Palm Beach Market Update | Q2 2020

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

email

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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