm Beach County and increased by 10% in Martin County for single family homes in the third quarter of 2014 compared to the third quarter of 2013. Average sales prices and price per square foot varied throughout the communities; however, North Palm Beach, and Juno Beach 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 3rdQuarter 2013 vs. 3rd 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 Q3:2013 4012 645 10 269 36 282 9 2 58 547 264 103 0
Total # of Sales Q3:2014 4022 709 11 291 47 310 5 1 55 545 275 94 2
% change 0.25% 9.92% 10.00% 8.18% 30.56% 9.93% -44.44% -50.00% -5.17% -0.37% 4.17% -8.74% 200%
Avg. Sales Price Q3: 2013 $387,698 $375,178 $684,415 $527,399 $635,719 $480,239 $628,222 $1,962,500 $697,037 $243,830 $425,056 $358,375 $0
Avg. Sales Price Q3:2014 $409,299 $358,549 $718,568 $545,407 $939,882 $489,521 $2,056,000 $2,400,000 $539,235 $278,777 $522,368 $419,234 $2,080,000
% change 5.57% -4.43% 4.99% 3.41% 47.85% 1.93% 227.27% 22.29% -22.64% 14.33% 22.89% 16.98% #DIV/0!
Avg. Price Per SF Q3:2013 $162.28 $143.52 $296.27 $186.72 $225.73 $181.57 $255.09 $744.72 $230.72 $114.17 $154.89 $148.19 $0.00
Avg. Price Per SF Q3:2014 $161.31 $145.97 $281.36 $191.72 $241.90 $195.46 $607.73 $818.00 $206.84 $128.77 $188.88 $166.74 $494.21
% change -0.60% 1.71% -5.03% 2.68% 7.16% 7.65% 138.24% 9.84% -10.35% 12.79% 21.94% 12.52% #DIV/0!
Average Sales Price 3rdQuarter 2013 vs. 3rd 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 3rdQuarter 2013 vs. 3rd 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 Community Spotlight Old Marsh Golf Club Palm Beach Gardens, FL Old Marsh Golf Club is a private community of 186 estate home sites surrounded by 456 acres of pristine nature preserves. This residential golf community has obtained the status of “Certified Audubon Cooperative Sanctuary” and the Pete Dye championship golf course has received numerous awards and honors and is consistently ranked among the top private golf courses in America. The serene surroundings and unspoiled natural beauty of Old Marsh Golf Club are situated in the heart of Palm Beach Gardens. Residents and guests alike are pleasantly surprised by the tranquility of the location that is convenient to all that the Palm Beaches have to offer. An elegant Clubhouse includes a professional golf shop, fine dining, private locker rooms and extraordinary service all overlooking a 5 acre-lake and tranquil golf views.
Click here to view available homes for sale in Old Marsh Golf 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
Q3:2013 92 108 107 109 101 100 112 81 86 95 98 156 278
Q3:2014 78 96 122 98 101 82 85 392 86 86 87 110 834
Key Observations
Most of the markets in Northern Palm Beach and Martin County areas reported lower days on market with Jupiter the lowest at 82 days.
North Palm Beach saw a 30% increase in the number of sales in the 3rd quarter this year compared to last year.
Palm Beach County saw a 5.5% increase in average sales price from the same quarter last year; however, Martin County saw a 4.5% decrease.
The average sales price per square foot increased in all cities except Tequesta and Singer Island. 7
Source : FLEX MLS
Coastal Sotheby’s International Realty
Condominiums & Townhomes The number of transactions decreased by 3% in Palm Beach County but increased by 12% in Martin County for condos and townhomes in the third quarter of 2014 compared to the third quarter of 2013. Despite a decrease in the number of sales, Palm Beach County saw a 13% increase 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 3rdQuarter 2013 vs. 3rd 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 Q3:2013 3767 316 66 201 54 196 23 0 28 678 79 48 13
Total # of Sales Q3:2014 3658 353 52 207 53 214 26 0 28 650 62 36 11
% change -2.89% 11.71% -21.21% 2.99% -1.85% 9.18% 13.04% 0% 0.00% -4.13% -21.52% -25.00% -15.38%
Avg. Sales Price Q3: 2013 $171,554 $133,907 $522,047 $208,279 $188,000 $268,738 $387,252 $0 $252,770 $116,229 $168,747 $134,533 $676,923
Avg. Sales Price Q3:2014 $194,673 $134,189 $495,418 $226,453 $267,680 $256,727 $386,269 $0 $184,604 $121,927 $206,449 $158,874 $521,909
% change 13.48% 0.21% -5.10% 8.73% 42.38% -4.47% -0.25% 0% -26.97% 4.90% 22.34% 18.09% -22.90%
Avg. Price Per SF Q3:2013 $112.35 $93.12 $259.79 $129.87 $125.66 $164.61 $224.10 $0.00 $161.59 $89.38 $111.51 $91.75 $313.14
Avg. Price Per SF Q3:2014 $128.20 $100.10 $268.39 $138.16 $173.72 $164.94 $244.16 $0.00 $124.55 $94.32 $132.84 $108.43 $288.42
% change 14.11% 7.50% 3.31% 6.38% 38.25% 0.20% 8.95% 0% -22.92% 5.53% 19.13% 18.18% -7.89%
Average Sales Price 3rdQuarter 2013 vs. 3rd 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 3rdQuarter 2013 vs. 3rd 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 Community Spotlight Tequesta Towers Jupiter Island, FL Tequesta Towers is an 11 story condominium with 44 residential units located on Jupiter Island. This oceanfront building offers beautiful views of the Atlantic Ocean, the white sandy beaches as well as the Intracoastal waterway. The higher floors provide sunrise views over the Ocean and sunset views over the Intracoastal Waterway along with the famous Jupiter Lighthouse. Tequesta Towers just completed a two story pool house that includes a state-of-the art fitness room, two sitting or social rooms, and a galley kitchen. The new infinity pool brings the elegance one expects on Jupiter Island.
Click here to view available condominiums for sale in Tequesta Towers.
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
Q3:2013 97 103 164 94 90 103 136 0 215 91 79 129 466
Q3:2014 81 85 137 66 95 69 106 0 137 77 106 70 196
Key Observations
Palm Beach Gardens, Jupiter and Juno Beach were the only markets to see increases in the number of transactions.
Average sales prices increased 13% in Palm Beach County and less than 1% in Martin County.
Average price per square foot increased in most of the cities with North Palm Beach increasing the most.
Average days on the market decreased in all markets with the exceptions of Wellington and North Palm Beach.
Although the days on market was higher in North Palm Beach, it saw the most significant gains in average sales price and average price per square foot. 9
Source : FLEX MLS
Coastal Sotheby’s International Realty
Palm Beach Gardens Office 11601 Kew Gardens Ave., Ste. 101 Palm Beach Gardens, FL 33410 t. 561.694.0058 I f. 561.694.0106 Jupiter Office 2159 S US Highway One Jupiter, FL 33477 t. 561.932.1832 I f. 561.427.0058
info@coastalsir.com I www.CoastalSIR.com
© 2014 Coastal Sotheby’s International Realty © MMX Sotheby’s International Realty Affiliates LLC. A Realogy Company. All Rights Reserved. Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. If your property is presently listed with another brokerage, please consider this advertisement a source of information and not a solicitation. All information is deemed reliable but not guaranteed. Each office is Independently Owned and Operated.