Q3 | 2019
Palm Beach
Market Update
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Debra Reece Brokerage Manager
We invite you to review a summary of sales activity in the Palm Beach area during the third quarter of 2019. The Palm Beach Multiple Listing Service reports the following statistics for this quarter, which are compared here with statistics for the same period of 2018: Jumping 48% in a year-over-year comparison, the median sale price of a single-family home in Palm Beach now stands at $5.9 million – a steep increase which drove total dollar volume up 49%, offsetting the impact of a 14% decrease in the total number of units sold during this period, which also saw 13% more inventory. Especially notable during this quarter was the dramatic growth of the new luxury condominium market in West Palm Beach, where strong demand propelled the 89% increase in the number of units sold, the 416% increase in total dollar volume, and the 903% increase in the median sale price, now at $4.96 million. In Palm Beach’s condominium market, the strongest activity was concentrated In-Town, where the total number of units sold was up 13%, combining with a 37% rise in the median sale price to drive total dollar volume 60% higher. Condominium sales in Palm Beach’s South End pulled back during this quarter, although the median sale price posted a modest 4% gain. 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 or any of our independent sales associates 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
$5.0
West Palm Beach
120
$4.5 100
$4.0
West Palm Beach
$3.5
80
$3.0 $2.5
60
$2.0
e
Palm Beach
40
$1.5 $1.0
20
$0.5 $0.0
Total Volume 87 % 13 %
Palm Beach West Palm Beach
2019
2018
2017
2016
*Price in Millions
2015
0
Average Selling Price vs. Total Units Sold 218.9m $ 34.1m $
*In Millions
Average Selling Price Total Units Sold
Highlighting Single Family Homes Palm Beach and West Palm Beach
$14 $12 $10 $8
Highlight: Units Sold
$6 $4
Palm Beach Highlights: Median Sale Price
West Palm Beach
$2
Median Selling Price 5.9m $ 0.7m $
Palm Beach West Palm Beach
West Palm Beach
*Price in Millions
Palm Beach
$-
Total Units Sold 35 % 65 %
Palm Beach West Palm Beach
19 36
*In Millions
Q3 Market Snapshot
/ Palm Beach Q3 Market Update
at a glance {Q3 | 2019}
palm beach
Single Family Homes
219m
$
Total Sales Volume
-14
%
Change of Units Sold {2019 v 2018}
19 Units Sold
11.5m
$
Average Selling Price
SINGLE FAMILY HOMES | Q3 2019
Palm Beach Average Selling Price | Median Selling Price | Units Sold $14
45
$12
40 35
$10
30
$8
25
$6
20 15
$4
10
$2
5
$0
0
2015
2016
2017
2018
2019
*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
73%
48%
49%
-14%
2019
$11,522,115
$5,900,000
$218,920,191
19
2018
$6,677,383
$3,975,000
$146,902,425 22
2017
$6,320,640
$3,775,000
$246,504,942 39
2016
$5,910,909
$4,275,000
$224,614,525
38
2015
$5,223,068
$4,185,000
$114,907,496
22
Q3 {2019 v 2018}
Change
Palm Beach Single Family Homes
/ Palm Beach Q3 Market Update
at a glance {Q3 | 2019}
west palm beach Single Family Homes
34.1m
$
Total Sales Volume
44
%
Change of Units Sold {2019 v 2018}
36 Units Sold
0.9m
$
Average Selling Price
SINGLE FAMILY HOMES | Q3 2019
West Palm Beach Average Selling Price | Median Selling Price | Units Sold $1.0
70
$0.9
60
$0.8 $0.7
50
$0.6
40
$0.5 $0.4
30
$0.3
20
$0.2
10
$0.1 $0.0
0
2015
2016
2017
2018
2019
*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
13%
34%
62%
44%
2019
$946,866
$738,750
$34,087,175
36
2018
$839,700
$550,000
$20,992,500
25
2017
$828,096
$578,000
$38,920,512
47
2016
$592,971
$417,500
$38,543,110
65
2015
$724,002
$462,002
$31,856,066
44
Q3 {2019 v 2018}
Change
West Palm Beach Single Family Homes
/ Palm Beach Q3Market Update
Market Snapshot Palm Beach
Highlight: ASP vs units
Condominiums
Palm Beach | South End Palm Beach | In-Town
Palm Beach In-Town Palm Beach South End
$3.00
120
$2.50
100
Highlight: Closed Volume
$2.00
80
$1.50
60
$1.00
40
$0.50
20
$0.00
0
Total Volume 9% 9% 82 %
Palm Beach | In-Town South End West Palm Beach
Average Selling Price vs. Total Units Sold 1.3m $ .7m $ 4.9m $
*In Millions
Average Selling Price Total Units Sold
2019
2018
2017
2016
*Price in Millions
2015
West Palm Beach
Highlighting Condominiums Palm Beach In-Town, Palm Beach South End, and West Palm Beach
$6,000
Palm Beach | In-Town
$5,000
Highlig Units S
$4,000
Highlights:West Median Sale Price Palm Beach
$3,000
Palm Beach | South End
$2,000 $1,000
Median Selling Price 1.1m $ .44m $ 4.9m $
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 17 % 32 % 51 %
Palm Beach | In-Town South End West Palm Beach
17 33 53
*In Millions
Q3Market Snapshot
/ Palm Beach Q3 Market Update
at a glance {Q3 | 2019}
palm beach | in-town Condominiums
22.8m
$
Total Sales Volume
13
%
Change of Units Sold {2019 v 2018}
17 Units Sold
1.3m
$
Average Selling Price
CONDOMINIUMS | Q3 2019
Palm Beach | In-Town Average Selling Price | Median Selling Price | Units 30 Sold $1.6 $1.4
25
$1.2 20
$1.0 $0.8
15
$0.6
10
$0.4 5
$0.2 $0.0
0
2015
2016
2017
2018
2019
*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
42%
37%
60%
13%
2019
$1,343,823
$1,060,000
$22,845,000
17
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
26
Q3 {2019 v 2018}
Change
Palm Beach In-Town Condominiums
/ Palm Beach Q3 Market Update
CONDOMINIUMS | Q3 2019
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
2015
*Price in Thousands
2016
2017
Average Selling Price Median Selling Price
2018
2019
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
-2%
4%
-27%
-25%
2019
$713,191
$435,000
$23,535,315
33
2018
$730,929
$420,000
$32,160,880
44
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
Q3 {2019 v 2018}
Change
Palm Beach Q3 Market Update / South End Condominiums
at a glance {Q3 | 2019}
south end
Condominiums
23.5m
$
Total Sales Volume
-25
%
Change of Units Sold {2019 v 2018}
33 Units Sold
713k
$
Average Selling Price
at a glance {Q3 | 2019}
west palm beach Condominiums
216m
$
Total Sales Volume
89
%
Change of Units Sold {2019 v 2018}
53 Units Sold
4.08m
$
Average Selling Price
CONDOMINIUMS | Q3 2019
West Palm Beach 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
2015
2016
2017
2018
2019
*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
173%
903%
416%
89%
2019
$4,085,039
$4,964,140
$216,507,048
53
2018
$1,498,040
$495,000
$41,945,117
28
2017
$503,968
$402,500
$12,095,225
24
2016
$465,200
$357,500
$13,956,000
30
2015
$522,621
$430,000
$14,633,400
28
Q3 {2019 v 2018}
Change
West Palm Beach Condominiums
/ Palm Beach Q3 Market Update
Extraordinary Results We celebrate the notable success of our associates and clients
PALM BEACH
1960 South Ocean Blvd Last Asking $56,000,000
Recent Extraordinary Sales WEST PALM BEACH
525 South Flagler Drive, GPH-1 Last asking $4,900,000 PALM BEACH
100 Sunrise Avenue, 502 Last asking $3,795,000 PALM BEACH
248 Colonial Lane Last asking $2,295,000 WEST PALM BEACH
525 South Flagler Drive, PH-1G Last asking $1,750,000 *in order from left to right, top to bottom
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