Q3 | 2018
Palm Beach
Market Update
JUPITER
207CommodoreDrive.com Offered at $13,900,000
Only With Us
®
We invite you to explore our exclusive offerings at S OTHEBYS H O ME S.C O M/ PAL MBE AC H
PALM BEACH
Offered at $8,750,000 sothebyshomes.com/0077823
a message from
Debra Reece Brokerage Manager
We invite you to review a summary of sales activity in the Palm Beach area during the third quarter of 2018. The Palm Beach Multiple Listing Service reports the following statistics for this quarter, which are compared here with statistics for the same period of 2017: The Palm Beach single-family home market strengthened during Q3 in 2018 as total dollar volume sold increased from $108M in Q3 2017 to $147M in Q3 2018, a substantial 36% gain. Market performance in this sector was boosted by a 6% rise in the median sale price, which now stands at $3.975M compared to $3.75M in Q3 2017. Impacted by inventory levels that tightened by 10%, 152 in Q3 2018 compared to 169 in Q3 2017, sales were achieved more quickly with the average days on the market down by 120 days from 336 days in 2017 to 216 days in 2018. Condominiums sold more quickly in both the In-Town and South End markets, where available inventory was significantly lower than the previous year’s corresponding period. In the South End market, total sold dollar volume jumped from $20.5M to $31.6M, an increase of 54%. The increase in total dollar volume was driven by a 24% increase in the median sale price, $465k in 2018 compared to $376k in 2017, although the number of sales held steady at 42. In contrast, the In-Town market pulled back across the board in the number of sales, median sale price, and total dollar volume. 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 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
$3.0
60
$2.5
50
$2.0
40
$1.5
30
$1.0
20
$0.5
10
$0.0
0
*Price in Millions
Total Volume 88 % 12 %
Palm Beach West Palm Beach
Average Selling Price vs. Total Units Sold 146.9m $ 20.6m $
*In Millions
Average Selling Price Total Units Sold
2018
70
2017
$3.5
2016
Palm Beach
80
2015
e
$4.0
2014
West Palm Beach
Highlighting Single Family Homes Palm Beach and West Palm Beach
$14 $12 $10
Highlight: Units Sold
$8
Palm Beach
Highlights: West Palm Beach Median Sale Price
$6 $4 $2
Median Selling Price 4.0m $ 0.6m
$
West Palm Beach
*Price in Millions
Palm Beach
$-
Palm Beach West Palm Beach
Total Units Sold 47 % 53 %
Palm Beach West Palm Beach
22 25
*In Millions
Q3 Market Snapshot
/ Palm Beach Q3 Market Update
at a glance {Q3 | 2018}
palm beach
Single Family Homes
147m
$
Total Sales Volume
5
%
Change of Units Sold {2018 v 2017}
22 Units Sold
6.7m
$
Average Selling Price
SINGLE FAMILY HOMES | Q3 2018
Palm Beach Average Selling Price | Median Selling Price | Units Sold $8
30
$7
25
$6 20
$5 $4
15
$3
10
$2 5
$1 $0
0
2014
2015
2016
2017
2018
*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
29%
6%
36%
5%
2018
$6,677,383
$3,975,000
$146,902,425 22
2017
$5,157,902
$3,750,000
$108,315,941
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
Q3 {2018 v 2017}
Change
21
Palm Beach Single Family Homes
/ Palm Beach Q3 Market Update
at a glance {Q3 | 2018}
west palm beach Single Family Homes
20.6m
$
Total Sales Volume
-19
%
Change of Units Sold {2018 v 2017}
25 Units Sold
824k
$
Average Selling Price
SINGLE FAMILY HOMES | Q3 2018
West Palm Beach Average Selling Price | Median Selling Price | Units Sold $0.9
60
$0.8
50
$0.7 $0.6
40
$0.5
30
$0.4 $0.3
20
$0.2
10
$0.1 $0.0
0
2014
2015
2016
2017
2018
*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
11%
-5%
-10%
-19%
2018
$824,240
$550,000
$20,606,000
25
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
Q3 {2018 v 2017}
Change
West Palm Beach Single Family Homes
/ Palm Beach Q3 Market Update
Market Snapshot
Highlight: ASP vs units
Condominiums
120
$1.00
100
$0.80
West Palm Beach
40
$0.20
20
$0.00
0
16 % 36 % 48 %
Palm Beach | In-Town South End West Palm Beach
Average Selling Price vs. Total Units Sold 9m $ .8m $ 1.5m $.
*In Millions
Average Selling Price Total Units Sold
2018
$0.40
2017
60
*Price in Millions
Total Volume
80
$0.60
2016
Palm Beach | South End
Highlight: Closed Volume
2015
Palm Beach | InTown
$1.20
2014
Palm Beach
Highlighting Condominiums
Palm Beach In-Town, Palm Beach South End, and West Palm Beach
$900 $800
Palm Beach | In-Town
$700 $600
Highlig Units S
West Palm Beach
$500
Highlights: Median Sale Price
$400
Palm Beach | South End
$300 $200 $100
Median Selling Price 775k $ 465k $ 540k
$
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 18 % 50 % 32 %
Palm Beach | In-Town South End West Palm Beach
15 42 27
*In Thousands
Q3Market Snapshot
/ Palm Beach Q3 Market Update
at a glance {Q3 | 2018}
palm beach | in-town Condominiums
14.2m
$
Total Sales Volume
-21
%
Change of Units Sold {2018 v 2017}
15 Units Sold
949k
$
Average Selling Price
CONDOMINIUMS | Q3 2018
Palm Beach | In-Town Average Selling Price | Median Selling Price | Units Sold $1.4 35 $1.2
30
$1.0
25
$0.8
20
$0.6
15
$0.4
10
$0.2
5
$0.0
0
*Price in Millions 2014
2015
2016
Average Selling Price Median Selling Price
2017
2018
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
-25%
-18%
-41%
-21%
2018
$949,633
$775,000
$14,244,500
15
2017
$1,269,973
$940,000
$24,129,500
19
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
$32,683,399
29
Q3 {2018 v 2017}
Change
Palm Beach In-Town Condominiums
/ Palm Beach Q3 Market Update
CONDOMINIUMS | Q3 2018
South End Average Selling Price | Median Selling Price | Units Sold $800
50 45
$700
40
$600
35
$500
30
$400
25 20
$300
15
$200
10
$100
5
$0
0
2014
2015
2016
2017
2018
*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
54%
24%
54%
0%
2018
$752,782
$465,000
$31,616,880
42
2017
$488,221
$376,250
$20,505,300
42
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
Q3 {2018 v 2017}
Change
Palm Beach Q3 Market Update / South End Condominiums
at a glance {Q3 | 2018}
south end
Condominiums
31.6m
$
Total Sales Volume
0
%
Change of Units Sold {2018 v 2017}
42 Units Sold
752k
$
Average Selling Price
at a glance {Q3 | 2018}
west palm beach Condominiums
41.6m
$
Total Sales Volume
13
%
Change of Units Sold {2018 v 2017}
27 Units Sold
1.5m
$
Average Selling Price
CONDOMINIUMS | Q3 2018
West Palm Beach Average Selling Price | Median Selling Price | Units Sold 35
$1,800 $1,600
30
$1,400 25
$1,200 $1,000
20
$800
15
$600
10
$400 5
$200
0
$0
2014
2015
2016
2017
2018
*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
206%
34%
244%
13%
2018
$1,541,674
$540,000
$41,625,217
27
2017
$503,967
$402,500
$12,095,225
24
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
Q3 {2018 v 2017}
Change
West Palm Beach Condominiums
/ Palm Beach Q3 Market Update
Extraordinary Results We celebrate the notable success of our associates and clients
PALM BEACH
309 Dunbar Road Last asking $9,985,000
Recent Extraordinary Sales PALM BEACH
226 Via Linda Last asking $4,295,000 PALM BEACH
244 Nightingale Trail Last asking $3,495,000 PALM BEACH
2500 South Ocean Blvd, 2A5 Last asking $1,875,000 WEST PALM BEACH
529 South Flagler Drive, 6F Last asking $1,275,000 *in order from left to right, top to bottom
sothebyshomes.com/palmbeach
w i n e i s a n e v e r- e n d i n g j o u r n e y. sothebyswine.com
AUCTION AUCTION• •RETAIL RETAIL• •ADVISORY ADVISORY New New York YorkHong Hong Kong KongLondon London