Elegant Estate Section Jewel | $17,500,000 | Web: 0076985
Palm Beach Market Update Third 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 are pleased to provide you with a summary of sales activity in the Palm Beach area during the third quarter of 2016. The Palm Beach Board of Realtors Multiple Listing Service reports the following statistics for this quarter, in comparison with the third quarter of 2015: sales activity of single-family homes in Palm Beach held steady during the third quarter of 2016, with the same number of homes sold as the corresponding period of 2015. While the median sale price also held steady, total dollar volume posted an impressive 20% gain over the previous year reflecting an increase in sales activity at higher price points. Both inventory and average days on the market have increased 13% and 31%, respectively. Sales of single-family homes in Palm Beach showed greater strength than those of condominiums during this quarter. Total dollar volume decreased in both In Town and South End condominiums. However, condominium sales in the South End enjoyed a significant median sales price increase of 73%, from $274,500 to $475,000. Overall, the market remains healthy with reasonable inventory levels presenting buyers with a number of interesting options from which to choose. We are looking forward to another beautiful season in Palm Beach and welcome any inquiries or questions you may have.
SIGNIFICANT SALES | Q3 2016
PARC REGENT | Listed $4,950,000
RENOVATED BERMUDA HOME | Listed $4,700,000
PALM BEACH BLISS | Listed $4,250,000
BEAUTIFUL BAHAMA LANE | Listed $3,995,000
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 | Q3 $7,000,000
35
$6,000,000
30
$5,000,000
25
$4,000,000
20
PALM BEACH
$3,000,000
15
SINGLE FAMILY HOMES
$2,000,000
10
$1,000,000
5
In the heart of Palm Beach, Midtown has a signature blend of metropolitan sophistication, barrier island
$-
beauty, and gracious small-town charm. Stretching
2012
2013
2014
2015
Number Sold Average Sale Price Median Sale Price
0
2016
from Wells Road to Sloans Curve.
2012
2013
2014
2015
2016
% CHANGE VS PY
ACTIVE LISTINGS
214
159
138
152
171
13%
NUMBER SOLD
23
33
28
22
22
0%
SOLD VOLUME
$80,719,290
$123,711,350
$176,760,491
$114,907,496
$138,065,567
20%
AVERAGE SALE PRICE
$3,509,534
$3,748,829
$6,312,875
$5,223,068
$6,275,708
20%
MEDIAN SALE PRICE
$2,600,000
$2,210,000
$4,150,000
$4,185,000
$4,175,000
0%
231
287
245
224
293
31%
SINGLE FAMILY HOMES | Q3
DOM
MEDIAN SALE PRICE | TOTAL CONDOMINIUMS SOLD | Q3
$1,400,000
35
$1,200,000
30
$1,000,000
25
$800,000
20
Number Sold
PALM BEACH - IN TOWN
$600,000
15
Average Sale Price
CONDOMINIUMS
$400,000
10
Median Sale Price
Offering a gracious lifestyle of relaxed sophistication,
$200,000
5
$-
glorious beaches, cultural events at the historic Flagler Museum and Society of the Four Arts and the
2012
2013
2014
2015
2016
0
magnificent Breakers Resort.
2012
2013
2014
2015
2016
% CHANGE VS PY
229
163
152
128
138
8%
NUMBER SOLD
24
21
29
25
15
-40%
SOLD VOLUME
$22,483,007
$22,160,500
$32,683,300
$32,588,000
$15,726,500
-52%
AVERAGE SALE PRICE
$936,791
$1,055,261
$1,127,010
$1,303,520
$1,048,433
-20%
MEDIAN SALE PRICE
$523,750
$650,000
$633,075
$890,000
$780,000
-12%
222
220
222
225
198
-12%
CONDOMINIUMS | Q3 ACTIVE LISTINGS
DOM
sothebyshomes.com/palmbeach
MEDIAN SALE PRICE | TOTAL SFH SOLD | Q3
$16,000,000
6
$14,000,000
5
$12,000,000 4
$10,000,000
MANALAPAN
Number Sold
$8,000,000
SINGLE FAMILY HOMES
3
$6,000,000
Just south of Palm Beach on the barrier island,
2
Median Sale Price Average Sale Price
$4,000,000
Manalapan is a small oceanfront community offering
1
$2,000,000
an unsurpassed quality of life in serene Old Florida
$-
beauty. The town was incorporated in 1931 by Harold Stirling Vanderbilt.
2012
2013
2014
2015
0
2016
2012
2013
2014
2015
2016
% CHANGE VS PY
30
23
26
12
17
42%
NUMBER SOLD
1
2
5
3
2
-33%
SOLD VOLUME
$6,000,000
$6,564,000
$14,156,000
$43,085,000
$28,400,000
-34%
AVERAGE SALE PRICE
$6,000,000
$3,282,000
$2,831,200
$14,361,667
$14,200,000
-1%
MEDIAN SALE PRICE
$6,000,000
$3,282,000
$1,940,000
$5,900,000
$14,200,000
141%
124
177
242
310
230
-26%
SINGLE FAMILY HOMES | Q3 ACTIVE LISTINGS
DOM
MEDIAN SALE PRICE | TOTAL CONDOMINIUMS SOLD | Q3 60
$800,000 $700,000
50
$600,000
40
$500,000
30
$400,000
SOUTH END
$300,000
20
$200,000
CONDOMINIUMS
$-
beautiful condominiums in newer buildings providing
Average Sale Price Median Sale Price
10
$100,000
South of Sloanes Curve is an area known for its
Number Sold
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
376
367
281
249
217
-13%
NUMBER SOLD
37
52
31
44
35
-20%
SOLD VOLUME
$14,616,150
$21,615,000
$20,786,375
$26,018,500
$20,787,800
-20%
AVERAGE SALE PRICE
$395,031
$415,673
$670,528
$591,329
$593,937
0%
MEDIAN SALE PRICE
$263,500
$367,500
$330,000
$274,500
$475,000
73%
201
213
166
203
185
-9%
CONDOMINIUMS | Q3 ACTIVE LISTINGS
DOM
ACTIVE LISTINGS | TOTAL SFH SOLD | Q3 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,
20
$200,000
the city of West Palm Beach has recently experienced
$-
redevelopment of the downtown waterfront.
Median Sale Price
10
$100,000
a dynamic renaissance centered on the $30-million
Average Sale Price
2012
2013
2014
2015
2016
0
2012
2013
2014
2015
2016
% CHANGE VS PY
ACTIVE LISTINGS
193
187
214
180
214
19%
NUMBER SOLD
29
35
48
44
46
5%
SOLD VOLUME
$13,641,450
$23,191,900
$37,465,275
$31,856,066
$28,503,000
-11%
AVERAGE SALE PRICE
$470,395
$662,626
$780,527
$724,002
$619,630
-14%
MEDIAN SALE PRICE
$345,000
$410,000
$512,500
$462,000
$392,500
-15%
148
173
177
149
166
11%
SINGLE FAMILY HOMES | Q3
DOM
MEDIAN SALE PRICE | TOTAL CONDOMINIUMS SOLD | Q3 $800,000
35
$700,000
30
$600,000
25
$500,000 $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
20
Number Sold
15
Average Sale Price
10
Median Sale Price
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
164
142
153
184
202
10%
NUMBER SOLD
17
30
19
28
29
4%
SOLD VOLUME
$10,480,247
$19,505,968
$13,502,500
$14,633,400
$13,506,000
-8%
AVERAGE SALE PRICE
$616,485
$650,198
$710,657
$522,621
$465,724
-11%
MEDIAN SALE PRICE
$400,000
$542,984
$450,000
$430,000
$345,000
-20%
288
255
193
162
183
13%
CONDOMINIUMS | Q3 ACTIVE LISTINGS
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.
The Personal Art Collection of David Bowie Auctions in London 10 & 11 November 2016, Viewing 1 – 10 November Enquiries +44 (0)20 7293 5519 bowie@sothebys.com 34–35 New Bond Street, London W1A 2AA sothebys.com/BowieCollector
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