Q4 | 2017
Palm Beach
Market Update
PALM BEACH
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a message from
Debra Reece Brokerage Manager
Significant strengthening was demonstrated in Palm Beach’s singlefamily home market during this period, as total dollar volume posted an impressive $184.5 million in the fourth quarter in 2017 as compared to $66.3 million in the fourth quarter of 2016, according to the Palm Beach Board of Realtors. This strong performance was driven by both a sharply higher median selling price, $6.75 million in 2017 compared to the previous year’s $2.98 million, as well as an increase in units sold, 21 units in 2017 compared to 16 units in the previous year. There was slightly less available inventory during this period, with 4% fewer active single-family listings. The Palm Beach condominium market also ended the year with increased units sold over the fourth quarter of 2016, up by 28% in the South End and 8% in the in-town market, although lower median prices in both areas resulted in a total dollar volume that held steady for the South End and was 35% lower for in-town condominiums. 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. 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
Manalapan
West Palm Beach
Highlight: ASP vs units 80
$5.0 $4.5
70
$4.0
60
$3.5
50
$3.0
40
$2.5 $2.0
ght: olume
30
$1.5 Palm Beach
20
$1.0
10
$0.5
0
Total Volume 92 % 7% 2%
Palm Beach West Palm Beach Manalapan
Average Selling Price vs. Total Units Sold 184.5m $ 13.2m $ 3.7m $
*In Millions
Average Selling Price Total Units Sold
2017
2016
2015
2014
*Price in Millions
2013
$0.0
Highlighting Single Family Homes Palm Beach, West Palm Beach,
and Manalapan
Manalapan $4.0 $3.5 $3.0
Highlight: Units Sold
$2.5 $2.0
Palm Beach West Palm Beach Highlights: Median Sale Price
$1.5 $1.0 $0.5
Median Selling Price 6.8m $ 0.5m $ 3.7m
$
Palm Beach West Palm Beach Manalapan
Manalapan
West Palm Beach
*Price in Millions
Palm Beach
$-
Total Units Sold 46 % 52 % 2%
Palm Beach West Palm Beach Manalapan
21 24 1
*In Millions
Q4 Market Snapshot
/ Palm Beach Q4 Market Update
at a glance {Q4 | 2017}
palm beach
Single Family Homes
184m
$
Total Sales Volume
179
%
Change of Units Sold {2017 v 2016}
21 Units Sold
8.78m
$
Average Selling Price
SINGLE FAMILY HOMES | Q4 2017
Palm Beach Average Selling Price | Median Selling Price | Units Sold 30
$10 $9
25
$8 $7
20
$6
15
$5 $4
10
$3 $2
5
$1
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
112%
126%
179%
31%
2017
$8,786,930
$6,750,000
$184,525,536 21
2016
$4,140,702
$2,982,500
$66,251,232
16
2015
$7,467,896
$5,400,000
$134,422,131
18
2014
$4,996,696
$4,050,000
$114,924,000 23
2013
$4,049,993
$2,337,500
$113,399,800 28
Q4 {2017 v 2016}
Change
Palm Beach Single Family Homes
/ Palm Beach Q4 Market Update
SINGLE FAMILY HOMES | Q4 2017
Manalapan Average Selling Price | Median Selling Price | Units Sold 2.5
$4.0 $3.5
2
$3.0 $2.5
1.5
$2.0 1
$1.5 $1.0
0.5
$0.5 $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
110%
110%
110%
0%
2017
$3,675,000
$3,675,000
$3,675,000
1
2016
$1,750,000
$1,750,000
$1,750,000
1
2015
$0
$0
$0
0
2014
$1,471,002
$1,471,002
$2,942,005
2
2013
$0
$0
$0
0
Q4 {2017 v 2016}
Change
Palm Beach Q4 Market Update / Manalapan Single Family Homes
at a glance {Q4 | 2017}
manalapan
Single Family Homes
3.6m
$
Total Sales Volume
0
%
Change of Units Sold {2017 v 2016}
1
Units Sold
3.6m
$
Average Selling Price
at a glance {Q4 | 2017}
west palm beach Single Family Homes
13.2m
$
Total Sales Volume
-37
%
Change of Units Sold {2017 v 2016}
24 Units Sold
551k
$
Average Selling Price
SINGLE FAMILY HOMES | Q4 2017
West Palm Beach Average Selling Price | Median Selling Price | Units Sold $0.8
50
$0.7
45 40
$0.6
35
$0.5
30
$0.4
25
$0.3
20 15
$0.2
10
$0.1
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
0%
32%
-37%
-37%
2017
$551,105
$470,000
$13,226,510
24
2016
$549,570
$356,000
$20,883,650
38
2015
$651,423
$485,000
$22,799,800
35
2014
$726,885
$500,000
$28,348,500
39
2013
$591,274
$385,000
$25,424,800
43
Q4 {2017 v 2016}
Change
West Palm Beach Single Family Homes
/ Palm Beach Q4 Market Update
Market Snapshot Palm Beach
Highlight: ASP vs units
Condominiums
100
$0.80
90
$0.78
80
$0.76
70
$0.74 West Palm Beach
Palm Beach | In-Town
$0.72
Palm Beach | South End
$0.70
Highlight: Closed Volume
60 50 40 30
$0.68
20
$0.66
10 0
Total Volume 25 % 33 % 42 %
Palm Beach | In-Town South End West Palm Beach
Average Selling Price vs. Total Units Sold .9k $ .5k $ 1.2m $
*In Thousands
Average Selling Price Total Units Sold
2017
2016
2015
2014
*Price in Millions
2013
$0.64
Highlighting Condominiums
Palm Beach In-Town, Palm Beach South End, and West Palm Beach
$900 $800 $700
Palm Beach | In-Town
$600
West Palm Beach
$500
Highlights: Median Sale Price
Highlig Units S
$400 Palm Beach | South End
$300 $200 $100
Median Selling Price 762k $ 335k $ 327k
$
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 21 % 51 % 29 %
Palm Beach | In-Town South End West Palm Beach
13 32 18
*In Thousands
Q4 Market Snapshot
/ Palm Beach Q4 Market Update
at a glance {Q4 | 2017}
palm beach | in-town Condominiums
12.3m
$
Total Sales Volume
8
%
Change of Units Sold {2017 v 2016}
13 Units Sold
948k
$
Average Selling Price
CONDOMINIUMS | Q4 2017
Palm Beach | In-Town Average Selling Price | Median Selling Price | Units Sold $1.8
35
$1.6
30
$1.4
25
$1.2 $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
-40%
-32%
-35%
8%
2017
$948,192
$762,000
$12,326,504
13
2016
$1,577,625
$1,126,250
$18,931,500
12
2015
$1,474,733
$712,500
$39,817,809
27
2014
$1,453,436
$999,625
$26,161,850
18
2013
$971,968
$667,500
$31,103,000
32
Q4 {2017 v 2016}
Change
Palm Beach In-Town Condominiums
/ Palm Beach Q4 Market Update
CONDOMINIUMS | Q4 2017
South End Average Selling Price | Median Selling Price | Units Sold $700
45
$600
40 35
$500
30
$400
25
$300
20 15
$200
10
$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
-22%
-16%
0%
28%
2017
$509,904
$335,000
$16,316,944
32
2016
$654,560
$400,000
$16,364,000
25
2015
$527,785
$350,000
$20,583,650
39
2014
$467,452
$322,000
$19,632,999
42
2013
$544,629
$350,000
$20,695,925
38
Q4 {2017 v 2016}
Change
Palm Beach Q4 Market Update / South End Condominiums
at a glance {Q4 | 2017}
south end
Condominiums
16.3m
$
Total Sales Volume
28
%
Change of Units Sold {2017 v 2016}
32 Units Sold
509k
$
Average Selling Price
at a glance {Q4 | 2017}
west palm beach Condominiums
20.7m
$
Total Sales Volume
-50
%
Change of Units Sold {2017 v 2016}
18 Units Sold
1.15m
$
Average Selling Price
CONDOMINIUMS | Q4 2017
West Palm Beach Average Selling Price | Median Selling Price | Units Sold $1,400
40
$1,200
35 30
$1,000
25
$800
20
$600
15
$400
10
$200
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
121%
-4%
11%
-50%
2017
$1,153,416
$327,500
$20,761,500
18
2016
$521,708
$341,000
$18,781,500
36
2015
$537,100
$420,000
$8,580,500
29
2014
$429,025
$357,500
$15,575,900
20
2013
$437,920
$295,275
$5,255,050
12
Q4 {2017 v 2016}
Change
West Palm Beach Condominiums
/ Palm Beach Q4 Market Update
Extraordinary Results We celebrate the notable success of our associates and clients
PALM BEACH
Significant Waterfront Georgian Estate Last asking $28,000,000
Recent Extraordinary Sales PALM BEACH
Last asking $5,495,000 Web: 0076991 WEST PALM BEACH
Last asking $4,500,000 Web: 0077191 PALM BEACH
Last asking $2,600,000 Web: 0077181 PALM BEACH
Last asking $1,299,000 Web: 0077173 *in order from left to right, top to bottom
sothebyshomes.com/palmbeach
ARTIST NAME Title of Work, 19XX Estimate £XX,000–XX,000
Property from the Collection of Herb and Helen Gordon BIKASH BHATTACHARJEE Untitled (Rooftops), 1964 Estimate $ 70,000 – 90,000
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