Q3: July—September 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 - September 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
Admirals Cove - $5,400,000
The Bear’s Club - $5,375,000
The Bear’s Club - $5,000,000
Coastal Sotheby’s International Realty
Market Update
3rd Quarter of 2015
The third quarter of 2015 proved positive both nationally and locally. Consumer confidence continued to improve through the quarter despite the volatility of the stock market and global economic issues in China. The real estate market improved steadily nationally as well as locally. Some of the sales momentum was likely due to borrowers striving to close on purchases prior to the October deadline for new stricter disclosure policies for loans. Inventory levels in the Northern Palm Beach County and Martin County markets continued to decrease for the 8th quarter in a row. Despite lower inventory, the number of transactions increased in most of the communities in Palm Beach County, however Martin County overall saw a decrease in the number of sales in the condo market. Regardless of the decrease, the average sales prices and price per square foot significantly in most of the segments. 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 three quarters now. Clearly, this quaint island has been discovered from a regional and national perspective. The number of sales doubled from the same quarter one year ago. For sellers, the availability of homes on the market remains scare. This may be the best time in the foreseeable future to list your home as the supply of homes and competition is so low. Buyers will likely continue purchasing as long as the interest rates stay low. 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
P rice Range
Q3 2014 vs. Q3 2015 Sale Price Analysis $10M+ $5M-$10M $3M-$5M $1M-$3M $500K-$1M
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Number of Homes, Condos, Townhomes
3rd Quarter Sales Price and Inventory Analysis The number of sales increased in all price points the 3rd quarter of 2015 compared to the 3rd quarter of 2014 for homes, condos and townhomes in Palm Beach and Martin Counties. Sales in the $10M+ price range increased 300% compared to the same time in 2014. The number of active listings decreased by 15% and pending listings decreased by 7% in Northern Palm Beach County from the same time last year.
Active and Pending Inventory in Northern Palm Beach County 3000
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End of End of End of End of End of End of End of End of End of End of End of Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2013 2013 2013 2013 2014 2014 2014 2014 2015 2015 2015 Source : JTHS MLS
5 Coastal Sotheby’s International Realty
Single Family Homes The number of transactions increased by 3% in Palm Beach County and increased by 1% in Martin County for single family homes in the third quarter of 2015 compared to the third quarter of 2014. The change in average sales prices and price per square foot varied throughout the communities; however, Tequesta, Hobe Sound and Jupiter Island 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 2014 vs. 3rd 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 Q3:2014 4222 729 11 302 48 320 5 1 56 583 284 95 3
Total # of Sales Q3:2015 4349 739 10 285 49 337 7 0 53 626 324 92 6
% change 3.01% 1.37% -9.09% -5.63% 2.08% 5.31% 40.00% -100.00% -5.36% 7.38% 14.08% -3.16% 100.00%
Avg. Sales Price Q3:2014 $404,882 $350,496 $718,568 $555,215 $923,322 $487,581 $2,056,000 $2,400,000 $534,186 $276,208 $518,081 $417,925 $2,686,667
Avg. Sales Price Q3:2015 $442,043 $422,808 $786,680 $549,562 $763,226 $554,106 $634,714 N/A $623,147 $301,207 $423,929 $559,065 $3,833,333
% change 9.18% 20.63% 9.48% -1.02% -17.34% 13.64% -69.13% -100.00% 16.65% 9.05% -18.17% 33.77% 42.68%
Avg. Price Per SF Q3:2014 $160.53 $145.27 $303.98 $193.50 $238.56 $194.66 $607.73 $818.00 $205.39 $127.71 $187.23 $166.47 $523.62
Avg. Price Per SF Q3:2015 $176.38 $174.95 $295.35 $198.48 $297.60 $222.18 $276.34 N/A $235.06 $141.67 $157.71 $283.36 $2,102.88
% change 9.87% 20.43% -2.84% 2.57% 24.75% 14.14% -54.53% -100.00% 14.45% 10.93% -15.77% 70.22% 301.60%
Average Sales Price 3rdQuarter 2014 vs. 3rd 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 3rdQuarter 2014 vs. 3rd 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 Admirals Cove Jupiter, FL
Located in Jupiter, Admirals Cove offers over 900 residences and includes 45 holes of golf, 12 tennis courts & a 72 slip full service marina. The waterfront Clubhouse offers dining & recreation as well as 32 guest suites for friends & family of homeowners. This one of a kind community has an extraordinary list of amenities & accommodations for homeowners. Click here to view available homes for sale in Admirals Cove.
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
Q3:2014 77 95 122 98 103 81 85 392 86 86 87 110 623
Q3:2015 61 78 92 85 59 58 36 N/A 45 57 65 113 436
Key Observations
All of the communities Northern Palm Beach County and Martin County reported lower days on market except for Hobe Sound which was nearly the same as last year. Jupiter Island saw double the number of sales in the 3rd quarter this year compared to last year. Martin County saw only a slight increase in the number of transactions but saw a significant increase in the average sales price and average price per square foot. Juno Beach saw a 40% increase in the number of transactions compared to the same quarter last year. Singer Island reported a 9% decrease in the number of transactions and a 9% increase in the average sales price.
7 Source : JTHS MLS
Coastal Sotheby’s International Realty
Condominiums & Townhomes The number of transactions increased only slightly (less than 3%) in Palm Beach County and decreased (16%) in Martin County for condos and townhomes in the third quarter of 2015 compared to the third quarter of 2014. The counties saw 5% and 25% increases, respectively, in the average sales prices though. During the third quarter, buyers concentrated their attention properly priced properties in good condition which often resulted in multiple bids. Click here to view condominiums and townhomes for sale.
Total Sales 3rdQuarter 2014 vs. 3rd 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 Q3:2014 3821 367 57 218 56 221 28 0 29 683 75 36 11
Total # of Sales Q3:2015 3933 305 61 231 48 232 36 0 41 690 81 55 14
% change 2.93% -16.89% 7.02% 5.96% -14.29% 4.98% 28.57% N/A 41.38% 1.02% 8.00% 52.78% 27.27%
Avg. Sales Price Q3:2014 $191,394 $134,636 $480,767 $223,439 $260,363 $254,385 $385,214 $0 $184,962 $119,852 $210,519 $158,874 $569,273
Avg. Sales Price Q3:2015 $202,280 $168,710 $858,577 $217,388 $238,581 $288,254 $580,162 $0 $223,580 $130,108 $218,941 $184,648 $627,135
% change 5.69% 25.31% 78.58% -2.71% -8.37% 13.31% 50.61% N/A 20.88% 8.56% 4.00% 16.22% 10.16%
Avg. Price Per SF Q3:2014 $125.67 $100.84 $264.04 $137.35 $169.35 $163.67 $241.61 $0.00 $125.05 $93.48 $133.03 $101.98 $288.42
Avg. Price Per SF Q3:2015 $140.78 $119.88 $346.20 $147.76 $166.52 $184.66 $336.64 $0.00 $152.34 $103.51 $136.77 $108.43 $336.23
% change 12.02% 18.88% 31.12% 7.58% -1.67% 12.82% 39.33% N/A 21.82% 10.73% 2.81% 6.32% 16.58%
Average Sales Price 3rdQuarter 2014 vs. 3rd 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 3rdQuarter 2014 vs. 3rd 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 Lost Tree Village North Palm Beach, FL Lost Tree Village is one of Florida's most exclusive gated oceanfront communities located in the heart of the Palm Beaches. Residents in this pristine luxury home community enjoy the tranquil and serene golf, ocean, lake or Intracoastal views. Unique to this area, Lost Tree Village offers all of the elements of paradise in one location, offering an extraordinary lifestyle for those living in either a single family home or condominium. Click here to view available condominiums for sale in Lost Tree Village.
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
Q3:2014 80 84 131 65 98 69 102 0 135 76 100 83 196
Q3:2015 70 80 157 55 89 56 87 0 94 70 81 70 156
Key Observations
Tequesta and Hobe Sound saw the largest increases in number of transactions at 41% and 52% respectively. The number of transactions increased in Juno Beach by 28% year over year and the average sales price increased by 50% Average price per square foot increased in all markets except North Palm Beach which decreased only slightly by 1%. Overall, Days on Market decreased in all markets except Singer Island. 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 : JTHS MLS
Coastal Sotheby’s International Realty
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