Q2 | 2017
Palm Beach
Market Update
PALM BEACH
enchantingqueenslane.com Offered at $5,845,000
a message from
Debra Reece Brokerage Manager
We invite you to review a summary of sales activity in the Palm Beach area during the second quarter of 2017. The Palm Beach Multiple Listing Service reports the following statistics for this quarter, which are compared in this report with statistics from Q2 2016: The strong performance of the Palm Beach single-family home market during Q2 2017 was propelled by a significant increase in activity versus last year. The total dollar volume sold during this period rose 65%, driven by a 16% increase in average sales price and a 42% increase in the number of homes sold - from 33 homes sold in Q2 2016 to 47 homes sold in Q2 2017. The number of active listings rose slightly, by 3%, from the previous year while homes sold, on average, 20 days faster when compared to Q2 2016. Similarly, there was a 17% gain in average sales price for In-Town Palm Beach condominiums and a 30% increase in units sold, from 33 to 43, driving total dollar volume to $75.1M, a 52% increase from Q2 2016. While the total number of condominiums sold in the South End was down 8%, total dollar volume was up by 6% and there was a 15% increase in average sales price. sothebyshomes.com/palmbeach
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.
PALM BEACH | NORTHEND
Offered at $5,995,000 sothebyshomes.com/palmbeach
Only With Us
®
We invite you to explore our exclusive offerings at S OT H E BYS H O M E S.C O M /PALM B EACH
Market Snapshot Palm Beach
Highlight: ASP vs units
Single Family Homes
Manalapan West Palm Beach
$6.0
140
$5.0
120 100
$4.0
80 $3.0 60 $2.0
0
*Price in Millions
Total Volume 88 % 8% 4%
Palm Beach West Palm Beach Manalapan
Average Selling Price vs. Total Units Sold 379.4m $ 34.5m $ 16.7m $
*In Millions
Average Selling Price Total Units Sold
2017
$0.0
2016
20
2015
$1.0
2014
Palm Beach
40
2013
ghlight: d Volume
Highlighting Single Family Homes Palm Beach, West Palm Beach,
and Manalapan
Manalapan $9 $8 $7 $6
Highlight: Units Sold
$5 $4
Highlights: Median Sale Price West Palm Beach Palm Beach
$3 $2 $1
Median Selling Price 4.2m $ 0.6m $ 8.3m $
Palm Beach West Palm Beach Manalapan
Manalapan
West Palm Beach
Palm Beach
$*Price in Millions
Total Units Sold 53 % 45 % 2%
Palm Beach West Palm Beach Manalapan
47 40 2
*In Millions
Q2 Market Snapshot
/ Palm Beach Q2 Market Update
at a glance {Q2 | 2017}
palm beach
Single Family Homes
$379m Total Sales Volume
42
%
Change of Units Sold {2017 v 2016}
47 Units Sold
8.1m
$
Average Selling Price
SINGLE FAMILY HOMES - Q2 | 2017
Palm Beach Average Selling Price | Median Sale Price | Units Sold $9
70
$8
60
$7
50
$6 $5
40
$4
30
$3
20
$2 $1
10
$0
0
2013
2014
2015
2016
2017
*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
16%
-7%
65%
42%
2017
$8,072,791
$4,200,000
$379,421,166
47
2016
$6,985,574
$4,500,000
$230,523,958 33
2015
$5,085,187
$3,494,000
$167,811,175
2014
$5,565,433
$3,275,000
$272,706,234 49
2013
$4,343,387
$2,400,000
$273,633,400 63
{2017 v 2016}
Change
33
Palm Beach Single Family Homes
/ Palm Beach Q2 Market Update
SINGLE FAMILY HOMES - Q2 | 2017
Manalapan Average Selling Price | Median Sale Price | Units Sold $10
6
$9
5
$8 $7
4
$6
3
$5 $4
2
$3 $2
1
$1
0
$0
2013
2014
2015
2016
2017
*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
0
0
0
0
2017
$8,329,166
$8,329,166
$16,658,333
2
2016
$0
$0
$0
0
2015
$6,689,000
$3,000,000
$33,445,000
5
2014
$8,954,667
$7,914,000
$26,864,000
3
2013
$3,271,250
$2,050,000
$13,085,000
4
{2017 v 2016}
Change
Palm Beach Q2 Market Update / Manalapan Single Family Homes
at a glance {Q2 | 2017}
manalapan
Single Family Homes
$16.7m Total Sales Volume
0
%
Change of Units Sold {2017 v 2016}
2
Units Sold
8.3m
$
Average Selling Price
at a glance {Q2 | 2017}
west palm beach Single Family Homes
$34.5m Total Sales Volume
8
%
Change of Units Sold {2017 v 2016}
40 Units Sold
862k
$
Average Selling Price
SINGLE FAMILY HOMES - Q2 | 2017
West Palm Beach Average Selling Price | Median Sale Price | Units Sold $1.0
60
$0.9
50
$0.8 $0.7
40
$0.6 $0.5
30
$0.4
20
$0.3 $0.2
10
$0.1 $0.0
0
2013
2014
2015
2016
2017
*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%
31%
11%
8%
2017
$862,657
$594,750
$34,506,262
40
2016
$836,544
$453,000
$30,952,110
37
2015
$779,193
$500,000
$34,284,492
44
2014
$761,642
$557,000
$33,512,250
44
2013
$505,777
$402,500
$28,323,500
56
{2017 v 2016}
Change
West Palm Beach Single Family Homes
/ Palm Beach Q2 Market Update
Market Snapshot Palm Beach
Highlight: ASP vs units
Condominiums
$1.2
200 180
West Palm Beach
$1.0
160
Highlight: Closed Volume
$0.8
Palm Beach | South End
Palm Beach | In-Town
140 120
$0.6
100 80
$0.4
60 40
$0.2
20
Total Volume 57 % 32 % 11 %
Palm Beach | In-Town South End West Palm Beach
2017
2016
2015
2014
*Price in Millions
0
2013
$0.0
Average Selling Price vs. Total Units Sold 75.1m $ 42.7m $ 15m $
*In Millions
Average Selling Price Total Units Sold
Highlighting Condominiums
Palm Beach In-Town, Palm Beach South End, and West Palm Beach
$1,400 $1,200 $1,000
Palm Beach | In-Town
West Palm Beach $800
Highlights: Median Sale Price
$600 Palm Beach | South End $400 $200
Median Selling Price $
1.32m $ 550k $ 350k
Palm Beach | In-Town South End West Palm Beach
West Palm Beach
Palm Beach | South End
*Price in Thousands
Palm Beach | Intown
$-
Total Units Sold 31 % 44 % 25 %
Palm Beach | In-Town South End West Palm Beach
43 61 34
*In Thousands
Q2 Market Snapshot
/ Palm Beach Q2 Market Update
Highli Units
at a glance {Q2 | 2017}
palm beach | in-town Condominiums
$75.1m Total Sales Volume
30
%
Change of Units Sold {2017 v 2016}
43 Units Sold
1.75m
$
Average Selling Price
CONDOMINIUMS - Q2 | 2017
Palm Beach | In-Town Average Selling Price | Median Sale Price | Units Sold $2.0 $1.8 $1.6 $1.4 $1.2 $1.0 $0.8 $0.6 $0.4 $0.2 $0.0
70 60 50 40 30 20 10 0
2013
2014
2015
2016
2017
*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
17%
54%
52%
30%
2017
$1,747,046
$1,312,500
$75,123,000
43
2016
$1,493,376
$850,000
$49,281,439
33
2015
$1,320,429
$1,075,000
$80,546,181
61
2014
$1,366,305
$1,025,000
$57,384,810
42
2013
$1,291,626
$805,000
$63,289,675
49
{2017 v 2016}
Change
Palm Beach In-Town Condominiums
/ Palm Beach Q2 Market Update
CONDOMINIUMS - Q2 | 2017
South End Average Selling Price | Median Sale Price | Units Sold $800
90
$700
80
$600
70 60
$500
50
$400
40
$300
30
$200
20
$100
10
$0
0
2013
2014
2015
2016
2017
*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
15%
10%
6%
-8%
2017
$699,336.0
$550,000
$42,659,530
61
2016
$607,458.0
$502,000
$40,092,250
66
2015
$639,143.0
$456,000
$53,048,883
83
2014
$520,094.0
$350,000
$39,007,100
75
2013
$568,411.0
$407,500
$48,314,950
85
{2017 v 2016}
Change
Palm Beach Q2 Market Update / South End Condominiums
at a glance {Q2 | 2017}
south end Condominiums
$42.7m Total Sales Volume
-8
%
Change of Units Sold {2017 v 2016}
61 Units Sold
699k
$
Average Selling Price
at a glance {Q2 | 2017}
west palm beach Condominiums
$15m Total Sales Volume
10
%
Change of Units Sold {2017 v 2016}
34 Units Sold
441k
$
Average Selling Price
CONDOMINIUMS - Q2 | 2017
West Palm Beach Average Selling Price | Median Sale Price | Units Sold $800
45
$700
40
$600
35 30
$500
25
$400
20
$300
15
$200
10
$100
5
$0
0
2013
2014
2015
2016
2017
*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%
-23%
-33%
10%
2017
$441,250
$355,000
$15,002,500
34
2016
$718,879
$462,275
$22,285,275
31
2015
$611,171
$460,000
$25,058,012
41
2014
$632,520
$407,500
$22,770,750
36
2013
$457,393
$327,500
$19,210,510
42
{2017 v 2016}
Change
West Palm Beach Condominiums
/ Palm Beach Q2 Market Update
Extraordinary Results We celebrate the notable success of our associates and clients
HOBE SOUND
Jupiter Island Oceanfront Last asking $38,500,000
PALM BEACH
Offered at $3,990,000 Web: 0077116 WEST PALM BEACH
Offered at $2,295,000 Web: 0076139 PALM BEACH
Offered at $1,650,000 Web: 0077111 PALM BEACH
Offered at $1,595,000 Web: 0077067 *in order from left to right, top to bottom
sothebyshomes.com/palmbeach
UNPARALLELED SELECTION OF WINES ALL YEAR ROUND. Sotheby’s Wine is more than an auctioneer, we are a global retailer with stores in New York and Hong Kong. Visit us online at sothebyswine.com.
1334 YORK AVENUE, NEW YORK, NEW YORK 10021 ENQUIRIES NEW YORK +1 212 894 1990 INFONYC@SOTHEBYSWINE.COM HONG KONG +852 2886 7888. INFOHK@SOTHEBYSWINE.COM