Q4 | 2019
Palm Beach
Market Update
PALM BEACH
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a message from
Debra Reece Brokerage Manager
We invite you to review a summary of sales activity in the Palm Beach area during the fourth 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: Increasing by 31% during this quarter, the number of single-family home sales in Palm Beach generated a strong 66% gain in total dollar volume, from $79.1 million for Q4 2018 to $131.3 million in Q4 2019. Inventory levels held steady, and average sales prices increased by 27% to $7.7 million compared to $6.1 million in Q4 2018. Posting a sharp 52% increase in Q4 2019, the average sale price for an In-Town Palm Beach condominium now stands at $1.9 million, from $1.2 million in Q4 2018, and drove total dollar volume up by 17%, even though 23% fewer units were sold. In Palm Beach’s South End condominium market, total dollar volume was up by 29% although there were 5% fewer sales. West Palm Beach’s new luxury condominium market continued to show dramatic across-the-board growth during this period, with an 81% increase in the number of units sold, a 484% surge in total dollar volume, and a 223% jump in the average sale price, now at $4.1 million. 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
$4.5
West Palm Beach
60
$4.0 50 $3.5
West Palm Beach
$3.0
40
$2.5 30 $2.0
ght: Volume
$1.5
Palm Beach
20
$1.0 10 $0.5 $0.0
Total Volume 87 % 13 %
Palm Beach West Palm Beach
Average Selling Price vs. Total Units Sold 131.3m $ 19.1m $
*In Millions
Average Selling Price Total Units Sold
2019
2018
2017
2016
*Price in Millions
2015
0
Highlighting Single Family Homes Palm Beach and West Palm Beach
$14 $12 $10
Highlight: Units Sold
$8
Palm Beach
Highlights: Median Sale Price West Palm Beach
$6 $4 $2
Median Selling Price 3.9m $ 0.6m $
Palm Beach West Palm Beach
West Palm Beach
*Price in Millions
Palm Beach
$-
Total Units Sold 39 % 61 %
Palm Beach West Palm Beach
17 27
*In Millions
Q4 Market Snapshot
/ Palm Beach Q3 Market Update
at a glance {Q4 | 2019}
palm beach
Single Family Homes
131.3m
$
Total Sales Volume
31
%
Change of Units Sold {2019 v 2018}
17 Units Sold
7.7m
$
Average Selling Price
SINGLE FAMILY HOMES | Q4 2019
Palm Beach Average Selling Price | Median Selling Price | Units Sold $10
25
$9 $8
20
$7 $6
15
$5 $4
10
$3 $2
5
$1 $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
27%
-14%
66%
31%
2019
$7,726,058
$3,850,000
$131,342,979
17
2018
$6,086,808
$4,480,000
$79,128,500
13
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
Q4 {2019 v 2018}
Change
Palm Beach Single Family Homes
/ Palm Beach Q4 Market Update
at a glance {Q4 | 2019}
west palm beach Single Family Homes
19.1m
$
Total Sales Volume
-31
%
Change of Units Sold {2019 v 2018}
27 Units Sold
0.7m
$
Average Selling Price
SINGLE FAMILY HOMES | Q4 2019
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
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
-29%
4%
-51%
-31%
2019
$706,565
$570,000
$19,077,250
27
2018
$993,012
$550,000
$38,727,450
39
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
Q4 {2019 v 2018}
Change
West Palm Beach Single Family Homes
/ Palm Beach Q4Market Update
Market Snapshot Palm Beach
Highlight: ASP vs units
Condominiums
$3.00
100
Palm Beach | South End Palm Beach | InTown
Palm Beach South End
90
$2.50
80
Highlight: Closed Volume
$2.00
70 60
$1.50
West Palm Beach
50 40
$1.00
30 20
$0.50
10 $0.00
Total Volume 14 % 15 % 70 %
Palm Beach | In-Town South End West Palm Beach
Average Selling Price vs. Total Units Sold 1.9m $ .9m $ 4.1m $
*In Millions
Average Selling Price Total Units Sold
2019
2018
2017
2016
2015
*Price in Millions
0
Highlighting Condominiums Palm Beach In-Town, Palm Beach South End, and West Palm Beach
$1,800 $1,600
Palm Beach | In-Town
$1,400
Highlig Units S
$1,200
West Palm Beach
$1,000
Highlights: Median Sale Price
$800 $600
Palm Beach | South End
$400 $200
Median Selling Price 1.6m $ .63m $ 1.1m
$
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 18 % 40 % 41 %
Palm Beach | In-Town South End West Palm Beach
17 37 38
*In Millions
Q4Market Snapshot
/ Palm Beach Q4 Market Update
at a glance {Q4 | 2019}
palm beach | in-town Condominiums
31.7m
$
Total Sales Volume
-23
%
Change of Units Sold {2019 v 2018}
17 Units Sold
1.8m
$
Average Selling Price
CONDOMINIUMS | Q4 2019
Palm Beach | In-Town Average Selling Price | Median Selling Price | Units Sold $2.0
30
$1.8 25
$1.6 $1.4
20
$1.2 $1.0
15
$0.8 10
$0.6 $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
52%
88%
17%
-23%
2019
$1,862,555
$1,600,000
$31,663,450
17
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
Q4 {2019 v 2018}
Change
Palm Beach In-Town Condominiums
/ Palm Beach Q4 Market Update
CONDOMINIUMS | Q4 2019
South End Average Selling Price | Median Selling Price | Units Sold $1,000
45
$900
40
$800
35
$700
30
$600
25
$500 20
$400
15
$300 $200
10
$100
5
$0
0
*Price in Thousands
2015
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
36%
-2%
29%
-5%
2019
$924,778
$625,000
$34,216,795
37
2018
$677,878
$635,000
$26,437,280
39
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
Q4 {2019 v 2018}
Change
Palm Beach Q4 Market Update / South End Condominiums
at a glance {Q4 | 2019}
south end
Condominiums
34.2m
$
Total Sales Volume
-23
%
Change of Units Sold {2019 v 2018}
37 Units Sold
925k
$
Average Selling Price
at a glance {Q4 | 2019}
west palm beach Condominiums
159m
$
Total Sales Volume
81
%
Change of Units Sold {2019 v 2018}
38 Units Sold
4.1m
$
Average Selling Price
CONDOMINIUMS | Q4 2019
West Palm Beach Average Selling Price | Median Selling Price | Units Sold $4,500
40
$4,000
35
$3,500
30
$3,000
25
$2,500 20 $2,000 15
$1,500
10
$1,000 $500
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
223%
201%
484%
81%
2019
$4,098,998
$1,112,500
$155,761,925
38
2018
$1,269,376
$370,000
$26,656,900
21
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
Q4 {2019 v 2018}
Change
West Palm Beach Condominiums
/ Palm Beach Q4 Market Update
Extraordinary Results We celebrate the notable success of our associates and clients
PALM BEACH
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Recent Extraordinary Sales PALM BEACH
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