Q1 | 2018
Palm Beach
Market Update
PALM BEACH
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a message from
Debra Reece Brokerage Manager
We invite you to review a summary of sales activity in the Palm Beach area during the first quarter of 2018. The Palm Beach Multiple Listing Service reports the following statistics for the first quarter of the year, which are compared here with statistics for the same period of 2017: Strong activity in the Palm Beach single-family home market drove total dollar volume up by 74% from $147.7 million in Q1 2017 to $256.9 million Q1 2018, buoyed from 22 sold properties in Q1 2017 to 37 properties in Q1 2018, an impressive 68% increase. While sales rose significantly during Q1 2018, active listing inventory tightened by 8%, 245 in Q1 2017 to 226 in Q1 2018. The median sale price of a single-family home rose slightly, by 2%, to $4.15 million. In the Palm Beach condominium market, the median sale price of an in-town unit was 37% higher than Q1 2017, currently at $1.15 million. In this sector of the market, total dollar volume rose by 5%, from $6.2 million in Q1 2017 to $6.5 million in Q1 2018, while the number of units sold was up by 3%, from 38 in Q1 2017 to 39 in Q1 2018. In the South End of Palm Beach, the median sale price of a condominium soared a sharp 72% higher, from $340,000 in Q1 2017 to $583,500 in Q1 2018. As always, our goal in sharing this data with you is to create a better understanding of the trends affecting our unique housing market. We hope you find it to be a valuable resource, and we look forward to working with you to meet your real estate needs now and in the future. If you have any questions about the Palm Beach market, please do not hesitate to reach out to me at (561) 659-3555.
phone
561 659 3555
debra.reece@sothebyshomes.com
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.
Market Snapshot Palm Beach
Highlight: ASP vs units
Single Family Homes
Manalapan
$5.0
90
$4.5
80
$4.0
70
$3.5
60
$3.0
50
$2.5
West Palm Beach
40
$2.0
10
$0.0
0
73 % 10 % 17 %
Palm Beach West Palm Beach Manalapan
Average Selling Price vs. Total Units Sold 256.9m $ 36.3m $ 58.4m $
*In Millions
Average Selling Price Total Units Sold
2018
$0.5
2017
20
2016
$1.0
*Price in Millions
Total Volume
30
$1.5
2015
Palm Beach
2014
ght: olume
Highlighting Single Family Homes Palm Beach, West Palm Beach,
$4.0
and Manalapan
Manalapan
$3.5 $3.0 $2.5
Highlights: Median Sale Price
Highlight: Units Sold
$2.0 $1.5
Palm Beach
West Palm Beach
$1.0 $0.5
Median Selling Price 4.2m $ 0.6m $ 8.2m $
Palm Beach West Palm Beach Manalapan
Manalapan
West Palm Beach
*Price in Millions
Palm Beach
$-
Total Units Sold 46 % 48 % 6%
Palm Beach West Palm Beach Manalapan
37 39 5
*In Millions
Q1 Market Snapshot
/ Palm Beach Q1 Market Update
at a glance {Q1 | 2018}
palm beach
Single Family Homes
256m
$
Total Sales Volume
68
%
Change of Units Sold {2018 v 2017}
37 Units Sold
6.94m
$
Average Selling Price
SINGLE FAMILY HOMES | Q1 2018
Palm Beach Average Selling Price | Median Selling Price | Units Sold $9
40
$8
35
$7
30
$6
25
$5
20
$4
15
$3 $2
10
$1
5
$0
0
2014
2015
2016
2017
2018
*Price in Millions
Average Selling Price Median Selling Price
Total Units Sold
S OT H E BYSH OME S.C OM/PALMB E AC H
Average Median Sold Selling Price Selling Price Volume
Units Sold
3%
2%
74%
68%
2018
$6,942,152
$4,150,000
$256,859,629 37
2017
$6,712,108
$4,085,000
$147,666,375
2016
$7,809,500
$5,085,000
$195,237,500 25
2015
$4,678,457
$4,275,000
$130,996,785 28
2014
$6,450,093
$3,100,000
$193,502,776
Q1 {2018 v 2017}
Change
22
30
Palm Beach Single Family Homes
/ Palm Beach Q1 Market Update
SINGLE FAMILY HOMES | Q1 2018
Manalapan Average Selling Price | Median Selling Price | Units Sold $30.0
6
$25.0
5
$20.0
4
$15.0
3
$10.0
2
$5.0 $0.0
1
-$5.0
0
2014
2015
2016
2017
2018
*Price in Millions
Average Selling Price Median Selling Price
Total Units Sold
S OT H E BYSH OME S.C OM/PALMB E AC H
Average Median Sold Selling Price Selling Price Volume
Units Sold
-49%
-71%
-16%
67%
2018
$11,685,000
$8,200,000
$58,425,000
5
2017
$23,050,000
$28,000,000
$69,150,000
3
2016
$0
$0
$0
0
2015
$7,662,056
$3,957,813
$30,648,226
4
2014
$4,737,868
$2,750,000
$18,951,470
4
Q1 {2018 v 2017}
Change
Palm Beach Q1 Market Update / Manalapan Single Family Homes
at a glance {Q1 | 2018}
manalapan
Single Family Homes
$58.4m Total Sales Volume
67
%
Change of Units Sold {2018 v 2017}
5
Units Sold
11.6m
$
Average Selling Price
at a glance {Q1 | 2018}
west palm beach Single Family Homes
36.3m
$
Total Sales Volume
-17
%
Change of Units Sold {2018 v 2017}
39 Units Sold
929k
$
Average Selling Price
SINGLE FAMILY HOMES | Q1 2018
West Palm Beach Average Selling Price | Median Selling Price | Units Sold 50
$1.2
45
$1.0
40 35
$0.8
30 25
$0.6
20
$0.4
15 10
$0.2
5
$0.0
0
2014
2015
2016
2017
2018
*Price in Millions
Average Selling Price Median Selling Price
Total Units Sold
S OT H E BYSH OME S.C OM/PALMB E AC H
Average Median Sold Selling Price Selling Price Volume
Units Sold
7%
12%
-11%
-17%
2018
$929,799
$599,500
$36,262,150
39
2017
$867,076
$535,000
$40,752,570
47
2016
$866,021
$429,000
$30,310,750
35
2015
$718,287
$392,500
$26,576,625
37
2014
$967,001
$715,000
$34,812,025
36
Q1 {2018 v 2017}
Change
West Palm Beach Single Family Homes
/ Palm Beach Q1 Market Update
Market Snapshot Condominiums
$1.20
120
$1.00
100
Total Volume Palm Beach | In-Town
$0.40
40
$0.20
20
$0.00
0
South End West Palm Beach
64.5m $ 28m $ 22.5m *In Millions
Average Selling Price Total Units Sold
2018
60
Average Selling Price vs. Total Units Sold $
80
$0.60
2017
Palm Beach | In-Town
*Price in Millions
56 % 24 % 20 %
Highlight: Closed Volume
$0.80
2016
Palm Beach | South End
140
2015
West Palm Beach
$1.40
2014
Palm Beach
Highlight: ASP vs units
Highlighting Condominiums
Palm Beach In-Town, Palm Beach South End, and West Palm Beach
$1,200 $1,000 West Palm Beach
$800
Palm Beach | In-Town
$600
Highlights: Median Sale Price
$400
Palm Beach | South End
Highligh Units So
$200
Median Selling Price 115m $ .583m $ .415m $
Palm Beach | In-Town South End West Palm Beach
West Palm Beach
Palm Beach | South End
Palm Beach | In-Town
$*Price in Thousands
Total Units Sold 40 % 25 % 35 %
Palm Beach | In-Town South End West Palm Beach
39 34 24
*In Millions
Q1 Market Snapshot
/ Palm Beach Q1 Market Update
at a glance {Q1 | 2018}
palm beach | in-town Condominiums
64.5m
$
Total Sales Volume
3
%
Change of Units Sold {2018 v 2017}
39 Units Sold
1.65m
$
Average Selling Price
CONDOMINIUMS | Q1 2018
Palm Beach | In-Town Average Selling Price | Median Selling Price | Units Sold $1.8
45
$1.6
40
$1.4
35
$1.2
30
$1.0
25
$0.8
20
$0.6
15
$0.4
10
$0.2
5
$0.0
0
2014
2015
2016
2017
2018
*Price in Millions
Average Selling Price Median Selling Price
Total Units Sold
S OT H E BYSH OME S.C OM/PALMB E AC H
Average Median Sold Selling Price Selling Price Volume
Units Sold
2%
37%
5%
3%
2018
$1,654,556
$1,115,000
$64,527,700
39
2017
$1,622,490
$813,000
$61,654,634
38
2016
$1,022,125
$807,500
$20,442,500
20
2015
$1,411,787
$900,000
$46,589,000
33
2014
$1,136,660
$787,500
$34,099,800
30
Q1 {2018 v 2017}
Change
Palm Beach In-Town Condominiums
/ Palm Beach Q1 Market Update
CONDOMINIUMS | Q1 2018
South End Average Selling Price | Median Selling Price | Units Sold $900
80
$800
70
$700
60
$600
50
$500
40
$400
30
$300 $200
20
$100
10
$0
0
2014
2015
2016
2017
2018
*Price in Thousands
Average Selling Price Median Selling Price
Total Units Sold
S OT H E BYSH OME S.C OM/PALMB E AC H
Average Median Sold Selling Price Selling Price Volume
Units Sold
27%
72%
3%
28%
2018
$823,179
$583,530
$27,988,098
32
2017
$647,687
$340,000
$27,202,865
25
2016
$710,038
$52,500
$27,691,500
39
2015
$733,887
$370,000
$49,170,450
42
2014
$500,897
$245,000
$24,544,000
38
Q1 {2018 v 2017}
Change
Palm Beach Q1 Market Update / South End Condominiums
at a glance {Q1 | 2018}
south end
Condominiums
28m
$
Total Sales Volume
-19
%
Change of Units Sold {2018 v 2017}
34 Units Sold
823k
$
Average Selling Price
at a glance {Q1 | 2018}
west palm beach Condominiums
22.5m
$
Total Sales Volume
-31
%
Change of Units Sold {2018 v 2017}
24 Units Sold
939k
$
Average Selling Price
CONDOMINIUMS | Q1 2018
West Palm Beach Average Selling Price | Median Selling Price | Units Sold $1,000
40
$900
35
$800
30
$700 $600
25
$500
20
$400
15
$300
10
$200 $100
5
$0
0
2014
2015
2016
2017
2018
*Price in Thousands
Average Selling Price Median Selling Price
Total Units Sold
S OT H E BYSH OME S.C OM/PALMB E AC H
Average Median Sold Selling Price Selling Price Volume
Units Sold
4%
-36%
-29%
-31%
2018
$939,500
$415,000
$22,548,000
24
2017
$907,415
$645,000
$31,759,532
35
2016
$579,098
$412,000
$16,214,763
28
2015
$740,283
$523,000
$22,948,800
31
2014
$433,444
$315,000
$11,703,000
27
Q1 {2018 v 2017}
Change
West Palm Beach Condominiums
/ Palm Beach Q1 Market Update
Extraordinary Results We celebrate the notable success of our associates and clients
PALM BEACH
North End Oceanfront Estate Last asking $49,500,000
Recent Extraordinary Sales PALM BEACH
Elegant Estate Section Jewel Last asking $14,250,000 PALM BEACH
Via Vizcaya Estate Last asking $8,950,000 PALM BEACH
Sandpiper Drive Last asking $3,595,000 PALM BEACH
Charming Bermuda Last asking $2,995,000 *in order from left to right, top to bottom
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