Q3 | 2020
Palm Beach
Market Update
PALM BEACH
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PALM BEACH
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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
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
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