Q4: October - December 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
Coastal Sotheby’s International Realty & The Bear’s Club Sotheby’s International Realty End-of-Year Report: January - December 2014
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Sales Volume
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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 The Bear’s Club - $9,050,000
The Bear’s Club - $6,530,000
Pennock Point - $6,250,000
Tequesta - $5,948,000
Coastal Sotheby’s International Realty
Market Update
4th Quarter of 2014
2014 solidified the healthy gains of 2013, likely positioning us for another vigorous year. A combination of job growth, GDP growth, a high level of consumer confidence and historically low interest rates sets a solid foundation for the 2015 housing market. Local prices continue to rise as the tightened supply of inventory constricts the availability of choices. Because of the limited supply, prices in South Florida steadily increased year over year. The housing recovery continued through the 4th Quarter of 2014 in both Palm Beach and Martin Counties as both experienced increases in average sales prices compared to the 4th Quarter of 2013. One glaring trend of the current market is that new construction is on the rise and builders are luring buyers with complete amenities. The features of a home and its proximity to a city or town are more important than ever and buyers are clamoring for an easier way of life. Sellers of older properties are finding that they must update and renovate extensively in order to compete with new construction. Properties listed below or at market value often result in bidding wars because of the limited amount of inventory. Cash purchasers often trump higher bids that are contingent on financing as sellers are now acutely aware of conservative bank appraisals that do not always reflect true market value. Investor demand appears to be declining while the cash buyers that remain in the market are the result of pent up demand from the slow years. 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
Q4 2013 vs. Q4 2014 Sale Price Analysis $10M+ $5M-$10M $3M-$5M $1M-$3M $500K-$1M
Q4 2013 Q4 2014 0
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Number of Homes, Condos, Townhomes
4th Quarter Sales Price and Inventory Analysis The number of sales increased in all price points except $5M-$10M in the 4th quarter of 2014 compared to the 4th quarter of 2013 for homes, condos and townhomes in Palm Beach and Martin Counties. The number of sales in the $10M+ price range increased from just 2 in Q4:13 to 10 in Q4:14. The number of active listings increased slightly and pending listings decreased in Northern Palm Beach County from the previous quarter.
3000
Active and Pending Inventory in Northern Palm Beach County
Number of Listings
2500 2000 1500
Active Listings Pending Listings
1000 500 0 End of End of End of End of End of End of End of End of Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014
Source : FLEX MLS
5 Coastal Sotheby’s International Realty
Single Family Homes The number of transactions decreased by 2% in Palm Beach County and increased by 4% in Martin County for single family homes in the fourth quarter of 2014 compared to the fourth quarter of 2013. Average sales prices and price per square foot varied throughout the communities; however, Hobe Sound, Tequesta and Singer 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 4thQuarter 2013 vs. 4th 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 Q4:2013 3719 574 10 271 26 265 5 2 32 550 246 61 0
Total # of Sales Q4:2014 3639 598 10 241 44 293 6 1 46 531 257 80 3
% change -2.15% 4.18% 0.00% -11.07% 69.23% 10.57% 20.00% -50.00% 43.75% -3.45% 4.47% 31.15% N/A
Avg. Sales Price Q4: 2013 $379,945 $322,917 $536,030 $555,045 $925,254 $462,630 $760,200 $2,325,000 $414,216 $238,042 $444,289 $294,310 $0
Avg. Sales Price Q4:2014 $455,746 $430,922 $810,860 $539,053 $1,184,623 $499,899 $871,304 $990,000 $927,462 $261,216 $526,698 $560,400 $4,908,333
% change 19.95% 33.45% 51.27% -2.88% 28.03% 8.06% 14.62% -57.42% 123.91% 9.74% 18.55% 90.41% N/A
Avg. Price Per SF Q4:2013 $211.96 $137.95 $225.94 $179.11 $286.48 $185.17 $316.32 $876.59 $181.77 $115.99 $156.00 $137.50 $0.00
Avg. Price Per SF Q4:2014 $172.70 $379.17 $305.27 $192.61 $309.95 $206.14 $278.67 $477.88 $250.84 $129.58 $166.67 $190.98 $860.95
% change -18.52% 174.86% 35.11% 7.54% 8.19% 11.32% -11.90% -45.48% 38.00% 11.72% 6.84% 38.89% N/A
Average Sales Price 4thQuarter 2013 vs. 4th 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 4thQuarter 2013 vs. 4th 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 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: Golf, Beach & Ocean, Boating, Country Club & Beach Club. Nestled between natural landmarks for the ultimate privacy & tranquility, Lost Tree Village is bordered on the South by Mac Arthur State Park, on the West by Little Lake Worth and the Intracoastal Waterway, on the North by Seminole Landing and on the East by the Atlantic Ocean. Click here to view available homes 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
Q4:2013 81 90 114 99 169 89 587 108 143 75 88 77 278
Q4:2014 77 86 62 85 111 84 245 132 129 71 86 74 33
Key Observations
Almost all of the markets in Northern Palm Beach and Martin County areas reported lower days on market with Jupiter Island at the lowest at 33 days. North Palm Beach saw a 69% increase in the number of sales in the 4th quarter this year compared to last year. Palm Beach County saw a 19% increase in average sales price from the same quarter last year and Martin County saw a 33% increase. The average sales price per square foot increased in all cities except Juno Beach and Jupiter Inlet Colony.
7 Source : FLEX MLS
Coastal Sotheby’s International Realty
Condominiums & Townhomes The number of transactions increased only slightly (2%) in Palm Beach County but increased significantly (17%) in Martin County for condos and townhomes in the fourth quarter of 2014 compared to the fourth quarter of 2013. Palm Beach County saw a 3% increase in the average sales prices while Martin County realized a 13% increase. 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 4thQuarter 2013 vs. 4th 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 Q4:2013 3461 286 63 159 67 224 24 0 41 605 72 15 6
Total # of Sales Q4:2014 3540 336 60 184 66 209 32 0 47 610 68 29 10
% change 2.28% 17.48% -4.76% 15.72% -1.49% -6.70% 33.33% N/A 14.63% 0.83% -5.56% 93.33% 66.67%
Avg. Sales Price Q4: 2013 $183,303 $132,840 $560,600 $201,608 $251,000 $258,458 $387,252 $0 $188,019 $100,552 $211,491 $114,453 $510,833
Avg. Sales Price Q4:2014 $189,617 $150,266 $547,621 $217,118 $256,597 $274,628 $428,915 $0 $174,856 $120,149 $199,811 $179,545 $722,500
% change 3.44% 13.12% -2.32% 7.69% 2.23% 6.26% 10.76% N/A -7.00% 19.49% -5.52% 56.87% 41.44%
Avg. Price Per SF Q4:2013 $120.84 $97.53 $298.33 $138.29 $147.40 $162.57 $224.10 $0.00 $130.11 $81.57 $133.00 $87.35 $260.49
Avg. Price Per SF Q4:2014 $149.92 $104.94 $292.20 $141.17 $160.83 $176.67 $230.32 $0.00 $112.38 $96.29 $120.88 $117.74 $355.06
% change 24.06% 7.60% -2.05% 2.08% 9.11% 8.67% 2.78% N/A -13.63% 18.05% -9.11% 34.79% 36.30%
Average Sales Price 4thQuarter 2013 vs. 4th 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 4thQuarter 2013 vs. 4th 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 Old Port Cove North Palm Beach, FL Located in North Palm Beach, Old Port Cove is a condominium community offering panoramic views of the Intracoastal Waterway and Atlantic Ocean. It is comprised of 60 acres with 8,400 ft. of shore line and includes two state-of-the-art marinas. Old Port Cove is the largest marina facility in Northern Palm Beach County and is just minutes from shopping, dining, and golf.
Click here to view available condominiums for sale in Old Port 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
Q4:2013 88 106 165 76 145 82 136 0 234 73 79 133 167
Q4:2014 79 91 141 66 105 78 157 0 111 81 85 113 208
Key Observations
Wellington, Singer Island, Jupiter and North Palm Beach were the only markets that did not see increases in the number of transactions. Hobe Sound, Juno Beach and Jupiter Island saw significant increases in the number of sales. Average price per square foot increased 24% in Palm Beach County and 7% in Martin County. Average price per square foot increased the most on Jupiter Island. Overall, Days on Market decreased 10% in Palm Beach County and decreased by 14% in Martin County. Across the board, Hobe Sound saw significant 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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