Q1 | 2020
Palm Beach
Market Update
PALM BEACH
212SeasprayAvenue.com Offered at $6,995,000
Only With Us
®
We invite you to explore our exclusive offerings at S OT H E BYSH O ME S.C O M / PA L M B E AC H
PALM BEACH
Offered at $8,350,000 sothebyshomes.com/0078400
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
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.
Sotheby’s International Realty® is a registered trademark. Operated by Sotheby’s International Realty, Inc.