Palm Beach Market Update | Q4 2016

Via Linda Estate | $3,990,000 | Web: 0077116

Palm Beach Market Update Fourth 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 fourth quarter of 2016. The Palm Beach Multiple Listing Service reports the following statistics for this quarter, and we show a comparison to their statistics for fourth quarter of 2015: During the last quarter of 2016, the median sale price of In-Town Palm Beach condominiums increased 58% from $713K in Q4 2015 to $1.13M in Q4 2016. Similarly, median sale price increased 14% in the South End, although the condominium market posted declines in the total number sold and total dollar volume.

After rising for the past two years, the median sale price for single-family homes in Palm Beach was 45% lower during this quarter from $5.4M to $3M. In addition, total number sold was down by 11% in a year-over-year comparison. Total dollar volume for single-family home sales during this period decreased by 51% to $66M from the impressive performance of $134M in Q4 2015 – which saw stronger activity in the higher price range. Although inventory increased, with the number of active listings up by 27%, homes sold more quickly, an average of 33 days more quickly compared to prior year.

SIGNIFICANT SALES | Q3 & Q4 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 | Q4 $8,000,000

30

$7,000,000

25

$6,000,000 20

$5,000,000

PALM BEACH

$4,000,000

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

$-

from Wells Road to Sloans Curve.

Number Sold 15

Average Sale Price Median Sale Price

10 5

2012

2013

2014

2015

0

2016

2012

2013

2014

2015

2016

% CHANGE VS PY

ACTIVE LISTINGS

222

164

148

156

198

27%

NUMBER SOLD

26

28

23

18

16

-11%

SOLD VOLUME

$107,300,050

$113,399,800

$114,924,000

$134,422,131

$66,251,232

-51%

AVERAGE SALE PRICE

$4,126,925

$4,049,993

$4,996,696

$7,467,896

$4,140,702

-45%

MEDIAN SALE PRICE

$2,775,000

$2,337,500

$4,050,000

$5,400,000

$2,982,500

-45%

294

258

181

270

237

-12%

SINGLE FAMILY HOMES | Q4

DOM

MEDIAN SALE PRICE | TOTAL CONDOMINIUMS SOLD | Q4

$1,800,000

40

$1,600,000

35

$1,400,000

30

$1,200,000

25

$1,000,000

PALM BEACH - IN TOWN

$800,000

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

2012

2013

2014

2015

2016

Median Sale Price

0

magnificent Breakers Resort.

2012

2013

2014

2015

2016

% CHANGE VS PY

223

187

173

155

164

6%

NUMBER SOLD

37

32

18

27

12

-56%

SOLD VOLUME

$47,396,925

$31,103,000

$26,161,850

$39,817,809

$18,931,500

-52%

AVERAGE SALE PRICE

$1,280,997

$971,968

$1,453,436

$1,474,733

$1,577,625

7%

MEDIAN SALE PRICE

$660,000

$667,500

$999,625

$712,500

$1,126,250

58%

418

319

221

200

115

-43%

CONDOMINIUMS | Q4 ACTIVE LISTINGS

DOM

sothebyshomes.com/palmbeach

MEDIAN SALE PRICE | TOTAL SFH SOLD | Q4

3.5

$10,000,000 $9,000,000

3

$8,000,000

2.5

$7,000,000 $6,000,000

MANALAPAN

Number Sold

2

$5,000,000

SINGLE FAMILY HOMES Just south of Palm Beach on the barrier island,

$3,000,000

Manalapan is a small oceanfront community offering

$2,000,000

an unsurpassed quality of life in serene Old Florida

$1,000,000 $-

beauty. The town was incorporated in 1931 by Harold Stirling Vanderbilt.

Median Sale Price

1.5

$4,000,000

Average Sale Price

1 0.5

2012

2013

2014

2015

2016

0

2012

2013

2014

2015

2016

% CHANGE VS PY

ACTIVE LISTINGS

37

25

26

15

19

27%

NUMBER SOLD

3

0

2

0

1

N/A

SOLD VOLUME

$27,430,000

$-

$2,942,005

$-

$1,750,000

N/A

AVERAGE SALE PRICE

$9,143,333

$-

$1,471,002

$-

$1,750,000

N/A

MEDIAN SALE PRICE

$6,800,000

$-

$1,471,002

$-

$1,750,000

N/A

227

0

63

0

751

751

SINGLE FAMILY HOMES | Q4

DOM

MEDIAN SALE PRICE | TOTAL CONDOMINIUMS SOLD | Q4

$700,000

45

$600,000

40 35

$500,000

SOUTH END CONDOMINIUMS

30 25

$300,000

20

Average Sale Price

15

Median Sale Price

$200,000

South of Sloanes Curve is an area known for its

Number Sold

$400,000

10

$100,000

beautiful condominiums in newer buildings providing

$-

spacious floor-plans and numerous amenities

5 2012

2013

2014

2015

2016

0

including pools, tennis courts, fitness centers and the par 3 Raymond Floyd Golf Course.

2012

2013

2014

2015

2016

% CHANGE VS PY

384

397

309

270

233

-14%

NUMBER SOLD

35

38

42

39

25

-36%

SOLD VOLUME

$14,243,575

$20,695,925

$19,632,999

$20,583,650

$16,364,000

-21%

AVERAGE SALE PRICE

$406,959

$544,629

$467,452

$527,785

$654,560

24%

MEDIAN SALE PRICE

$283,000

$350,000

$322,000

$350,000

$400,000

14%

180

171

315

216

248

15%

CONDOMINIUMS | Q4 ACTIVE LISTINGS

DOM

ACTIVE LISTINGS | TOTAL SFH SOLD | Q4 $800,000

50

$700,000

45 40

$600,000

35

$500,000

30

$400,000

25

SINGLE FAMILY HOMES

$300,000

20

On the western shore of the Intracoastal Waterway,

$200,000

WEST PALM BEACH the city of West Palm Beach has recently experienced

$-

redevelopment of the downtown waterfront.

Average Sale Price Median Sale Price

15 10

$100,000

a dynamic renaissance centered on the $30-million

Number Sold

5 2012

2013

2014

2015

2016

0

2012

2013

2014

2015

2016

% CHANGE VS PY

ACTIVE LISTINGS

181

187

210

176

219

24%

NUMBER SOLD

35

43

39

35

37

6%

SOLD VOLUME

$16,801,750

$25,424,800

$28,348,500

$22,799,800

$20,541,150

-10%

AVERAGE SALE PRICE

$480,050

$591,274

$726,885

$651,423

$555,166

-15%

MEDIAN SALE PRICE

$370,000

$385,000

$500,000

$485,000

$357,000

-26%

162

141

158

168

132

-21%

SINGLE FAMILY HOMES | Q4

DOM

MEDIAN SALE PRICE | TOTAL CONDOMINIUMS SOLD | Q4

$700,000

160

$600,000

140 120

$500,000

100

$400,000

WEST PALM BEACH

80

$300,000

CONDOMINIUMS

60

$200,000

Along Flagler Drive at the foot of Clematis Street,

40

$100,000

the city’s new world-class waterfront park features

$-

an amphitheater and beautiful tropical gardens

Number Sold Average Sale Price Median Sale Price

20 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

163

163

179

447

498

11%

NUMBER SOLD

24

12

20

120

152

27%

SOLD VOLUME

$9,853,160

$5,255,050

$8,580,500

$71,220,712

$86,148,438

21%

AVERAGE SALE PRICE

$410,548

$437,920

$429,025

$582,527

$566,766

-3%

MEDIAN SALE PRICE

$332,680

$295,275

$357,500

$429,000

$380,000

-11%

217

147

214

179

176

-2%

CONDOMINIUMS | Q4

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.

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ON THE MARKET

left to right from top to bottom:

METROPOLITAN MARKETS SAN FRANCISCO, CA | Web: 0088173 | $3,100,000 NEW YORK, NY | Web: 0138854 | $3,600,000 LOS ANGELES, CA | Web: 0355714 | $3,195,000 RESORT MARKETS PEBBLE BEACH, CA | Web: 0474657 | $3,200,000 HAMPTONS, NY | Web: 0056776 | $3,100,000 PALM BEACH, FL | Web: 0077118 | $3,450,000 FOREIGN MARKETS NEW ZEALAND | Web: 845CCB | Price Upon Request DUBAI | Web: 26RHP2 | 12,150,000 AED PORTUGAL | Web: HJM275 | 2.950.000 â‚sothebysrealty.com