Q2 | 2020
Palm Beach
Market Update
PALM BEACH
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a message from
Debra Reece Brokerage Manager
As we continue to navigate these unprecedented times, the health and safety of our community is our top priority. We quickly adapted to conduct business and support our clients looking to buy, sell, or rent homes using video tours, Matterport tours, and virtual showings. We invite you to review a summary of sales activity in the Palm Beach market area during the second quarter of 2020, based on closed production from April - June 2020. The Palm Beach Board of Realtors reports the following market data for this quarter, which is compared here for the same period of 2019. Sold volume of single-family homes in Palm Beach more than doubled with over $412M in Q2 2020 from $205M for the same time period of 2019. The average sales price was up over 50%, from $6.6M in Q2 2019 to over $10M in Q2 2020. Sold volume for condo sales In-Town Palm Beach was down slightly, 5%, from just under $63M in Q2 2019 to $59.8M in Q2 2020. In addition, total active listings were up 17%, from 156 in Q2 2019 to 183 in Q2 2020. 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
Sothebys International Realty - Palm Beach - 340 Royal Poinciana Way, Suite M314, Palm Beach, FL 33480 Sothebys International Realty - Singer Island - 3800 North Ocean Drive, Singer Island, FL 33404
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
$7.0
120
West Palm Beach $6.0
West Palm Beach
100
$5.0
80
$4.0 60 $3.0 40
$2.0
0
*Price in Millions
Total Volume 94 % 6%
Palm Beach West Palm Beach
2020
$0.0
2019
20
2018
$1.0
2017
Palm Beach
2016
me
Average Selling Price vs. Total Units Sold 412.9m $ 26.2m $
*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
West Palm Beach
Highlights: Median Sale Price
$6
Palm Beach
$4 $2
Median Selling Price 7.5m $ 0.7m $
Palm Beach West Palm Beach
West Palm Beach
*Price in Millions
Palm Beach
$-
Total Units Sold 61% 39%
Palm Beach West Palm Beach
40 26
*In Millions
Q2 Market Snapshot
/ Palm Beach Q2 Market Update
at a glance {Q2 | 2020}
palm beach
Single Family Homes
413m
$
Total Sales Volume
29
%
Change of Units Sold {2020 v 2019}
40 Units Sold
10.3m
$
Average Selling Price
SINGLE FAMILY HOMES | Q2 2020
Palm Beach Average Selling Price | Median Selling Price | Units Sold $12
60
$10
50
$8
40
$6
30
$4
20
$2
10
$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
56%
50%
101%
29%
2020
$10,321,324
$7,488,500
$412,852,949
40
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
Q2 {2020 v 2019}
Change
47
at a glance {Q2 | 2020}
west palm beach Single Family Homes
26.2m
$
Total Sales Volume
-50
%
Change of Units Sold {2020 v 2019}
26 Units Sold
1
$ m Average Selling Price
SINGLE FAMILY HOMES | Q2 2020
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
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
-33%
-13%
-66%
-50%
2020
$1,006,128
$740,000
$26,159,326
26
2019
$1,492,363
$850,000
$77,602,895
52
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
Q2 {2020 v 2019}
Change
Q2Market Snapshot
/ Palm Beach Q2 Market Update
Market Snapshot
Highlight: ASP vs units
Condominiums
$1.60
160
$1.40
140
Total Volume Palm Beach | In-Town
80
$0.60
60
$0.40
40
$0.20
20
$0.00
0
South End West Palm Beach
59.8m $ 23.9m $ 24.3m *In Millions
Average Selling Price Total Units Sold
2020
$0.80
2019
100
Average Selling Price vs. Total Units Sold $
120
$1.00
2018
Palm Beach | In-Town
*Price in Millions
55 % 22 % 23 %
Highlight: Closed Volume
$1.20
2016
Palm Beach | South End
180
2017
West Palm Beach
$1.80
Highlighting Condominiums Palm Beach In-Town, Palm Beach South End, and West Palm Beach
$1,400 $1,200
West Palm Beach
$1,000 $800
Highlights: Median Sale Price
$600
Palm Beach | In-Town
Palm Beach | South End
$400 $200
Median Selling Price 1.18m $ .82m $.546m $
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
30 24 14
*In Millions
Q2Market Snapshot
/ Palm Beach Q2 Market Update
Highli Units
at a glance {Q2 | 2020}
palm beach | in-town Condominiums
59.8m
$
Total Sales Volume
-27
%
Change of Units Sold {2020 v 2019}
30 Units Sold
1.99m
$
Average Selling Price
CONDOMINIUMS | Q2 2020
Palm Beach | In-Town Average Selling Price | Median Selling Price | Units Sold $2.5
60 50
$2.0
40 $1.5 30 $1.0 20 $0.5
10
$0.0
*Price in Millions
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
30%
-2%
-5%
-27%
2020
$1,994,015
$1,180,000
$59,820,475
30
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
Q2 {2020 v 2019}
Change
CONDOMINIUMS | Q2 2020
South End Average Selling Price | Median Selling Price | Units Sold $1,200
70
$1,000
60 50
$800
40 $600 30 $400
20
$200
10
$0
0
2016 *Price in Thousands
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
17%
37%
-55%
-62%
2020
$995,816
$820,000
$23,899,594
24
2019
$852,087
$600,000
$53,681,500
63
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
Q2 {2020 v 2019}
Change
Q2 Market Snapshot
/ Palm Beach Q2 Market Update
at a glance {Q2 | 2020}
south end
Condominiums
23.9m
$
Total Sales Volume
-62
%
Change of Units Sold {2020 v 2019}
24 Units Sold
.96m
$
Average Selling Price
at a glance {Q2 | 2020}
west palm beach Condominiums
24.3m
$
Total Sales Volume
-63
%
Change of Units Sold {2020 v 2019}
14 Units Sold
1.7m
$
Average Selling Price
CONDOMINIUMS | Q2 2020
West Palm Beach Average Selling Price | Median Selling Price | Units Sold $1,200
70
$1,000
60 50
$800
40 $600 30 $400
20
$200
10
$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
73%
13%
-36%
-63%
2020
$1,737,285
$546,000
$24,322,000
14
2019
$1,005,994
$485,000
$38,227,790
38
2018
$714,047
$429,000
$34,274,301
48
2017
$441,250
$35,500
$15,002,500
34
2016
$718,879
$462,275
$22,285,275
31
Q2 {2020 v 2019}
Change
Palm Beach Q2 Market Update / South End Condominiums
Extraordinary Results We celebrate the notable success of our associates and clients
PALM BEACH
251 Dunbar Road Last Asking $13,750,000
Recent Extraordinary Sales PALM BEACH
101 Nightingale Trail Last asking $13,900,000 PALM BEACH
255 Clarke Avenue Last asking $9,500,000 PALM BEACH
169 Everglade Avenue Last asking $7,795,000 PALM BEACH
311 Pendleton Lane Last asking $4,995,000 *in order from left to right, top to bottom
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