www.LuxuryHomeMarketing.com THE BEACH TOWNS OF PALM BEACH COUNTY FLORIDA Home of the CLHMS TM 2023 AUGUST
PALM BEACH TOWNS
20 2 3 2 6 11 10 9 11 13 14 21 26 40 79 1 0 0 0 3 0 0 0 0 0 0 3 3 2 6 $25,000,000+ $22,500,000 - $24,999,999 $20,000,000 - $22,499,999 $17,500,000 - $19,999,999 $15,000,000 - $17,499,999 $13,000,000 - $14,999,999 $11,000,000 - $12,999,999 $9,000,000 - $10,999,999 $7,000,000 - $8,999,999 $6,000,000 - $6,999,999 $5,000,000 - $5,999,999 $4,000,000 - $4,999,999 $3,000,000 - $3,999,999 $2,000,000 - $2,999,999 $1,000,000 - $1,999,999 Inventory Sales Square Feet3 -RangePrice -Median SoldBeds -Median SoldBaths -Median SoldSold -TotalInventory -TotalSales Ratio -Sold/Inventory0 - 1,999 $1,150,000 3 3 5 50 10% 2,000 - 3,499 $2,750,000 3 3 5 108 5% 3,500 - 4,999 $4,650,000 5 6 5 61 8% 5,000 - 6,499 $10,025,000 5 5 2 19 11% 6,500 - 7,999 $50,000,000 5 7 1 6 17% 8,000+ NA NA NA 0 20 0%
SINGLE - FAMILY HOMES
INVENTORY VS. SALES
Luxury Benchmark Price 1: $1,000,000 Buyer's Market 267 Total Inventory: 18 Total Sales: 7% Total Sales Ratio2: 1 The luxury threshold price is set by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's < 14.5%; Balanced >= 14.5 to < 20.5%; Seller's >= 20.5% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory.
LUXURY
| JULY 2023
PALM BEACH TOWNS SINGLE - FAMILY HOMES
13 - MONTH LUXURY MARKET TREND 4 $2,200,000 $2,487,500 $2,010,300 $1,725,000
$2,995,000 $2,550,000 $2,395,000 $1,700,000
$2,750,000 $2,415,000
$3,100,000 $2,250,000
$3,085,000 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23
TOTAL INVENTORY
TOTAL SOLDS
SALES PRICE
220 267 Jul. 2022 Jul. 2023
VARIANCE: 21 %
SALE
VARIANCE: - 38 % 29 18
SALE TO LIST PRICE RATIO
VARIANCE: - 1 % 95.75% 94.62%
$2.20m $3.09m
VARIANCE: 40 %
DAYS ON MARKET
Jul. 2022 Jul. 2023 Jul. 2022 Jul. 2023 Jul. 2022 Jul. 2023 Jul. 2022 Jul. 2023 Jul. 2022 Jul. 2023
VARIANCE: 248 % 23 80
PALM BEACH TOWNS MARKET SUMMARY | JULY 2023
• The Palm Beach Towns single-family luxury market is a Buyer's Market with a 7% Sales Ratio.
• Homes sold for a median of 94.62% of list price in July 2023.
• The most active price band is $15,000,000-$17,499,999, where the sales ratio is 50%
• The median luxury sales price for single-family homes is $3,085,000.
• The median days on market for July 2023 was 80 days, up from 23 in July 2022.
3Square foot table does not account for listings and solds where square foot data is not disclosed. 4Data reported includes Active and Sold properties and does not include Pending properties.
MEDIAN DATA REVIEW | JULY Solds Median Sales Price Inventory 220 228 235 271 300 308 327 338 332 351 301 273 267 29 26 26 19 13 15 27 17 31 30 34 31 18
VARIANCE: - 14 % $1,085 $937
PRICE PER SQFT.
PALM BEACH TOWNS ATTACHED HOMES
26 4 8 18 8 16 17 10 23 23 20 15 9 19 18 0 0 1 10 2 4 7 2 3 2 2 0 0 2 4 $6,550,000+ $5,550,000 - $6,549,999 $4,550,000 - $5,549,999 $3,550,000 - $4,549,999 $3,050,000 - $3,549,999 $2,550,000 - $3,049,999 $2,050,000 - $2,549,999 $1,800,000 - $2,049,999 $1,550,000 - $1,799,999 $1,300,000 - $1,549,999 $1,200,000 - $1,299,999 $1,100,000 - $1,199,999 $1,000,000 - $1,099,999 $900,000 - $999,999 $850,000 - $899,999 Inventory Sales
Square Feet3 -RangePrice -Median SoldBeds -Median SoldBaths -Median SoldSold -TotalInventory -TotalSales Ratio -Sold/Inventory0 - 999 $1,700,000 1 1 1 9 11% 1,000 - 1,499 $1,115,000 2 2 8 55 15% 1,500 - 1,999 $2,194,117 2 3 8 66 12% 2,000 - 2,499 $2,810,375 2 3 8 43 19% 2,500 - 2,999 $2,200,000 3 4 3 21 14% 3,000+ $3,944,150 3 4 11 40 28%
INVENTORY
Luxury Benchmark Price 1: $850,000 Balanced Market 234 Total Inventory: 39 Total Sales: 17% Total Sales Ratio2: 1 The luxury threshold price is set by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's < 14.5%; Balanced >= 14.5 to < 20.5%; Seller's >= 20.5% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory.
LUXURY
VS. SALES | JULY 2023
PALM BEACH TOWNS ATTACHED HOMES
13 - MONTH LUXURY MARKET TREND 4
MEDIAN DATA REVIEW | JULY
$1.78m $2.51m
SALE PRICE PER SQFT.
VARIANCE: 52 % $840 $1,275
SALE TO LIST PRICE RATIO
VARIANCE: 6 % 94.19% 100.00%
DAYS ON MARKET
VARIANCE: - 61 % 38 15
PALM BEACH TOWNS MARKET SUMMARY | JULY 2023
• The Palm Beach Towns attached luxury market is a Balanced Market with a 17% Sales Ratio.
• Homes sold for a median of 100.00% of list price in July 2023.
• The most active price band is $3,550,000-$4,549,999, where the sales ratio is 56%
• The median luxury sales price for attached homes is $2,506,000.
• The median days on market for July 2023 was 15 days, down from 38 in July 2022.
3Square foot table does not account for listings and solds where square foot data is not disclosed. 4Data reported includes Active and Sold properties and does not include Pending properties.
181 181 224 241 284 295 319 316 293 290 271 234 234 21 32 24 13 24 23 22 28 58 55 38 76 39 $1,775,000 $1,525,500 $1,650,000 $1,950,000 $1,537,500 $1,750,000 $1,375,000 $1,650,000 $2,050,000 $1,525,000 $1,938,814 $2,171,906 $2,506,000 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Solds Sale Price Inventory
VARIANCE:
% 181
VARIANCE: 86 %
39 VARIANCE:
%
SALES
29
234
21
41
PRICE
Jul. 2022 Jul. 2023 Jul. 2022 Jul. 2023 Jul. 2022 Jul. 2023 Jul. 2022 Jul. 2023 Jul. 2022 Jul. 2023 Jul. 2022 Jul. 2023
TOTAL
TOTAL SOLDS
INVENTORY