Palm Beach, FL | web: 0076664
Palm Beach Market Update Second Quarter 2015 PALM BEACH BROKERAGE 340 Royal Poinciana Way Palm Beach, FL 33480 +1.561.659.3555 VICE PRESIDENT/BROKER MANAGER: Carol Hickman sothebyshomes.com/palmbeach
A MESSAGE FROM OUR MANAGER: Carol Hickman I am pleased to provide a summary of sales activity in the greater Palm Beach area for the second quarter of 2015. The Palm Beach Multiple Listing Service reports the following statistics, quarter (2Q15) over quarter (2Q14). The condominium market was very active with increased sales volume in all areas. The Palm Beach In Town market saw a robust 35% increase in volume, with average prices mostly unchanged. South End condominium sales volume increased a strong 26% and had a 21% increase in average sales price. West Palm Beach saw a smaller, but healthy, 6% increase in sales volume despite a slight increase in prices. Average days on the market fell in all areas except West Palm Beach, which saw a 21% increase accompanied by additional inventory. Single-family home results for the quarter varied by location. In Palm Beach, both the sales volume and the average sales price fell from record 2014 levels (38% and 9%, respectively). In the much smaller Manalapan market (5 total sales), the volume of sales transactions rose 24%, but the sales were in the mid-market rather than the high-end range, causing the average sales price to fall 25%. In West Palm Beach, sales volume was virtually unchanged and average sale price rose slightly at 4%. All single-family home markets continued the steady decline in inventory levels. Palm Beach was the only area to have an increase in the average days on the market of 48%, again compared to the strong 2014 market, but this time accompanied by a 8% reduction in inventory.
SIGNIFICANT SALES | Q2 2015
LAKEFRONT MEDITERRANEAN VILLA Web ID: 0076451 | Listed $19,950,000
BLOSSOM WAY BEAUTY Web ID: 0076285 | Listed $16,850,000
PALATIAL BILTMORE PENTHOUSE Web ID: 0076371 | Listed $7,900,000
CLARKE AVENUE CHARM Web ID: 0075947 | Listed $7,495,000
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.
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SINGLE FAMILY HOME
SALES PALM BEACH ACTIVE LISTINGS
NUMBER SOLD
SOLD VOLUME
AVG. SALE PRICE
MEDIAN SALES PRICE
DOM *
2015 SECOND QUARTER
169
33
$167,811,175
$5,085,187
$3,495,000
275
2014 SECOND QUARTER
182
49
$272,706,234
$5,565,433
$3,275,000
186
2015 QUARTERS 1-2
217
61
$298,332,960
$4,890,704
$3,600,000
262
2014 QUARTERS 1-2
242
79
$466,209,010
$5,901,380
$3,15,000
199
ACTIVE LISTINGS
NUMBER SOLD
SOLD VOLUME
AVG. SALE PRICE
MEDIAN SALES PRICE
DOM *
2015 SECOND QUARTER
210
43
$34,139,492
$793,942
$500,000
161
2014 SECOND QUARTER
217
44
$33,512,250
$761,642
$557,000
205
2015 QUARTERS 1-2
291
80
$60,716,117
$758,951
$436,062
150
2014 QUARTERS 1-2
294
80
$68,324,275
$854,053
$612,500
189
ACTIVE LISTINGS
NUMBER SOLD
SOLD VOLUME
AVG. SALE PRICE
MEDIAN SALES PRICE
DOM *
2015 SECOND QUARTER
21
5
$33,445,000
$6,689,000
$3,000,000
243
2014 SECOND QUARTER
25
3
$26,864,000
$8,954,667
$7,914,000
336
2015 QUARTERS 1-2
27
9
$64,093,226
$7,121,470
$3,800,000
234
2014 QUARTERS 1-2
29
7
$45,815,470
$6,545,067
$3,300,000
250
WEST PALM BEACH
MANALAPAN
*Days On Market
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SALES
CONDOMINIUM
PALM BEACH - IN TOWN ACTIVE LISTINGS
NUMBER SOLD
SOLD VOLUME
AVG. SALE PRICE
MEDIAN SALES PRICE
DOM *
2015 SECOND QUARTER
153
58
$77,753,681
$1,340,580
$1,071,000
195
2014 SECOND QUARTER
180
42
$57,384,810
$1,366,305
$1,025,000
262
2015 QUARTERS 1-2
236
91
$124,342,681
$1,366,403
$1,067,000
189
2014 QUARTERS 1-2
243
72
$91,484,610
$1,270,619
$952,500
244
ACTIVE LISTINGS
NUMBER SOLD
SOLD VOLUME
AVG. SALE PRICE
MEDIAN SALES PRICE
DOM *
2015 SECOND QUARTER
282
78
$49,064,883
$629,036
$433,750
186
2014 SECOND QUARTER
353
75
$38,922,100
$518,961
$350,000
216
2015 QUARTERS 1-2
412
144
$97,758,233
$678,876
$405,000
178
2014 QUARTERS 1-2
484
124
$63,466,100
$511,823
$293,000
210
ACTIVE LISTINGS
NUMBER SOLD
SOLD VOLUME
AVG. SALE PRICE
MEDIAN SALES PRICE
DOM *
2015 SECOND QUARTER
197
39
$24,091,612
$617,733
$460,000
195
2014 SECOND QUARTER
187
36
$22,770,750
$632,520
$407,500
161
2015 QUARTERS 1-2
278
69
$46,846,412
$678,933
$490,000
174
2014 QUARTERS 1-2
247
63
$34,473,750
$547,202
$360,000
168
PALM BEACH - SOUTH END
WEST PALM BEACH
*Days On Market
FEATURED LISTINGS
PRIME DIRECT OCEANFRONT LAND Northend, Palm Beach Web ID: 0076647 | $19,900,000
PERFECTION ON NORTH LAKE WAY Northend, Palm Beach Web ID: 0076542 | $6,195,000
PRISTINE PENDLETON AVENUE In-Town, Palm Beach Web ID: 0076600 | $4,700,000
FEATURED LISTINGS
EXTRAORDINARY PENTHOUSE West Palm Beach Web ID: 0076669 | $1,975,000
WATERVIEW TOWERS West Palm Beach Web ID: 0076640 | $1,300,000
STUNNING PIED-À-TERRE In-Town, Palm Beach Web ID: 0076681 | $649,000
ON THE MARKET
left to right from top to bottom:
METROPOLITAN MARKETS NEW YORK, NY | Web: 0019842 | $5,500,000 SAN FRANCISCO, CA | Web: 0087388 | $4,995,000 HOUSTON, TX | Web: 1240556 | $5,250,000 RESORT MARKETS PEBBLE BEACH, CA | Web: 0474143 | $5,750,000 BRIDGEHAMPTON, NY | Web: 0037843 | $5,250,000 SANTA BARBARA, CA | Web: 0632345 | $5,000,000 FOREIGN MARKETS FRANCE | Web: LTFSNM | $5,778,077 ISRAEL | Web: 9ZWTEE | $5,726,482 PUERTO RICO | Web: ENWEJT | $4,200,000 sothebysrealty.com