Significant Waterfront Georgian Estate | $28,000,000 | palmbeachgeorgian.com
Palm Beach Market Update First Quarter 2017 PALM BEACH BROKERAGE 340 Royal Poinciana Way Palm Beach, FL 33480 +1.561.659.3555 DEBRA REECE, Brokerage Manager sothebyshomes.com/palmbeach
A MESSAGE FROM OUR MANAGER: Debra Reece We invite you to review a summary of sales activity in the Palm Beach area during the first quarter of 2017. The Palm Beach Multiple Listing Service reports the following statistics for this quarter, which are compared here with statistics for the same period of 2016: In-town condominiums represented the strongest sector of the Palm Beach real estate market during the first quarter of 2017. Total dollar volume in this market sector increased an impressive 199% year over year from $20.4M to $61.1M. Similarly, the total number of condominiums sold increased 85% from 20 to 37. The average sale price for an in-town condominium was 62% higher in year-over-year comparison, rising to $1,652,152. In the South End condominium market, the total dollar volume and total number of condominiums sold declined by 7% and 3% respectively, and the median sale price was 28% lower than in the same quarter of 2016. In Palm Beach’s single-family home market, the total number of homes sold was down 16% in a year-over-year comparison and the median sale price was 17% lower. Total dollar volume declined 26% from the first quarter of 2016, although remained higher than the same period of 2015.
SIGNIFICANT SALES | Q1 2017
101 INDIAN ROAD | $49,00,000
1255 N. OCEAN BLVD | $15,750,000
222 RIDGEVIEW DRIVE | $4,200,000
358 HIBISICUS AVENUE | $3,337,500
All data within this document is pulled from the Palm Beach Board of Realtors Multiple Listings Service. Information is believed to be true; no guaranty of accuracy is made. Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks used with permission. Operated by Sotheby’s International Realty, Inc. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully. Real estate agents affiliated with Sotheby’s International Realty, Inc. are independent contractor sales associates and are not employees of Sotheby’s International Realty, Inc.
MEDIAN SALE PRICE | TOTAL SFH SOLD | Q1 35
$9,000,000 $8,000,000
30
$7,000,000
25
$6,000,000
PALM BEACH
$5,000,000
20
$4,000,000
15
SINGLE FAMILY HOMES
$3,000,000
In the heart of Palm Beach, Midtown has a signature
$2,000,000
blend of metropolitan sophistication, barrier island
$1,000,000 $-
beauty, and gracious small-town charm. Stretching
Number Sold Average Sale Price Median Sale Price
10 5 2013
2014
2015
2016
0
2017
from Wells Road to Sloans Curve.
2013
2014
2015
2016
2017
% CHANGE VS PY
235
195
173
207
244
18%
NUMBER SOLD
33
30
28
25
21
-16%
SOLD VOLUME
$135,827,156
$193,502,776
$130,996,785
$195,237,500
$144,666,375
-26%
$4,115,974
$6,450,093
$4,678,457
$7,809,500
$6,888,875
-12%
$2,800,000
$3,100,000
$4,275,000
$5,085,000
$4,200,000
-17%
310
222
248
135
245
81%
SINGLE FAMILY HOMES | Q1 ACTIVE LISTINGS
AVERAGE SALE PRICE MEDIAN SALE PRICE DOM
MEDIAN SALE PRICE | TOTAL CONDOMINIUMS SOLD | Q1
$1,800,000
40
$1,600,000
35
$1,400,000
30
$1,200,000
25
$1,000,000
PALM BEACH - IN TOWN Offering a gracious lifestyle of relaxed sophistication,
$400,000
10
$200,000
5
$-
glorious beaches, cultural events at the historic Flagler Museum and Society of the Four Arts and the
Average Sale Price
15
$600,000
CONDOMINIUMS
Number Sold
20
$800,000
2013
2014
2015
2016
2017
Median Sale Price
0
magnificent Breakers Resort.
2013
2014
2015
2016
2017
% CHANGE VS PY
ACTIVE LISTINGS
222
196
201
159
182
14%
NUMBER SOLD
20
30
33
20
37
85%
SOLD VOLUME
$16,964,120
$34,099,800
$46,589,000
$20,442,500
$61,129,634
199%
AVERAGE SALE PRICE
$848,206
$1,136,660
$1,411,787
$1,022,125
$1,652,152
62%
MEDIAN SALE PRICE
$637,500
$787,500
$900,000
$807,500
$825,000
2%
229
219
180
170
182
7%
CONDOMINIUMS | Q1
DOM
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MEDIAN SALE PRICE | TOTAL SFH SOLD | Q1
MANALAPAN
$30,000,000
6
$25,000,000
5
$20,000,000
4
$15,000,000
3
$10,000,000
2
$5,000,000
1
Number Sold
SINGLE FAMILY HOMES Just south of Palm Beach on the barrier island, Manalapan is a small oceanfront community offering an unsurpassed quality of life in serene Old Florida
$-
beauty. The town was incorporated in 1931 by Harold Stirling Vanderbilt.
2013
2014
2015
2016
Median Sale Price Average Sale Price
0
2017
2013
2014
2015
2016
2017
% CHANGE VS PY
35
22
24
17
23
35%
NUMBER SOLD
5
4
4
0
3
N/A
SOLD VOLUME
$30,062,100
$18,951,470
$30,648,226
$-
$69,150,000
N/A
AVERAGE SALE PRICE
$6,012,420
$4,737,868
$7,662,056
$-
$23,050,000
N/A
MEDIAN SALE PRICE
$1,482,100
$2,750,000
$3,957,813
$-
$28,000,000
N/A
201
185
223
0
248
N/A
SINGLE FAMILY HOMES | Q1 ACTIVE LISTINGS
DOM
MEDIAN SALE PRICE | TOTAL CONDOMINIUMS SOLD | Q1
$800,000
70
$700,000
60
$600,000
50
$500,000
SOUTH END
$400,000 $300,000
CONDOMINIUMS
$200,000
South of Sloanes Curve is an area known for its
$-
spacious floor-plans and numerous amenities
Number Sold
30
Average Sale Price
20
Median Sale Price
10
$100,000
beautiful condominiums in newer buildings providing
40
2013
2014
2015
2016
2017
0
including pools, tennis courts, fitness centers and the par 3 Raymond Floyd Golf Course. 2013
2014
2015
2016
2017
% CHANGE VS PY
443
396
350
295
291
-1%
NUMBER SOLD
45
49
66
39
38
-3%
SOLD VOLUME
$14,865,262
$24,544,000
$48,800,450
$27,691,500
$25,751,865
-7%
AVERAGE SALE PRICE
$330,339
$500,897
$739,400
$710,038
$677,680
-5%
MEDIAN SALE PRICE
$232,500
$245,000
$367,500
$525,000
$377,500
-28%
177
201
167
151
167
11%
CONDOMINIUMS | Q1 ACTIVE LISTINGS
DOM
MEDIAN SALE PRICE | TOTAL SFH SOLD | Q1 $1,200,000
50 45
$1,000,000
40 35
$800,000
WEST PALM BEACH
30
SINGLE FAMILY HOMES the city of West Palm Beach has recently experienced
$-
redevelopment of the downtown waterfront.
Median Sale Price
15 10
$200,000
a dynamic renaissance centered on the $30-million
Average Sale Price
20
$400,000
On the western shore of the Intracoastal Waterway,
Number Sold
25
$600,000
5 2013
2014
2015
2016
2017
0
2013
2014
2015
2016
2017
% CHANGE VS PY
ACTIVE LISTINGS
197
217
231
228
240
5%
NUMBER SOLD
40
36
37
35
46
31%
SOLD VOLUME
$26,146,512
$34,812,025
$26,576,625
$30,310,750
$40,377,570
33%
AVERAGE SALE PRICE
$653,663
$967,001
$718,287
$866,021
$877,773
1%
MEDIAN SALE PRICE
$500,000
$715,000
$392,500
$429,000
$535,000
25%
153
169
137
113
152
35%
SINGLE FAMILY HOMES | Q1
DOM
MEDIAN SALE PRICE | TOTAL CONDOMINIUMS SOLD | Q1 $1,200,000
50 45
$1,000,000
40 35
$800,000
WEST PALM BEACH
30
CONDOMINIUMS
an amphitheater and beautiful tropical gardens
$-
in addition to three piers and a promenade that
Median Sale Price
15 10
$200,000
the city’s new world-class waterfront park features
Average Sale Price
20
$400,000
Along Flagler Drive at the foot of Clematis Street,
Number Sold
25
$600,000
5 2013
2014
2015
2016
2017
0
extends a mile along the waterfront. 2013
2014
2015
2016
2017
% CHANGE VS PY
ACTIVE LISTINGS
171
193
207
223
254
14%
NUMBER SOLD
30
27
31
28
34
21%
SOLD VOLUME
$14,401,766
$11,703,000
$22,948,800
$16,214,763
$31,359,532
93%
AVERAGE SALE PRICE
$480,058
$433,444
$740,283
$579,098
$922,339
59%
MEDIAN SALE PRICE
$316,000
$315,000
$523,000
$412,000
$665,000
61%
226
178
145
182
182
0%
CONDOMINIUMS | Q1
DOM
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Palm Beach Life Style
On the barrier island between the Atlantic Ocean and Intracoastal Waterway, Palm Beach has a rare beauty, legendary character, and rich heritage that make it one of the most sought-after communities in the world. Home to Palm Beach landmarks including The Breakers, The Society of the Four Arts, the Flagler Museum and iconic Worth Avenue. Palm Beach offers a signature blend of metropolitan sophistication, beauty and gracious small-town charm.
JEAN-MICHEL BASQUIAT In the Wings, 1986 To be sold in the Contemporary Art Evening Sale New York 18 May 2016
New York Spring Sales 2017
Art of Africa, Oceania, and the Americas Auction 15 May Impressionist & Modern Art Evening Sale Auction 16 May Impressionist & Modern Art Day Sale Auction 17 May Contemporary Art Evening Sale Auction 18 May Contemporary Art Day Sale Auction 19 May Finest and Rarest Wines Auction 20 May American Art Auction 23 May Latin American Modern & Contemporary Art Evening Sale Auction 25 May
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