Q4 | 2018
Palm Beach
Market Update
PALM BEACH
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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 fourth 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: Tightening inventory and more rapidly achieved sales were seen in the Palm Beach real estate market during the final quarter of 2018, where the strongest sales activity was concentrated in the condominium market. While average sales price declined 10%, from $1.36M in Q4 0217 to $1.23M in Q4 2018, the total number of condominiums sold In-Town jumped 57% , from 14 in Q4 2017 to 22 in Q4 2018, resulting in a strong 41% increase in total volume sold above last year’s corresponding quarter. In the South End, the number of condominiums sold was up 9% percent, from 33 in Q4 2017 to 36 in Q4 2018. A 43% increase in the average sales price helped push total dollar volume up 56%, from $16.78M in Q4 2017 to $26.16M in Q4 2018. Although the Palm Beach single-family home market pulled back in terms of the number of listings sold, total dollar volume, and median sale price, homes sold much more quickly with the average number of days on the market dropping from 381 in Q4 2017 to 186 in Q4 2018. As always, our goal in sharing this data with you is to create a better understanding of the trends effecting 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
$4.5
70
$4.0
West Palm Beach
60
$3.5
West Palm Beach
ht: olume
50
$3.0
Palm Beach
$2.5
40
$2.0
30
$1.5
20
$1.0 10
$0.5
0
Total Volume 68 % 32 %
Palm Beach West Palm Beach
Average Selling Price vs. Total Units Sold 79.1m $ 37.8m
$
*In Millions
Average Selling Price Total Units Sold
2018
2017
2016
2015
2014
$0.0 *Price in Millions
Highlighting Single Family Homes Palm Beach and West Palm Beach
$14 $12
Palm Beach
$10
Highlight: Units Sold
$8 $6
Highlights: Median Sale Price West Palm Beach
$4 $2
Median Selling Price 4.5m $ 0.6m $
West Palm Beach
*Price in Millions
Palm Beach
$-
Palm Beach West Palm Beach
Total Units Sold 27 % 73 %
Palm Beach West Palm Beach
22 25
*In Millions
Q4 Market Snapshot
/ Palm Beach Q4 Market Update
at a glance {Q4 | 2018}
palm beach
Single Family Homes
79.1m
$
Total Sales Volume
-38
%
Change of Units Sold {2018 v 2017}
13 Units Sold
6.1m
$
Average Selling Price
SINGLE FAMILY HOMES | Q4 2018
Palm Beach Average Selling Price | Median Selling Price | Units Sold $10
25
$9 20
$8 $7 $6
15
$5 $4
10
$3 $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
-31%
-34%
-57%
-38%
2018
$6,086,808
$4,480,000
$79,128,500
13
2017
$8,786,930
$6,750,000
$184,525,536 21
2016
$4,149,792
$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
Q4 {2018 v 2017}
Change
Palm Beach Single Family Homes
/ Palm Beach Q4 Market Update
at a glance {Q4 | 2018}
west palm beach Single Family Homes
37.8m
$
Total Sales Volume
38
%
Change of Units Sold {2018 v 2017}
36 Units Sold
1.05m
$
Average Selling Price
SINGLE FAMILY HOMES | Q4 2018
West Palm Beach Average Selling Price | Median Selling Price | Units Sold $1.2
45 40
$1.0
35
$0.8
30 25
$0.6
20
$0.4
15 10
$0.2
5
$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
95%
32%
170%
38%
2018
$1,051,262
$622,000
$37,845,450
36
2017
$539,285
$470,000
$14,021,410
26
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
Q4 {2018 v 2017}
Change
West Palm Beach Single Family Homes
/ Palm Beach Q4Market Update
Market Snapshot Palm Beach
Highlight: ASP vs units
Condominiums
$1.20
100 90
$1.00
West Palm Beach
Palm Beach | In-Town
$0.80
80
Highlight: Closed Volume
70 60
$0.60
50 40
$0.40
30
Palm Beach | South End
20
$0.20
10 $0.00
Total Volume 34 % 33 % 33 %
Palm Beach | In-Town South End West Palm Beach
Average Selling Price vs. Total Units Sold 1.2m $ .7m $ 1.3m $
*In Millions
Average Selling Price Total Units Sold
2018
2017
2016
2015
2014
*Price in Millions
0
Highlighting Condominiums
Palm Beach In-Town, Palm Beach South End, and West Palm Beach
$900 $800 $700
West Palm Beach
$600 $500
Palm Beach | In-Town
Highlights: Median Sale Price
Highlig Units S
$400
Palm Beach | South End
$300 $200 $100
Median Selling Price 850k $ 642k $ 440k
$
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 28 % 46 % 26 %
Palm Beach | In-Town South End West Palm Beach
22 36 20
*In Thousands
Q4Market Snapshot
/ Palm Beach Q4 Market Update
at a glance {Q4 | 2018}
palm beach | in-town Condominiums
27m
$
Total Sales Volume
57
%
Change of Units Sold {2018 v 2017}
22 Units Sold
1.2m
$
Average Selling Price
CONDOMINIUMS | Q4 2018
Palm Beach | In-Town Average Selling Price | Median Selling Price | Units Sold $1.8
30
$1.6 25
$1.4 $1.2
20
$1.0 15 $0.8 $0.6
10
$0.4
5
$0.2 $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
-10%
7%
41%
57%
2018
$1,226,332
$850,000
$26,979,325
22
2017
$1,362,607
$793,500
$19,076,504
14
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
Q4 {2018 v 2017}
Change
Palm Beach In-Town Condominiums
/ Palm Beach Q4 Market Update
CONDOMINIUMS | Q4 2018
South End Average Selling Price | Median Selling Price | Units Sold $800
45
$700
40 35
$600
30
$500
25
$400
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
43%
89%
56%
9%
2018
$726,757
$642,000
$26,163,280
36
2017
$508,543
$340,000
$16,781,944
33
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
Q4 {2018 v 2017}
Change
Palm Beach Q4 Market Update / South End Condominiums
at a glance {Q4 | 2018}
south end
Condominiums
26.2m
$
Total Sales Volume
9
%
Change of Units Sold {2018 v 2017}
36 Units Sold
727k
$
Average Selling Price
at a glance {Q4 | 2018}
west palm beach Condominiums
26.5m
$
Total Sales Volume
5
%
Change of Units Sold {2018 v 2017}
20 Units Sold
1.3m
$
Average Selling Price
CONDOMINIUMS | Q4 2018
West Palm Beach Average Selling Price | Median Selling Price | Units Sold $1,400 40 35
$1,200
30
$1,000
25 $800 20 $600 15 $400
10
$200
5
$0
0
*Price in Thousands 2014
2015
2016
2017
Average Selling Price Median Selling Price
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
19%
31%
26%
5%
2018
$1,325,445
$440,000
$26,508,900
20
2017
$1,110,342
$335,000
$21,096,500
19
2016
$521,708
$341,000
$18,781,500
36
2015
$537,100
$420,000
$15,575,900
29
2014
$429,025
$357,500
$8,580,500
20
Q4 {2018 v 2017}
Change
West Palm Beach Condominiums
/ Palm Beach Q4 Market Update
Extraordinary Results We celebrate the notable success of our associates and clients
PALM BEACH
235 Dunbar Road Sold for $8,100,000
Recent Extraordinary Sales WEST PALM BEACH
5615 South Flagler Drive Last asking $5,495,000 PALM BEACH
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134 Peruvian Avenue, 201 Last asking $1,100,000 *in order from left to right, top to bottom
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