Palm Beach Market Update | Q3 2020

Q3 | 2020

Palm Beach

Market Update

PALM BEACH

sothebysrealty.com/id/L7RH6L Offered at $8,800,000

Only With Us We invite you to explore our exclusive offerings at S OT H E BYSR E ALTY.C O M

PALM BEACH

Offered at $6,495,000 sothebysrealty.com/id/ 2ELWHC

a message from

Debra Reece Brokerage Manager

We are pleased to provide a summary of sales activity in the Palm Beach area during the third quarter of 2020. The third quarter of 2020 was extraordinary for a number of reasons. As we all faced challenges together, Sotheby’s International Realty was pleased to be of service to all of our clients and customers. The Palm Beach market saw a tremendous uptick in interest both for purchases and rentals. A beautiful climate, outdoor activities, including dining, water sports, boating, and just taking in the breeze has continued to make the Palm Beaches an enticing place to live, work, and simply enjoy life.

The Palm Beach Multiple Listing Service reports the following statistics for this quarter, which are compared here with statistics for the same period of 2019: Most notable during this quarter was the strong demand for single-family homes in Palm Beach, which drove the number of sales up by 200%, from $219 million in Q3 2019, to $396 million in Q3 2020, generating an 81% gain in total dollar volume. The current median sale price of $5.72 million reflects a slight drop of 3% over the previous year.

Significantly increased activity in the Palm Beach condominium market was concentrated InTown, where the number of sales rose by 88% and total dollar volume jumped 200%, from $22.8 million in Q3 2019 to $68.4 million in Q3 2020. The median sale price was up 51%, and now stands at $1.6 million in Q3 2020, from $1.06 million in Q3 2019. In the South End, the number of condominium sales was up by 3%, although total dollar volume was 11% lower. Condominium sales figures for West Palm Beach were markedly lower compared to the same quarter of the previous year, which had reflected dramatic sales growth driven by The Bristol, a new luxury development that completed construction during that period.

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 - Peruvian - 317 Peruvian Avenue, 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

$5.0

West Palm Beach

120

$4.5 100

$4.0

West Palm Beach

$3.5

80

$3.0 $2.5

60

$2.0

ght: olume

Palm Beach

40

$1.5 $1.0

20

$0.5 $0.0

Total Volume 85 % 15 %

Palm Beach West Palm Beach

2020

2019

2018

2017

Average Selling Price vs. Total Units Sold 396.5m $ 72.6m $

*In Millions

Q3 Market Snapshot

2016

0

*Price in Millions

/ Palm Beach Q3 Market Update

Average Selling Price Total Units Sold

Highlighting Single Family Homes Palm Beach and West Palm Beach

$14 $12 $10 $8

Highlight: Units Sold

$6

Highlights: Median Sale Price West Palm Beach Palm Beach

$4 $2

Median Selling Price 5.7m $ 0.8m $

Palm Beach West Palm Beach

West Palm Beach

*Price in Millions

Palm Beach

$-

Total Units Sold 52% 48%

Palm Beach West Palm Beach

57 52

*In Millions

Q3 Market Snapshot

/ Palm Beach Q3 Market Update

at a glance {Q3 | 2020}

palm beach

Single Family Homes

396m

$

Total Sales Volume

200 Change of Units Sold {2020 v 2019}

57 Units Sold

7

$ m Average Selling Price

%

SINGLE FAMILY HOMES | Q3 2020

Palm Beach Average Selling Price | Median Selling Price | Units Sold $14

60

$12

50

$10

40

$8 30 $6 20

$4 $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 BYSRE ALTY.C OM

Average Median Sold Selling Price Selling Price Volume

Units Sold

-40%

-3%

81%

200%

2020

$6,956,459

$5,720,000

$396,518,169

57

2019

$11,522,115

$5,900,000

$218,920,191

19

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

Q3 {2020 v 2019}

Change

21

at a glance {Q3 | 2020}

west palm beach Single Family Homes

72.6m

$

Total Sales Volume

41

%

Change of Units Sold {2020 v 2019}

52 Units Sold

1.4m

$

Average Selling Price

SINGLE FAMILY HOMES | Q3 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 BYSRE ALTY.C OM

Average Median Sold Selling Price Selling Price Volume

Units Sold

48%

12%

108%

41%

2020

$1,396,928

$845,000

$72,640,264

52

2019

$946,140

$757,500

$35,007,175

37

2018

$839,700

$550,000

$20,992,500

25

2017

$742,282

$578,000

$23,010,750

31

2016

$622,229

$392,500

$29,867,000

48

Q3 {2020 v 2019}

Change

Q3 Market Snapshot

/ Palm Beach Q3 Market Update

Market Snapshot

Highlight: ASP vs units

Condominiums

Palm Beach | In-Town West Palm Beach

$3.00

120

$2.50

100

Highlight: $2.00 Units Sold

80

$1.50

60

$1.00

40

$0.50

20

$0.00

0

Total Volume 48 % 23 % 29 %

Palm Beach | In-Town South End West Palm Beach

/ Palm Beach Q3 Market Update

68.4m $ 32.7m $ 40.8m $

Average Selling Price Total Units Sold

2020

2019

2018

Average Selling Price vs. Total Units Sold

*In Millions

Q3Market Snapshot

2017

*Price in Millions

2016

Palm Beach | South End

Highlighting Condominiums Palm Beach In-Town, Palm Beach South End, and West Palm Beach

$1,800 $1,600 $1,400 $1,200

West Palm Beach

$1,000

Highlights: Median Sale Price

Palm Beach | In-Town

$800 $600

Palm Beach | South End

$400 $200

Median Selling Price 1.6m $ .705m $.524m $

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 31 % 38 % 31 %

Palm Beach | In-Town South End West Palm Beach

32 39 32

*In Millions

Q3Market Snapshot

/ Palm Beach Q3 Market Update

at a glance {Q3 | 2020}

palm beach | in-town Condominiums

68.4m

$

Total Sales Volume

88

%

Change of Units Sold {2020 v 2019}

32 Units Sold

2.1m

$

Average Selling Price

CONDOMINIUMS | Q3 2020

Palm Beach | In-Town Average Selling Price | Median Selling Price | Units Sold $2.5

35 30

$2.0 25 $1.5

20 15

$1.0

10 $0.5 5 $0.0

0

2016

2017

2018

2019

2020

*Price in Millions

Average Selling Price Median Selling Price

Total Units Sold

S OT H E BYSRE ALTY.C OM

Average Median Sold Selling Price Selling Price Volume

Units Sold

59%

51%

200%

88%

2020

$2,138,435

$1,600,000

$68,429,925

32

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

Q3 {2020 v 2019}

Change

CONDOMINIUMS | Q3 2020

South End Average Selling Price | Median Selling Price | Units Sold $1,200

50 45

$1,000

40 35

$800

30 $600

25 20

$400

15 10

$200

5 $0

*Price in Thousands

0

2016

2017

2018

2019

Average Selling Price Median Selling Price

2020

Total Units Sold

S OT H E BYSRE ALTY.C OM

Average Median Sold Selling Price Selling Price Volume

Units Sold

-14%

41%

-11%

3%

2020

$839,589

$705,000

$32,744,000

39

2019

$972,113

$500,000

$36,940,315

38

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

Q3 {2020 v 2019}

Change

Q3 Market Snapshot

/ Palm Beach Q3 Market Update

at a glance {Q3 | 2020}

south end

Condominiums

32.7m

$

Total Sales Volume

3

%

Change of Units Sold {2020 v 2019}

39 Units Sold

.84m

$

Average Selling Price

at a glance {Q3 | 2020}

west palm beach Condominiums

40.8m

$

Total Sales Volume

-41

%

Change of Units Sold {2020 v 2019}

32 Units Sold

1.2m

$

Average Selling Price

CONDOMINIUMS | Q3 2020

West Palm Beach Average Selling Price | Median Selling Price | Units Sold $4,500

60

$4,000 50 $3,500 $3,000

40

$2,500 30 $2,000 $1,500

20

$1,000 10 $500 $0

0

2016

2017

2018

2019

2020

*Price in Thousands

Average Selling Price Median Selling Price

Total Units Sold

S OT H E BYSRE ALTY.C OM

Average Median Sold Selling Price Selling Price Volume

Units Sold

-68%

-84%

-81%

-41%

2020

$1,273,578

$523,750

$40,754,500

32

2019

$4,014,149

$3,372,070

$216,764,048 54

2018

$1,407,703

$437,250

$42,231,117

30

2017

$509,967

$402,500

$12,095,225

24

2016

$465,200

$357,500

$13,956,000

30

Q3 {2020 v 2019}

Change

Palm Beach Q3 Market Update / South End Condominiums

Extraordinary Results We celebrate the notable success of our associates and clients

PALM BEACH

256 Fairview Road Last Asking $6,795,000

Recent Extraordinary Sales* PALM BEACH

101 Worth Avenue 3A Last asking $6,995,000 PALM BEACH

224 Via Marila Last asking $3,950,000 PALM BEACH

235 AtlanticAvenue Last asking $3,995,000 SINGER ISLAND

5050 North Ocean Drive, 902 Last asking $2,395,000 *in order from left to right, top to bottom sothebysrealty.com

PHOTO BY GIAMMARCO BOSCARO ON UNSPLASH

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 • RETAIL • ADVISORY New York Hong Kong London

AUCTION • RETAIL • ADVISORY New York Hong Kong London