Q3 | 2017
Palm Beach
Market Update
PALM BEACH
226vialinda.com Offered at $4,195,000
a message from
Debra Reece Brokerage Manager
We invite you to review our summary of sales activity in the Palm Beach area during the third quarter of 2017 that we have compiled using data aggregated from the Palm Beach Multiple Listing Service. Condominiums represented the strongest sector of the Palm Beach real estate market during this period. Within this market sector, the average selling price of in-town condominiums jumped 36% higher over the third quarter of 2016, resulting in total dollar volume that posted a substantial 28% gain despite 6% fewer sales. In Palm Beach’s South End, the total number of condominiums sold was up 17% over the third quarter of 2016, offsetting the average selling price decline of 17% and resulting in total dollar volume that held nearly steady in a year-over-year comparison. However, the number of single-family homes sold in Palm Beach pulled back 18% from the level of the third quarter of 2016, with the average selling price 16% lower and total dollar volume 32% lower in a year-overyear comparison. 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 we 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 at (561)659-3555. 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.
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PALM BEACH | NORTHEND
Offered at $8,395,000 sothebyshomes.com/palmbeach
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
90
$3.0
Manalapan
80
$2.5
70
West Palm Beach
60
$2.0
50
$1.5
40
$1.0
ghlight: d Volume
Palm Beach
30 20
$0.5
10
$0.0
Total Volume 76 % 19 % 5%
Palm Beach West Palm Beach Manalapan
Average Selling Price vs. Total Units Sold 94.6m $ 23m $ 6.2m $
*In Millions
Average Selling Price Total Units Sold
2017
2016
2015
2014
2013
*Price in Millions
0
Highlighting Single Family Homes Palm Beach, West Palm Beach,
and Manalapan
Manalapan $4.0 $3.5 $3.0
Palm Beach
Highlight: Units Sold
$2.5 $2.0
Highlights: Median Sale Price
West Palm Beach
$1.5 $1.0 $0.5
Median Selling Price 3.5m $ 0.6m $ 3.1m $
Palm Beach West Palm Beach Manalapan
Manalapan
West Palm Beach
*Price in Millions
Palm Beach
$-
Total Units Sold 35 % 61 % 4%
Palm Beach West Palm Beach Manalapan
18 31 2
*In Millions
Q3 Market Snapshot
/ Palm Beach Q3 Market Update
at a glance {Q3 | 2017}
palm beach
Single Family Homes
$94.6m Total Sales Volume
-18
%
Change of Units Sold {2017 v 2016}
18 Units Sold
5.3m
$
Average Selling Price
SINGLE FAMILY HOMES - Q3 | 2017
Palm Beach Average Selling Price | Median Selling Price | Units Sold $7
35
$6
30
$5
25
$4
20
$3
15
$2
10
$1
5
$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%
-17%
-32%
-18%
2017
$5,253,663
$3,450,558
$94,565,941
18
2016
$6,275,708
$4,175,000
$138,065,567 22
2015
$5,223,068
$4,185,000
$114,907,496
22
2014
$6,312,875
$4,150,000
$176,760,491
28
2013
$3,748,829
$2,210,000
$123,711,350
33
Q3 {2017 v 2016}
Change
Palm Beach Single Family Homes
/ Palm Beach Q3 Market Update
SINGLE FAMILY HOMES - Q3 | 2017
Manalapan Average Selling Price | Median Selling Price | Units Sold $18
6
$16
5
$14 $12
4
$10
3
$8
2
$6 $4
1
$2
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
-78%
-78%
-78%
0%
2017
$3,117,500
$3,117,500
$6,235,000
2
2016
$14,200,000
$14,200,000
$28,400,000
2
2015
$14,361,667
$5,900,000
$43,085,000
3
2014
$2,831,200
$1,940,000
$14,156,000
5
2013
$3,282,000
$3,282,000
$6,564,000
2
Q3 {2017 v 2016}
Change
Palm Beach Q3 Market Update / Manalapan Single Family Homes
at a glance {Q3 | 2017}
manalapan
Single Family Homes
$6.2m Total Sales Volume
0
%
Change of Units Sold {2017 v 2016}
2
Units Sold
3.1m
$
Average Selling Price
at a glance {Q3 | 2017}
west palm beach Single Family Homes
$23m Total Sales Volume
-35
%
Change of Units Sold {2017 v 2016}
31 Units Sold
742k
$
Average Selling Price
SINGLE FAMILY HOMES - Q3 | 2017
West Palm Beach Average Selling Price | Median Selling Price | Units Sold 60
$0.9 $0.8
50
$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
19%
47%
-23%
-35%
2017
$742,282
$578,000
$23,010,750
31
2016
$622,229
$392,500
$29,867,000
48
2015
$724,002
$462,000
$31,856,066
44
2014
$780,527
$512,500
$37,465,275
48
2013
$662,626
$410,000
$23,191,900
35
Q3 {2017 v 2016}
Change
West Palm Beach Single Family Homes
/ Palm Beach Q3 Market Update
Market Snapshot Palm Beach
Highlight: ASP vs units
Condominiums
$0.9
120
$0.8
100
$0.7 West Palm Beach
$0.6
Highlight: Closed Volume
$0.5 Palm Beach | In-Town Palm Beach | South End
80 60
$0.4 $0.3
40
$0.2
20
$0.1
Total Volume 43 % 41 % 16 %
Palm Beach | In-Town South End West Palm Beach
Average Selling Price vs. Total Units Sold 21.3m $ 20.2m $ 8.1m $
*In Millions
Average Selling Price Total Units Sold
2017
2016
2015
2014
0
2013
$0.0 *Price in Millions
Highlighting Condominiums
Palm Beach In-Town, Palm Beach South End, and West Palm Beach
$1,000 $900 $800
West Palm Beach
Palm Beach | In-Town
$700 $600
Highligh Units So
Highlights: Median Sale Price
$500
Palm Beach | South End
$400 $300 $200 $100
Median Selling Price 950k $ 378k $ 393k
$
Palm Beach | In-Town South End West Palm Beach
West Palm Beach
Palm Beach | South End
Palm Beach | In-Town
$-
*Price in Thousands
Total Units Sold 22 % 56 % 22 %
Palm Beach | In-Town South End West Palm Beach
16 41 16
*In Thousands
Q3 Market Snapshot
/ Palm Beach Q3 Market Update
at a glance {Q3 | 2017}
palm beach | in-town Condominiums
$21.3m Total Sales Volume
-6
%
Change of Units Sold {2017 v 2016}
16 Units Sold
1.33m
$
Average Selling Price
CONDOMINIUMS - Q3 | 2017
Palm Beach | In-Town Average Selling Price | Median Selling Price | Units Sold $1.6
35
$1.4
30
$1.2
25
$1.0
20
$0.8
15
$0.6
10
$0.4 $0.2
5
$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
36%
47%
28%
-6%
2017
$1,333,562
$950,000
$21,337,000
16
2016
$981,647
$645,000
$16,688,000
17
2015
$1,303,520
$890,000
$32,588,000
25
2014
$1,127,010
$633,075
$32,683,300
29
2013
$1,055,261
$650,000
$22,160,500
21
Q3 {2017 v 2016}
Change
Palm Beach In-Town Condominiums
/ Palm Beach Q3 Market Update
CONDOMINIUMS - Q3 | 2017
South End Average Selling Price | Median Selling Price | Units Sold $800
60
$700
50
$600 40
$500
30
$400 $300
20
$200 10
$100 $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
-17%
-21%
-3%
17%
2017
$492,202
$377,500
$20,180,300
41
2016
$593,937
$475,000
$20,787,800
35
2015
$591,329
$274,500
$26,018,500
44
2014
$670,528
$330,000
$20,786,375
31
2013
$415,673
$367,500
$21,615,000
52
Q3 {2017 v 2016}
Change
Palm Beach Q3 Market Update / South End Condominiums
at a glance {Q3 | 2017}
south end
Condominiums
$20.2m Total Sales Volume
17
%
Change of Units Sold {2017 v 2016}
41 Units Sold
492k
$
Average Selling Price
at a glance {Q3 | 2017}
west palm beach Condominiums
$8.1m Total Sales Volume
-4.7
%
Change of Units Sold {2017 v 2016}
16 Units Sold
506k
$
Average Selling Price
CONDOMINIUMS - Q3 | 2017
West Palm Beach Average Selling Price | Median Selling Price | Units Sold $800
35
$700
30
$600
25
$500
20
$400
15
$300
10
$200 $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
9%
10%
-42%
-47%
2017
$505,951
$392,500
$8,095,225
16
2016
$465,200
$357,500
$13,956,000
30
2015
$522,621
$430,000
$14,633,400
28
2014
$710,657
$450,000
$13,502,500
19
2013
$650,198
$542,984
$19,505,968
30
Q3 {2017 v 2016}
Change
West Palm Beach Condominiums
/ Palm Beach Q3 Market Update
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PALM BEACH
Significant Contemporary Last asking $10,600,000
PALM BEACH
Offered at $5,295,000 Web: 0077162 PALM BEACH
Offered at $3,395,000 Web: 0076188 PALM BEACH
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