Q2 | 2019
Palm Beach
Market Update
PALM BEACH
201DunbarRoad.com Offered at $15,550,000
Only With Us
®
We invite you to explore our exclusive offerings at S OT HE BYSH O MES.COM/ PAL MBE AC H
PALM BEACH
Offered at $14,750,000 sothebyshomes.com/0078078
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 2019. The Palm Beach Multiple Listing Service reports the following statistics for this quarter, which are compared here with statistics for the same period of 2018: The strength in sales activity during this quarter was concentrated in the condominium market, specifically in the South End of Palm Beach, where a significant median price increase of 27% drove total dollar volume up by 18%, even though the number of units sold remained unchanged in comparison to the same period of 2018. South End condominium sales were also achieved more quickly than in the previous year, reducing the average time on the market by about two months. The In-Town condominium market’s median price rose a slight 2% while 23% fewer units were sold. The total dollar volume was down by 32%, from over $93 million in Q2 2018 to under $63 million in Q2 2019. Overall sales activity for single-family homes also pulled back during this period, total number sold was down by 39%, registering total dollar volume that was 49% lower. Down a slight 2%, the median price for a single-family home in Palm Beach now stands at $5 million. 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
$6.0
120
$5.0
100
$4.0
80
$3.0
60
$2.0
40
$1.0
20
$0.0
0
West Palm Beach
Total Volume 74 % 26 %
Palm Beach West Palm Beach
2019
2018
*Price in Millions
2017
Palm Beach
2016
t: ume
2015
West Palm Beach
Average Selling Price vs. Total Units Sold 204.9m $ 71.7m $
*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 5m $ 0.8m $
Palm Beach West Palm Beach
West Palm Beach
*Price in Millions
Palm Beach
$-
Total Units Sold 38 % 62 %
Palm Beach West Palm Beach
31 50
*In Millions
Q2 Market Snapshot
/ Palm Beach Q2 Market Update
at a glance {Q2 | 2019}
palm beach
Single Family Homes
205m
$
Total Sales Volume
-39
%
Change of Units Sold {2019 v 2018}
31 Units Sold
6.6m
$
Average Selling Price
SINGLE FAMILY HOMES | Q2 2019
Palm Beach Average Selling Price | Median Selling Price | Units Sold $9
60
$8
50
$7 $6
40
$5
30
$4 $3
20
$2
10
$1 $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
-17%
-2%
-49%
-39%
2019
$6,611,281
$5,000,000
$204,949,719 31
2018
$7,945,623
$5,100,000
$405,226,780 51
2017
$8,072,791
$4,200,000
$379,421,166
2016
$6,985,574
$4,500,000
$230,523,958 33
2015
$5,085,187
$3,495,000
$167,811,175
Q2 {2019 v 2018}
Change
47
33
Palm Beach Single Family Homes
/ Palm Beach Q2 Market Update
at a glance {Q2 | 2019}
west palm beach Single Family Homes
71.7m
$
Total Sales Volume
4
%
Change of Units Sold {2019 v 2018}
50 Units Sold
1.4m
$
Average Selling Price
SINGLE FAMILY HOMES | Q2 2019
West Palm Beach Average Selling Price | Median Selling Price | Units Sold $1.6
60
$1.4
50
$1.2 40
$1.0 $0.8
30
$0.6
20
$0.4 10
$0.2 $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
36%
12%
42%
4%
2019
$1,434,658
$775,000
$71,732,895
50
2018
$1,051,795
$692,500
$50,486,175
48
2017
$849,909
$561,500
$34,846,262
41
2016
$836,544
$453,000
$30,952,110
37
2015
$813,250
$510,000
$37,409,492
46
Q2 {2019 v 2018}
Change
West Palm Beach Single Family Homes
/ Palm Beach Q2Market Update
Market Snapshot Palm Beach
Highlight: ASP vs units
Condominiums
$1.20
200 180
$1.00
West Palm Beach
Palm Beach | In-Town
160
Highlight: $0.80 Units Sold
140
$0.60
100
120
80
Palm Beach | South End $0.40
60 40
$0.20
20 $0.00
Total Volume 41 % 35 % 24 %
Palm Beach | In-Town South End West Palm Beach
Average Selling Price vs. Total Units Sold 1.5m $ .9m $ 1.0m $
*In Millions
Average Selling Price Total Units Sold
2019
2018
2017
2016
0
2015
*Price in Millions
Highlighting Condominiums
Palm Beach In-Town, Palm Beach South End, and West Palm Beach
$1,400 $1,200 $1,000
West Palm Beach
$800
Palm Beach | In-Town
Highlights: Median Sale Price
Highligh Units So
$600
Palm Beach | South End
$400 $200
Median Selling Price 1.2m $ 615k $ 475.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 29 % 44 % 26 %
Palm Beach | In-Town South End West Palm Beach
41 62 37
*In Thousands
Q2Market Snapshot
/ Palm Beach Q2 Market Update
at a glance {Q2 | 2019}
palm beach | in-town Condominiums
62.9m
$
Total Sales Volume
-23
%
Change of Units Sold {2019 v 2018}
41 Units Sold
1.5m
$
Average Selling Price
CONDOMINIUMS | Q2 2019
Palm Beach | In-Town Average Selling Price | Median Selling Price | Units Sold $2.0 70 $1.8
60
$1.6 50
$1.4 $1.2
40
$1.0 30
$0.8 $0.6
20
$0.4 10
$0.2 $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%
2%
-32%
-23%
2019
$1,535,147
$1,200,000
$62,941,068
41
2018
$1,756,566
$1,175,000
$93,098,000
53
2017
$1,720,917
$1,312,500
$80,883,138
47
2016
$1,493,376
$850,000
$49,281,439
33
2015
$1,320,429
$1,075,000
$80,546,181
61
Q2 {2019 v 2018}
Change
Palm Beach In-Town Condominiums
/ Palm Beach Q2 Market Update
CONDOMINIUMS | Q2 2019
South End Average Selling Price | Median Selling Price | Units Sold $1,000
90
$900
80
$800
70
$700
60
$600
50
$500 40
$400
30
$300 $200
20
$100
10
$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
18%
27%
18%
0%
2019
$859,620
$615,000
$53,296,500
62
2018
$725,986
$482,500
$45,011,155
62
2017
$693,416
$550,000
$43,685,261
63
2016
$607,458
$502,000
$40,092,250
66
2015
$639,143
$456,000
$53,048,883
83
Q2 {2019 v 2018}
Change
Palm Beach Q2 Market Update / South End Condominiums
at a glance {Q2 | 2019}
south end
Condominiums
53.3m
$
Total Sales Volume
0
%
Change of Units Sold {2019 v 2018}
62 Units Sold
859k
$
Average Selling Price
at a glance {Q2 | 2019}
west palm beach Condominiums
37.7m
$
Total Sales Volume
-23
%
Change of Units Sold {2019 v 2018}
37 Units Sold
1.01m
$
Average Selling Price
CONDOMINIUMS | Q2 2019
West Palm Beach Average Selling Price | Median Selling Price | Units Sold $1,200
60
$1,000
50
$800
40
$600
30
$400
20
$200
10
$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
43%
11%
10%
-23%
2019
$1,017,913
$475,000
$37,662,790
37
2018
$714,047
$429,000
$34,274,301
48
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
Q2 {2019 v 2018}
Change
West Palm Beach Condominiums
/ Palm Beach Q2 Market Update
Extraordinary Results We celebrate the notable success of our associates and clients
PALM BEACH
227 Via Tortuga Last Asking $8,975,000
Recent Extraordinary Sales PALM BEACH
412 Australian Avenue Last asking $8,300,000 PALM BEACH
147 Seabreeze Avenue Last asking $5,695,000 PALM BEACH
100 Sunrise Avenue, 503 Last asking $4,472,500 PALM BEACH
2100 South Ocean Boulevard, 408N Last asking $3,595,000 *in order from left to right, top to bottom
sothebyshomes.com/palmbeach
Upcoming Auctions Contemporary Art Online
Space Exploration
Finest & Rarest Wines
10–18 July
20 July
13–14 September
Omega Speedmaster: To the
Jewels Online
Inspired by Chatsworth
Moon and Back | Celebrating
18-25 July
28 June–18 September
50 Years since Apollo 11 19 July
Finest & Rarest Wines 7 September
1334 YORK AVENUE, NEW YORK, NY 10021 ENQUIRIES +1 212 606 7000 SOTHEBYS.COM/AUCTIONS EXHIBITION ORGANISED IN PARTNERSHIP WITH CHATSWORTH HOUSE SOTHEBY’S, INC. LICENSE NO. 1216058. © SOTHEBY’S, INC. 2019