Q1 | 2019
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 2019. The Palm Beach Board of Realtors’ Multiple Listing Service reports the following statistics for this quarter which are compared in this report with statistics for the first quarter of 2018: In the first quarter of 2019, days on the market for single-family homes decreased by almost 30 days, a reduction of 12%, from 238 in Q1 2018 to 209 in Q1 2019. Inventory levels held steady at 227 active properties in Q1 2019 compared to 228 in Q1 2018 and median price rose a slight 1%. Sales activity slowed during this period which affected total dollar volume. Condominiums sold more quickly during this quarter, both In Town and in the South End, however other market statistics showed some pull-back. There were 5% fewer condominium sales In Town, where the median price was down 21% and total dollar volume was 10% lower. In the South End, there were 6% fewer condominium sales, median price was down 7% and total dollar volume was 18% below 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 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 or any of our independent sales associates 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
Single Family Homes
Highlight: ASP vs units
West Palm Beach
$4.5
80
$4.0
70
$3.5
West Palm Beach
60
$3.0
50
$2.5 40 $2.0
: ume
Palm Beach
30
$1.5
20
$1.0
Total Volume 80 % 20 %
Palm Beach West Palm Beach
2019
2018
0
2017
$0.0 *Price in Millions
2016
10
2015
$0.5
Average Selling Price vs. Total Units Sold 119.7m $ 29.4m $
*In Millions
Average Selling Price Total Units Sold
Highlighting Single Family Homes Palm Beach and West Palm Beach
$14 $12 $10
Highlight: Units Sold
$8
Palm Beach
Highlights: Median Sale Price West Palm Beach
$6 $4 $2
Median Selling Price 4.2m $ 0.7m $
West Palm Beach
*Price in Millions
Palm Beach
$-
Palm Beach West Palm Beach
Total Units Sold 43 % 57 %
Palm Beach West Palm Beach
21 28
*In Millions
Q1 Market Snapshot
/ Palm Beach Q1 Market Update
at a glance {Q1 | 2019}
palm beach
Single Family Homes
120m
$
Total Sales Volume
-43
%
Change of Units Sold {2019 v 2018}
21 Units Sold
5.7m
$
Average Selling Price
SINGLE FAMILY HOMES | Q1 2019
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
2015
2016
2017
2018
2019
*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
-18%
1%
-53%
-43%
2019
$5,701,887
$4,200,000
$119,739,631
21
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
Q1 {2019 v 2018}
Change
22
Palm Beach Single Family Homes
/ Palm Beach Q1 Market Update
at a glance {Q1 | 2019}
west palm beach Single Family Homes
29.4m
$
Total Sales Volume
-28
%
Change of Units Sold {2019 v 2018}
28 Units Sold
1.1m
$
Average Selling Price
SINGLE FAMILY HOMES | Q1 2019
West Palm Beach Average Selling Price | Median Selling Price | Units Sold $1.2
50 45
$1.0
40 35
$0.8
30
$0.6
25 20
$0.4
15 10
$0.2
5 $0.0
0
2015
2016
2017
2018
2019
*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
13%
22%
-19%
-28%
2019
$1,050,360
$731,250
$29,410,075
28
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
Q1 {2019 v 2018}
Change
West Palm Beach Single Family Homes
/ Palm Beach Q1Market Update
Market Snapshot Palm Beach
Highlight: ASP vs units
Condominiums
$2.00
140
$1.80
120
$1.60
Palm Beach | In-Town West Palm Beach
100
Highlight: Closed Volume
$1.40 $1.20
80
$1.00 60
$0.80
Palm Beach | South End
$0.60
40
$0.40 20
$0.20
Total Volume 36 % 14 % 50 %
Palm Beach | In-Town South End West Palm Beach
Average Selling Price vs. Total Units Sold 1.5m $ .7m $ 3.9m $
*In Millions
Average Selling Price Total Units Sold
2019
2018
2017
2016
*Price in Millions
0
2015
$0.00
Highlighting Condominiums
Palm Beach In-Town, Palm Beach South End, and West Palm Beach
$1,000 $900 $800
West Palm Beach
$700
Palm Beach | In-Town
$600
Highlights: Median Sale Price
$500 $400
Highlig Units S
Palm Beach | South End
$300 $200 $100
Median Selling Price 877k $ 544k $ 422.k $
Palm Beach | In-Town South End West Palm Beach
West Palm Beach
Palm Beach | South End
*Price in Thousands
Palm Beach | In-Town
$-
Total Units Sold 42 % 35 % 23 %
Palm Beach | In-Town South End West Palm Beach
40 34 22
*In Thousands
Q1Market Snapshot
/ Palm Beach Q1 Market Update
at a glance {Q1 | 2019}
palm beach | in-town Condominiums
61.1m
$
Total Sales Volume
-5
%
Change of Units Sold {2019 v 2018}
40 Units Sold
1.5m
$
Average Selling Price
CONDOMINIUMS | Q1 2019
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
2015
2016
2017
2018
2019
*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
-6%
-21%
-10%
-5%
2019
$1,526,254
$876,894
$61,050,164
40
2018
$1,621,373
$1,112,500
$68,097,700
42
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
Q1 {2019 v 2018}
Change
Palm Beach In-Town Condominiums
/ Palm Beach Q1 Market Update
CONDOMINIUMS | Q1 2019
South End Average Selling Price | Median Selling Price | Units Sold $900
80
$800
70
$700
60
$600
50
$500 40 $400 30
$300
20
$200
10
$100 $0
*Price in Thousands
0
2015
2016
2017
Average Selling Price Median Selling Price
2018
2019
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
-14%
-7%
-18%
-6%
2019
$699,298
$543,500
$23,776,160
34
2018
$808,711
$583,530
$29,113,598
36
2017
$647,687
$340,000
$27,202,865
42
2016
$710,038
$525,000
$27,691,500
39
2015
$733,887
$370,000
$49,170,450
67
Q1 {2019 v 2018}
Change
Palm Beach Q1 Market Update / South End Condominiums
at a glance {Q1 | 2019}
south end
Condominiums
23.8m
$
Total Sales Volume
-6
%
Change of Units Sold {2019 v 2018}
34 Units Sold
699k
$
Average Selling Price
at a glance {Q1 | 2019}
west palm beach Condominiums
85.8m
$
Total Sales Volume
-15
%
Change of Units Sold {2019 v 2018}
22 Units Sold
3.9m
$
Average Selling Price
CONDOMINIUMS | Q1 2019
West Palm Beach Average Selling Price | Median Selling Price | Units Sold $4,500
40
$4,000
35
$3,500
30
$3,000
25
$2,500 20 $2,000 15
$1,500
10
$1,000 $500
5
$0
0
2015
2016
2017
2018
2019
*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
316%
-2%
252%
-15%
2019
$3,898,448
$422,000
$85,765,856
22
2018
$937,730
$432,500
$24,381,000
26
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
Q1 {2019 v 2018}
Change
West Palm Beach Condominiums
/ Palm Beach Q1 Market Update
Extraordinary Results We celebrate the notable success of our associates and clients
PALM BEACH
1436 North Ocean Way Last Asking $4,395,000
Recent Extraordinary Sales PALM BEACH
655 Island Drive Last asking $13,500,000 PALM BEACH
161 Woodbridge Road Last asking $5,695,000 WEST PALM BEACH
525 South Flagler Drive, 29 A-B Last asking $3,500,000 PALM BEACH
1305 North Ocean Boulevard Last asking $2,895,000 *in order from left to right, top to bottom
sothebyshomes.com/palmbeach
$112 BILLION ANOTHER RECORD YEAR IN ANNUAL GLOBAL SALES IN 2018
UNRIVALED
GLOBAL PERFORMANCE
990 22,500 72 OFFICES
AGENTS
COUNTRIES
1 3 OUT OF
OFFICES IS OUTSIDE OF THE UNITED STATES
31 MILLION VISITS TO SOTHEBYSREALTY.COM 13% INCREASE YEAR OVER YEAR
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