PALM BEACH TOWNS LUXURY MARKET REPORT

THE BEACH TOWNS OF PALM BEACH COUNTY F LO R I D A –August 2019–

www.LuxuryHomeMarketing.com

PALM BEACH TOWNS

SINGLE - FAMILY HOMES

LUXURY INVENTORY VS. SALES | JULY 2019 Inventory

Sales

Luxury Benchmark Price 1: $780,000 $7,300,000+ $6,300,000 - $7,299,999

16

1

$5,300,000 - $6,299,999

31

0

36

2

$1,300,000 - $1,799,999

$1,000,000 - $1,099,999 $900,000 - $999,999 $780,000 - $899,999

1

31

3

$1,800,000 - $2,299,999

$1,100,000 - $1,199,999

Total Sales Ratio2: 9% 26

1

$2,300,000 - $2,799,999

$1,200,000 - $1,299,999

Buyer's Market

15

2

$3,300,000 - $3,799,999

Total Sales: 32

22

2

$3,800,000 - $4,299,999

Total Inventory: 369 23

3

$4,300,000 - $5,299,999

$2,800,000 - $3,299,999

80

6

28

5

7

0

11

0 3

0 2

5

35

5

Square Feet3

Price

Beds

Baths

Sold

Inventory

Sales Ratio

-Range-

-Median Sold-

-Median Sold-

-Median Sold-

-Total-

-Total-

-Sold/Inventory-

0 - 1,999

NA

NA

NA

0

8

0%

2,000 - 3,499

$2,000,000

3

3

6

68

9%

3,500 - 4,999

$1,400,000

4

4

11

107

10%

5,000 - 6,499

$2,400,000

4

6

5

69

7%

6,500 - 7,999

$1,760,000

4

5

1

40

3%

8,000+

$12,651,208

5

9

9

70

13%

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.

PALM BEACH TOWNS

SINGLE - FAMILY HOMES

13 - MONTH LUXURY MARKET TREND 4 Median Sales Price

Inventory $3,040,000

$2,700,000

$1,265,000

475

471

Jul-18

39

30

Aug-18

Sep-18

25 Oct-18

473

457

407

401

375

17

16

Nov-18

Dec-18

$2,476,000

$2,187,500

$2,662,500

$2,743,975

$1,612,250

$1,432,500

$1,140,000

339

23

$2,229,962

$2,200,000

$1,900,000

Solds

21 Jan-19

469

445

407

392

18

33

38

44

Feb-19

Mar-19

Apr-19

May-19

369

32

Jun-19

32

Jul-19

MEDIAN DATA INVENTORY June

July

392

369 VARIANCE: -6 %

SALE PRICE PER SQFT. June

July

424

529 VARIANCE: 25 %

$

$

SOLDS June

SALES PRICE July

32

32 VARIANCE: 0 %

SALE TO LIST PRICE RATIO June

July

90.52% 90.31% VARIANCE: 0 %

June

2.66m

$

July

2.74m VARIANCE: 3 % $

DAYS ON MARKET June

July

144

131 VARIANCE: -9 %

PALM BEACH TOWNS MARKET SUMMARY | JULY 2019 • The Palm Beach Towns single-family luxury market is a Buyer's Market with a 9% Sales Ratio.

• Homes sold for a median of 90.31% of list price in July 2019.

• The most active price band is $900,000-$999,999, where the sales ratio is 40%.

• The median luxury sales price for single-family homes has increased to $2,743,975.

• The median days on market for July 2019 was 131 days, down from 144 in June 2019.

Square foot table does not account for listings and solds where square foot data is not disclosed.

4 Data reported includes Active and Sold properties and does not include Pending properties.

3

PALM BEACH TOWNS

ATTACHED HOMES

LUXURY INVENTORY VS. SALES | JULY 2019 Inventory

Sales

Luxury Benchmark Price 1: $720,000 $5,000,000+ $4,500,000 - $4,999,999 $4,000,000 - $4,499,999

8

Total Sales Ratio2: 10%

15 9

0

10

1 7

2

$1,750,000 - $1,999,999

27

2

$1,500,000 - $1,749,999

29

1

$1,250,000 - $1,499,999

34

3

$1,000,000 - $1,249,999

1

Buyer's Market

13

1

$2,000,000 - $2,249,999

$720,000 - $799,999

Total Sales: 31

1

$2,250,000 - $2,499,999

$800,000 - $899,999

Total Inventory: 300

0

$3,000,000 - $3,499,999

$900,000 - $999,999

6

1

$3,500,000 - $3,999,999

$2,500,000 - $2,999,999

19

8

30

3 20

0

36

3

37

5

Square Feet3

Price

Beds

Baths

Sold

Inventory

Sales Ratio

-Range-

-Median Sold-

-Median Sold-

-Median Sold-

-Total-

-Total-

-Sold/Inventory-

0 - 1,999

$1,223,500

2

3

8

71

11%

2,000 - 2,999

$1,200,000

2

3

11

125

9%

3,000 - 3,999

$2,450,000

3

4

1

49

2%

4,000 - 4,999

$5,205,360

3

4

7

23

30%

5,000 - 5,999

$7,498,000

3

5

1

10

10%

6,000+

$9,001,296

4

6

2

16

13%

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.

PALM BEACH TOWNS

ATTACHED HOMES

13 - MONTH LUXURY MARKET TREND 4 Sale Price

Inventory

Solds $1,850,000

$1,675,000 $1,441,500

$1,325,000 $1,111,500

$1,044,130

282

15

Jul-18

$1,000,000

368

343

329

277

$1,500,000

$1,250,000 $994,863

$955,000

407

419

$1,075,000

413

375

353

$1,155,000

323

300

228 23

13

Aug-18

Sep-18

20 Oct-18

23

15

Nov-18

Dec-18

14

Jan-19

29

32

44

34

Feb-19

Mar-19

Apr-19

May-19

36 Jun-19

31

Jul-19

MEDIAN DATA INVENTORY June

July

323

SOLDS June

SALES PRICE July

300 VARIANCE: -7 %

31 VARIANCE: -14 %

SALE PRICE PER SQFT.

SALE TO LIST PRICE RATIO

June

July

587

773 VARIANCE: 32 %

$

$

36

June

June

1.16m

$

1.85m VARIANCE: 60 % $

DAYS ON MARKET

July

92.98% 92.23% VARIANCE: -1 %

July

June

July

120

82 VARIANCE: -32 %

PALM BEACH TOWNS MARKET SUMMARY | JULY 2019 • The Palm Beach Towns attached luxury market is a Buyer's Market with a 10% Sales Ratio.

• Homes sold for a median of 92.23% of list price in July 2019.

• The most active price band is $5,000,000+, where the sales ratio is 42%.

• The median luxury sales price for attached homes has increased to $1,850,000.

• The median days on market for July 2019 was 82 days, down from 120 in June 2019.

Square foot table does not account for listings and solds where square foot data is not disclosed.

4 Data reported includes Active and Sold properties and does not include Pending properties.

3