Palm Beach Market Update | Q3 2016

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

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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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ON THE MARKET

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METROPOLITAN MARKETS GREENWICH, CT | Web: 0068155 | $5,250,000 NEW YORK, NY | Web: 00111133 | $4,500,000 SAN FRANCISCO, CA | Web: 0088167 | $4,995,000 RESORT MARKETS MALIBU, CA | Web: 1300180 | $4,495,000 PALM BEACH, FL | Web: 0076898 | $4,985,000 NAPA VALLEY, CA | Web: 0244147 | $4,250,000 FOREIGN MARKETS SOUTH AFRICA | Web: LDKL3H | R 77 000 000 ZAR CHINA | Web: JVEBHK | ¥31,200,000 CNY ST. BARTHELEMY | Web: GKBQQ6 | 5.300.000 € EUR sothebysrealty.com