Q4: October - December 2015
Table of Contents Coastal SIR Year-in-Review 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-in-Review Report: January - December 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 Admirals Cove - $7,100,000
Old Palm Golf Club - $5,639,000
Admirals Cove - $5,400,000
The Bear’s Club - $5,375,000
Coastal Sotheby’s International Realty
Market Update
4th Quarter of 2015
The fourth quarter of 2015 proved positive both nationally and locally. Nationally, housing starts and employment continued to improve through the quarter. The Federal Reserve increased the interest rate for the first time in almost a decade which is an indicator of a strong economy. This new rise will likely incent uncertain buyers to speed up their purchase decisions before the rates increase again. The state of Florida experienced significant population growth adding over 360,000 residents in 2015. This coupled with a decrease in unemployment and an increase in jobs created a strong real estate market across the State. Locally, as 2015 came to a close, both single family home and condominium sales have achieved higher prices than in years past in the local Northern Palm Beach County and Martin County markets. Inventory levels in the Northern Palm Beach County and Martin County markets nudged up slightly from Q3 2015, but are still lower than the levels at the end of 2014. The number of transactions decreased in most of the communities in Palm Beach County and Martin County. Buyers continue to prefer homes that are convenient and require little to zero renovation work. 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. With the recent volatility in the stock market and the likely continued increase in interest rates, this may be the peak of the market for a few 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
Q4 2014 vs. Q4 2015 Sale Price Analysis $10M+
P rice Range
$5M-$10M
$3M-$5M
Q4 2014
Q4 2015
$1M-$3M $500K-$1M 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 2015 compared to the 4th quarter of 2014 for homes, condos and townhomes in Palm Beach and Martin Counties. The number of active listings increased by 10% and pending listings decreased by 12% in Northern Palm Beach County from the same time last year.
Active and Pending Inventory in Northern Palm Beach County 3000
Number of Listings
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End End End End End End End End End End End End of Q1 of Q2 of Q3 of Q4 of Q1 of Q2 of Q3 of Q4 of Q1 of Q2 of Q3 of Q4 2013 2013 2013 2013 2014 2014 2014 2014 2015 2015 2015 2015
Source : JTHS MLS
5 Coastal Sotheby’s International Realty
Single Family Homes The number of transactions decreased by 7% in Palm Beach County and decreased by 2% in Martin County for single family homes in the fourth quarter of 2015 compared to the fourth quarter of 2014. The change in average sales prices and price per square foot varied throughout the communities; however, Wellington, 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 4thQuarter 2014 vs. 4th 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 Q4:2014 3900 623 12 254 46 312 6 1 48 575 264 83 3
Total # of Sales Q4:2015 3593 609 6 236 43 271 4 2 35 544 244 76 3
% change -7.87% -2.25% -50.00% -7.09% -6.52% -13.14% -33.33% 100.00% -27.08% -5.39% -7.58% -8.43% 0.00%
Avg. Sales Price Q4:2014 $440,979 $395,241 $741,967 $533,140 $1,162,618 $488,866 $871,304 $990,000 $919,882 $257,369 $523,693 $547,530 $4,908,333
Avg. Sales Price Q4:2015 $472,692 $472,258 $721,417 $576,653 $1,132,109 $551,253 $485,026 $767,500 $522,006 $280,699 $695,762 $719,404 $7,300,000
% change 7.19% 19.49% -2.77% 8.16% -2.62% 12.76% -44.33% -22.47% -43.25% 9.06% 32.86% 31.39% 48.73%
Avg. Price Per SF Q4:2014 $169.39 $151.70 $291.98 $192.15 $307.86 $203.83 $278.67 $413.19 $248.50 $128.24 $166.33 $188.09 $860.95
Avg. Price Per SF Q4:2015 $183.28 $177.69 $397.30 $205.17 $371.49 $220.10 $254.57 $408.15 $207.52 $141.20 $202.07 $205.97 $840.79
% change 8.20% 17.13% 36.07% 6.78% 20.67% 7.98% -8.65% -1.22% -16.49% 10.11% 21.49% 9.51% -2.34%
Average Sales Price 4thQuarter 2014 vs. 4th 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 4thQuarter 2014 vs. 4th 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 Frenchman’s Creek Palm Beach Gardens, FL
As a residents-only, year round country club, Frenchman's Creek has the finest private South Florida real estate and features some of the most elegant Palm Beach Gardens homes. Frenchman’s Creek Beach and Country Club is distinct from all the neighboring communities, not simply because of the homes, but because of the lifestyle that cannot be easily replicated. The community offers a private oceanfront beach club, 2 championship golf courses, deep water anchorage, 16 tennis courts, a 19,00 square foot clubhouse and 24,000 square foot fitness & spa center.
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
Q4:2014 77 85 56 83 109 82 245 132 125 71 86 71 33
Q4:2015 62 74 64 75 73 61 130 151 63 59 75 98 539
Key Observations
Most of the communities Northern Palm Beach County and Martin County reported lower days on market except for Singer Island, Jupiter Inlet Colony, Jupiter Island and Hobe Sound. Juno Beach, Jupiter Inlet Colony and Tequesta reported lower average sales prices in the 4th quarter of 2015 compared to the 4th quarter of 2014. Martin County saw only a slight decrease in the number of transactions but saw a significant increase in the average sales price and average price per square foot. Singer Island saw a 50% decrease in the number of transactions compared to the same quarter last year. Tequesta reported a 27% decrease in the number of transactions and a 43% decrease in the average sales price.
7 Source : JTHS MLS
Coastal Sotheby’s International Realty
Condominiums & Townhomes The number of transactions decreased by 7% in Palm Beach County and by 12% in Martin County for condos and townhomes in the fourth quarter of 2015 compared to the fourth quarter of 2014. The counties saw 10% and 15% increases, respectively, in the average sales prices though. During the fourth quarter, buyers concentrated their attention properly priced properties that did not need major work or updating. Click here to view condominiums and townhomes for sale.
Total Sales 4thQuarter 2014 vs. 4th 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 Q4:2014 3802 359 63 198 70 221 32 0 49 666 81 31 11
Total # of Sales Q4:2015 3503 315 61 199 55 219 28 0 31 678 101 31 0
% change -7.86% -12.26% -3.17% 0.51% -21.43% -0.90% -12.50% N/A -36.73% 1.80% 24.69% 0.00% -100.00%
Avg. Sales Price Q4:2014 $188,340 $148,865 $551,688 $215,551 $261,105 $276,587 $474,043 $0 $172,515 $118,995 $208,798 $175,848 $695,182
Avg. Sales Price Q4:2015 $207,713 $171,287 $632,739 $231,603 $262,641 $271,571 $612,201 $0 $160,990 $129,274 $235,622 $180,442 $0
% change 10.29% 15.06% 14.69% 7.45% 0.59% -1.81% 29.14% N/A -6.68% 8.64% 12.85% 2.61% -100.00%
Avg. Price Per SF Q4:2014 $148.42 $103.49 $292.06 $140.19 $162.34 $178.16 $256.68 $0.00 $112.14 $95.58 $131.17 $117.45 $355.06
Avg. Price Per SF Q4:2015 $138.20 $119.10 $304.48 $150.64 $179.99 $184.49 $326.77 $0.00 $125.07 $102.66 $146.65 $127.69 $0.00
% change -6.89% 15.08% 4.25% 7.45% 10.87% 3.55% 27.31% N/A 11.53% 7.41% 11.80% 8.72% -100.00%
Average Sales Price 4thQuarter 2014 vs. 4th 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 4thQuarter 2014 vs. 4th 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 Jupiter by the Sea Jupiter, FL Jupiter by the Sea is a small condominium community located in Jupiter and is comprised of three buildings, with a total of 36 residential units. A unique feature of this community is that there are only 2 residences per floor. Each unit flows from front to back and provides residents with fantastic views of the Jupiter Lighthouse with breathtaking views of the Atlantic Ocean and extraordinary sunrises.
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 78 90 144 65 105 78 80 0 110 80 78 113 218
Q3:2015 67 66 151 68 56 55 92 0 68 65 71 39 0
Key Observations
The Village of Wellington saw the largest increase in the number of transactions at (nearly 25%) while most of the other towns had a lower number of transactions than 1 year ago. 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 Jupiter, Tequesta and Jupiter Island. Overall, Days on Market decreased in all markets except Singer Island, Palm Beach Gardens and Juno Beach. Across the board, Wellington 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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