Significant Waterfront Georgian Estate | $28,000,000 | Web: 0076953
Palm Beach Market Update Second Quarter 2016 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 second quarter of 2016. The Palm Beach Multiple Listing Service reports the following statistics for this quarter, in comparison with the second quarter of 2015: Total dollar volume of single-family home sales in Palm Beach rose an impressive 37% during this quarter, correlating with a 29% increase in the median sale price and a 37% increase in the average sale price. These price increases offset the fact that the total number of homes sold remained unchanged in comparison with the previous year’s second quarter. While the inventory of single-family homes increased by 12%, the average number of days on the market shortened slightly, at 5%, down to 261 days. Single-family home sales outperformed those of condominiums in Palm Beach, both in town and in the south end. The total number of in-town condominiums sold was down by 44%, and total dollar volume was 38% lower. In the south end, the total number of units sold was down by 25% and total dollar volume was 29% lower, although the median sale price was up by 10%.
SIGNIFICANT SALES | Q2 2016
KAWAMA LANE | Listed $7,500,000
RENOVATED INCOME PRODUCING PROPERTY | Listed $5,900,000
BREATHTAKING VIEWS - ONE WATERMARK | Listed $3,995,000
WEST PALM BEACH WATERFRONT | Listed $3,000,000
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.
DAYS ON MARKET | TOTAL SFH SOLD | Q2 $8,000,000
70
$7,000,000
60
$6,000,000
50
$5,000,000
PALM BEACH
10
$1,000,000
blend of metropolitan sophistication, barrier island
$-
beauty, and gracious small-town charm. Stretching
Median Sale Price
20
$2,000,000
In the heart of Palm Beach, Midtown has a signature
Average Sale Price
30
$3,000,000
SINGLE FAMILY HOMES
Number Sold
40
$4,000,000
2012
2013
2014
2015
0
2016
from Wells Road to Sloans Curve.
2012
2013
2014
2015
2016
% CHANGE VS PY
ACTIVE LISTINGS
271
212
182
174
195
12%
NUMBER SOLD
39
63
49
33
33
0%
SOLD VOLUME
$125,853,239
$273,633,400
$272,706,234
$167,811,175
$230,523,958
37%
AVERAGE SALE PRICE
$3,227,006
$4,343,387
$5,565,433
$5,085,187
$6,985,574
37%
MEDIAN SALE PRICE
$2,100,000
$2,400,000
$3,275,000
$3,495,000
$4,500,000
29%
250
277
186
275
261
-5%
SINGLE FAMILY HOMES | Q2
DOM
MEDIAN SALE PRICE | TOTAL CONDOMINIUMS SOLD | Q2
$1,600,000
70
$1,400,000
60
$1,200,000
50
$1,000,000
PALM BEACH - IN TOWN
$800,000
CONDOMINIUMS
$400,000
$600,000
Offering a gracious lifestyle of relaxed sophistication, glorious beaches, cultural events at the historic Flagler Museum and Society of the Four Arts and the
Number Sold
30
Average Sale Price
20
Median Sale Price
10
$200,000 $-
40
2012
2013
2014
2015
2016
0
magnificent Breakers Resort.
2012
2013
2014
2015
2016
% CHANGE VS PY
ACTIVE LISTINGS
273
214
180
160
153
-4%
NUMBER SOLD
43
49
42
61
34
-44%
SOLD VOLUME
$46,604,000
$63,289,675
$57,384,810
$80,546,181
$49,866,439
-38%
AVERAGE SALE PRICE
$1,083,813
$1,291,626
$1,366,305
$1,320,429
$1,466,659
11%
MEDIAN SALE PRICE
$810,000
$805,000
$1,025,000
$1,705,000
$840,000
-22%
223
246
262
195
174
-11%
CONDOMINIUMS | Q2
DOM
sothebyshomes.com/palmbeach
MEDIAN SALE PRICE | TOTAL SFH SOLD | Q2 6
$10,000,000 $9,000,000
5
$8,000,000 $7,000,000
4
$6,000,000
MANALAPAN
Number Sold
$5,000,000
3
$4,000,000
SINGLE FAMILY HOMES
2
$3,000,000
Just south of Palm Beach on the barrier island,
$2,000,000
Manalapan is a small oceanfront community offering
$-
beauty. The town was incorporated in 1931 by Harold
Average Sale Price
1
$1,000,000
an unsurpassed quality of life in serene Old Florida
Median Sale Price
2012
2013
2014
2015
0
2016
Stirling Vanderbilt. 2012
2013
2014
2015
2016
% CHANGE VS PY
35
29
25
21
19
-10%
NUMBER SOLD
1
4
3
5
0
-100%
SOLD VOLUME
$1,600,000
$13,085,000
$26,846,000
$33,445,000
$0
N/A
AVERAGE SALE PRICE
$1,600,000
$3,271,250
$8,954,667
$6,689,000
$0
N/A
MEDIAN SALE PRICE
$1,600,000
$2,050,000
$7,914,000
$3,000,000
$0
N/A
620
361
336
243
0
N/A
SINGLE FAMILY HOMES | Q2 ACTIVE LISTINGS
DOM
MEDIAN SALE PRICE | TOTAL CONDOMINIUMS SOLD | Q2 $700,000
90
$600,000
80 70
$500,000
SOUTH END
60 50
$300,000
40
Average Sale Price
30
Median Sale Price
$200,000
CONDOMINIUMS
20
$100,000
South of Sloanes Curve is an area known for its
Number Sold
$400,000
$-
beautiful condominiums in newer buildings providing
10 2012
2013
2014
2015
2016
0
spacious floor-plans and numerous amenities including pools, tennis courts, fitness centers and the par 3 Raymond Floyd Golf Course. 2012
2013
2014
2015
2016
% CHANGE VS PY
453
439
353
290
271
-7%
NUMBER SOLD
75
85
75
83
62
-25%
SOLD VOLUME
$33,993,000
$48,314,950
$39,007,100
$53,048,883
$37,577,250
-29%
AVERAGE SALE PRICE
$453,240
$568,411
$520,094
$639,143
$606,084
-5%
MEDIAN SALE PRICE
$325,000
$407,500
$350,000
$456,000
$502,000
10%
203
203
216
190
183
-4%
CONDOMINIUMS | Q2 ACTIVE LISTINGS
DOM
ACTIVE LISTINGS | TOTAL SFH SOLD | Q2 60
$900,000 $800,000
50
$700,000 $600,000
40 Number Sold
$500,000
WEST PALM BEACH
30
$400,000
SINGLE FAMILY HOMES
$300,000
On the western shore of the Intracoastal Waterway,
$200,000
the city of West Palm Beach has recently experienced
$100,000
a dynamic renaissance centered on the $30-million
$-
redevelopment of the downtown waterfront.
20
Average Sale Price Median Sale Price
10
2012
2013
2014
2015
2016
0
2012
2013
2014
2015
2016
% CHANGE VS PY
203
198
217
218
235
8%
NUMBER SOLD
38
56
44
44
37
-16%
SOLD VOLUME
$16,815,050
$28,323,500
$33,512,250
$34,284,492
$30,952,110
-10%
AVERAGE SALE PRICE
$442,501
$505,777
$761,642
$779,193
$836,544
7%
MEDIAN SALE PRICE
$323,500
$402,500
$557,000
$500,000
$453,000
-9%
158
145
205
162
162
0%
SINGLE FAMILY HOMES | Q2 ACTIVE LISTINGS
DOM
MEDIAN SALE PRICE | TOTAL CONDOMINIUMS SOLD | Q2 $800,000
45
$700,000
40
$600,000
35 30
$500,000
25
$400,000
WEST PALM BEACH
$300,000
CONDOMINIUMS
$200,000
Along Flagler Drive at the foot of Clematis Street,
$100,000 $-
the city’s new world-class waterfront park features an amphitheater and beautiful tropical gardens
Number Sold
20
Average Sale Price
15
Median Sale Price
10 5 2012
2013
2014
2015
2016
0
in addition to three piers and a promenade that extends a mile along the waterfront. 2012
2013
2014
2015
2016
% CHANGE VS PY
ACTIVE LISTINGS
186
163
187
196
201
3%
NUMBER SOLD
24
42
36
41
29
-29%
SOLD VOLUME
$12,784,429
$19,210,510
$22,770,750
$25,058,012
$21,513,275
-14%
AVERAGE SALE PRICE
$532684
$457,393
$632,520
$611,171
$741,837
21%
MEDIAN SALE PRICE
$422,500
$327,500
$407,500
$460,000
$462,000
0%
284
243
161
199
187
-6%
CONDOMINIUMS | Q2
DOM
sothebyshomes.com/palmbeach
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
AUCTION CALENDAR JUL | AUG | SEPT 2016
Old Master and British Works on Paper Including drawings from the Oppé Collection London 05-06 July Celebration of the English Watch Part II: John Harrison’s Enduring Discovery London 07 July Victorian, Pre-Raphaelite & British Impressionist Art London 14 July Contemporary Living New York 28 July RM Sotheby’s: Motor City Michigan 30 July
We invite you to explore our real estate listings at sothebyshomes.com and view the worldwide auction schedule at sothebys.com Enquiries +1 212 606 7000. Sotheby’s 72 & York Register now at sothebys.com SOTHEBY’S, INC. LICENSE NO. 1216058. © SOTHEBY’S, INC. 2016
RM Sotheby’s: Monterey Monterey 19 August A Unique Crystal Magnum Decanter of Special Louis XIII Cognac Engraved with a Map of the Americas & Finest & Rarest Wines New York 09-10 September Asia Week New York 13-17 September Important Jewels New York 22 September Contemporary Curated New York 29 September
CRYSTAL MAGNUM DECANTER OF UNIQUE LOUIS XIII COGNAC AMERICAS EDITION Estimate $100,000+ New York 10 September An Asia and Europe edition were also commissioned and will be offered in Hong Kong on 1 October and in London on 16 November, respectively
ON THE MARKET
left to right from top to bottom:
METROPOLITAN MARKETS NEW YORK, NY | Web: 00110466 | $3,999,000 SAN FRANCISCO, CA | Web: 0088050 | $3,595,000 LOS ANGELES, CA | Web: 0027432 | $3,295,000 RESORT MARKETS SOUTHAMPTON, NY | Web: 0057018 | $3,595,000 SANTA BARBARA, CA | Web: 0593031 | $3,495,000 PALM BEACH | Web: 0076791 | $3,120,000 FOREIGN MARKETS ITALY | Web: G8QJ7C | $3,894,948 FRANCE | Web: BR6KFJ | $3,883,819 ENGLAND | Web: HTTEJ6 | $3,852,285 sothebysrealty.com