Q1 2020 | Palm Beach Market Update

Q1 | 2020

Palm Beach

Market Update

PALM BEACH

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a message from

Debra Reece Brokerage Manager

No one will be able to fully predict the effect the coronavirus pandemic will have on the real estate market, but at Sotheby’s International Realty, the health and safety of our agents, clients, employees and community is our #1 priority.

We invite you to review a summary of sales activity in the Palm Beach Market during the first quarter of 2020, based on closed production from January – March 2020, much of which went into contract before the onset of the coronavirus pandemic. The Palm Beach Board of Realtors reports the following market data for this quarter, which is compared here for the same period of 2019: Heading into the second quarter of 2020, here were a few positive things in the Palm Beach housing market: • In Palm Beach, the average selling price of single-family homes in the first quarter of 2020 was over $8M, up 42% from $5.7M in the first quarter of 2019 • In Palm Beach, total sales volume of single-family homes jumped 116% to $258M in the first quarter in 2020, compared to $119M in the first quarter of 2019 • Median sales prices for condos located in Palm Beach In-Town was up 27%, from $859K in the first quarter of 2019 to $1.1M in the first quarter 2020 Real estate is all about location, location, location and location is our local community. Here are a few local organizations which you can help: • United Way of Palm Beach • American Red Cross • Boys & Girls Clubs of Palm Beach County During this unprecedented time, we are continuing to represent clients who want or need to sell or rent a home and our local teams are working hard continuing to conduct the business of real estate. We are committed to providing the highest quality service and will to continue to support our buyers and sellers using state-of-the-art technology and a suite of virtual marketing tools which make it easy to view and experience the finest real estate in the world from the safety of one’s home.

As always, our goal in sharing market 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

email

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

$6.0

West Palm Beach

80 70

$5.0

West Palm Beach

60 $4.0

50

$3.0

t: ume

40 30

$2.0

Palm Beach

20 $1.0

10

Total Volume 89 % 11 %

Palm Beach West Palm Beach

Average Selling Price vs. Total Units Sold 258.5m $ 32.8m $

*In Millions

Average Selling Price Total Units Sold

2020

2019

2018

2017

0

2016

$0.0 *Price in Millions

Highlighting Single Family Homes Palm Beach and West Palm Beach

$14 $12 $10

Highlight: Units Sold

$8

West Palm Beach

Highlights: Median Sale Price

Palm Beach

$6 $4 $2

Median Selling Price 5.1m $ 0.9m $

Palm Beach West Palm Beach

West Palm Beach

*Price in Millions

Palm Beach

$-

Total Units Sold 52 % 48%

Palm Beach West Palm Beach

32 29

*In Millions

Q1 Market Snapshot

/ Palm Beach Q1 Market Update

SINGLE FAMILY HOMES | Q1 2020

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

2016

2017

2018

2019

2020

*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

42%

22%

116%

52%

2020

$8,077,022

$5,131,225

$258,464,700 32

2019

$5,701,887

$4,200,000

$119,739,632

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

Q1 {2020 v 2019}

Change

21

22

SINGLE FAMILY HOMES | Q1 2020

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

2016

2017

2018

2019

2020

*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

10%

22%

7%

-3%

2020

$1,132,303

$895,000

$32,836,791

29

2019

$1,025,169

$731,250

$30,755,075

30

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

Q1 {2020 v 2019}

Change

Q1Market Snapshot

/ Palm Beach Q1 Market Update

Market Snapshot

Highlight: ASP vs units

Condominiums

$2.00

140

$1.80

120

$1.60

Highlight: Closed Volume

$1.40

West Palm Beach Palm Beach | In-Town

$1.20

100 80

$1.00 60

$0.80

Palm Beach | South End

$0.60

40

$0.40 20

$0.20 $0.00

Total Volume 44 % 23 % 32 %

Palm Beach | In-Town South End West Palm Beach

Average Selling Price vs. Total Units Sold 58.6m $ 30.8m $ 42.6m $

*In Millions

Average Selling Price Total Units Sold

2020

2019

2018

2017

2016

*Price in Millions

0

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

Highlights: Median Sale Price

$600

Highlig Units So

Palm Beach | South End

$400 $200

Median Selling Price 1.1m $ .800m $.710m $

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 44 % 35 % 21 %

Palm Beach | In-Town South End West Palm Beach

37 30 18

*In Millions

Q1Market Snapshot

/ Palm Beach Q1 Market Update

CONDOMINIUMS | Q1 2020

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

*Price in Millions

2016

2017

2018

Average Selling Price Median Selling Price

2019

2020

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

5%

27%

-5%

-10%

2020

$1,584,439

$1,087,500

$58,624,248

37

2019

$1,509,760

$858,788

$61,900,164

41

2018

$1,621,373

$1,122,500

$68,097,700

42

2017

$1,622,490

$813,000

$61,654,634

38

2016

$1,022,125

$807,500

$20,442,500

20

Q1 {2020 v 2019}

Change

CONDOMINIUMS | Q1 2020

South End Average Selling Price | Median Selling Price | Units Sold $1,200

50 45

$1,000

40 35

$800

30 $600

25 20

$400

15 10

$200

5 $0 *Price in Thousands

0

2016

2017

2018

Average Selling Price Median Selling Price

2019

2020

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

51%

47%

25%

-17%

2020

$1,028,120

$800,000

$30,843,617

30

2019

$682,948

$543,500

$24,586,160

36

2018

$808,711

$583,530

$29,113,598

36

2017

$639,601

$330,000

$27,502,865

43

2016

$710,038

$525,000

$27,691,500

39

Q1 {2020 v 2019}

Change

Q1Market Snapshot

/ Palm Beach Q1 Market Update

CONDOMINIUMS | Q1 2020

West Palm Beach Average Selling Price | Median Selling Price | Units Sold $1,200

50 45

$1,000

40 35

$800

30 $600

25 20

$400

15 10

$200

5 $0

0

2016

2017

2018

2019

2020

*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

-39%

68%

-50%

-18%

2020

$2,365,845

$710,000

$42,585,212

18

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

Q1 {2020 v 2019}

Change

Palm Beach Q1 Market Update / South End Condominiums

Thank You.

Healthcare Professionals First Responders Sanitation Teams Grocery Store Clerks Delivery Carriers Restaurant Workers Caregivers Utility Workers Waste Collectors Warehouse Workers Generious Neighbors Heroes and Helpers And so many more

In good times and bad, always committed.

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