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.
MASTERPIECES IN THE MAKING
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ON THE MARKET
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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 € sothebysrealty.com