Palm Beach Classic Estate | $11,000,000 | Web: 0076876
Palm Beach Market Update First Quarter 2016 PALM BEACH BROKERAGE 340 Royal Poinciana Way Palm Beach, FL 33480 +1.561.659.3555 DEBRA REECE, Brokerage Manager sothebyshomes.com/palmbeach
A MESSAGE FROM OUR MANAGER: Debra Reece I invite you to review a summary of sales activity in the Palm Beach area during the first quarter of 2016. The Palm Beach Multiple Listing Service reports the following statistics for this quarter, in comparison with the first quarter of 2015: Single-family homes in Palm Beach represented the strongest sector, where total dollar volume in Q1 2016 exceeded the same quarter of the prior year, driven by higher average sales prices which more than offset the 14% decrease in the number of homes sold. Also notable during this quarter, homes sold more quickly, averaging 133 days on the market, down from 248 days in last year’s first quarter. The inventory of single-family homes on the market increased by 16%. In the Palm Beach condominium market, sales activity pulled back from the previous year, with the total number of In-Town condominiums sold down 36% and total dollar volume down 52%. Inventory decreased by 21%, and the number of days on the market was 8% shorter. Median prices of In-Town condominiums fell by 9%, but rose a significant 43% in the South End.
SIGNIFICANT SALES | Q1 2016
NORTH END NEW CONSTRUCTION Web ID: 0076444 | Listed $5,595,000
POLMER PARK GEM Web ID: 0076735 | Listed $6,950,000
ELEGANT NORTH END BERMUDA Web ID: 0076820 | Listed $3,995,000
CLASSIC PALM BEACH BERMUDA-STYLE HOME Web ID: 0076745 | Listed $2,648,000
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.
MEDIAN SALES PRICE | AVERAGE SALES PRICE | TOTAL SFH SOLD
$10,000,000 $8,000,000 $6,000,000
PALM BEACH
$4,000,000
SINGLE FAMILY HOMES
$2,000,000
In the heart of Palm Beach, Midtown has a signature blend of metropolitan sophistication, barrier island
$-
2012
beauty, and gracious small-town charm. Stretching from Wells Road to Worth Avenue, an internationally
Number Sold
2013
2014
Average Sales Price
2015
2016
35 30 25 20 15 10 5 0
Median Sales Price
renowned shopping and dining destination. 2012
2013
2014
2015
2016
% CHANGE VS PY
234
235
195
172
200
16%
NUMBER SOLD
18
33
30
28
24
-14%
SOLD VOLUME
$57,574,200
$135,827,156
$193,502,776
$130,996,785
$190,152,500
45%
AVERAGE SALE PRICE
$3,198,567
$4,115,974
$6,450,093
$4,678,457
$7,923,021
69%
MEDIAN SALE PRICE
$1,975,000
$2,800,000
$3,100,000
$4,275,000
$4,712,500
10%
257
310
222
248
133
-46%
SINGLE FAMILY HOMES | Q1 ACTIVE LISTINGS
DOM
MEDIAN SALES PRICE | AVERAGE SALES PRICE | TOTAL CONDOS SOLD
$1,500,000 $1,000,000
PALM BEACH - IN TOWN
$500,000
CONDOMINIUMS Offering a gracious lifestyle of relaxed sophistication,
$-
exclusive shopping and dining on iconic Worth Avenue, cultural events at the historic Flagler Museum and Society of the Four Arts and the magnificent
Number Sold
2012
2013
2014
Average Sales Price
2015
2016
35 30 25 20 15 10 5 0
Median Sales Price
Breakers Resort. 2012
2013
2014
2015
2016
% CHANGE VS PY
276
222
196
200
158
-21%
NUMBER SOLD
19
20
30
33
21
-36%
SOLD VOLUME
$21,146,687
$16,964,120
$34,099,800
$46,589,000
$22,292,500
-52%
AVERAGE SALE PRICE
$1,112,983
$848,206
$1,136,660
$1,411,787
$1,061,547
-25%
MEDIAN SALE PRICE
$850,000
$637,500
$787,500
$900,000
$820,000
-9%
335
229
219
180
165
-8%
CONDOMINIUMS | Q1 ACTIVE LISTINGS
DOM
sothebyshomes.com/palmbeach
MEDIAN SALES PRICE | AVERAGE SALES PRICE | TOTAL SFH SOLD
$10,000,000
6
$8,000,000
5 4
$6,000,000
MANALAPAN
3
$4,000,000
SINGLE FAMILY HOMES
2
$2,000,000
Just south of Palm Beach on the barrier island,
1
$-
Manalapan is a small oceanfront community offering
2012
an unsurpassed quality of life in serene Old Florida beauty. The town was incorporated in 1931 by Harold
Number Sold
2013
2014
Average Sales Price
2015
2016
0
Median Sales Price
Stirling Vanderbilt. 2012
2013
2014
2015
2016
% CHANGE VS PY
28
35
22
24
17
-29%
NUMBER SOLD
1
5
4
4
0
-100%
SOLD VOLUME
$3,700,000
$30,062,100
$18,951,470
$30,648,226
$0
-100%
AVERAGE SALE PRICE
$3,700,000
$6,012,420
$4,737,868
$7,662,056
$0
-100%
MEDIAN SALE PRICE
$3,700,000
$1,482,100
$2,750,000
$3,957,813
$0
-100%
297
297
201
185
223
21%
SINGLE FAMILY HOMES | Q1 ACTIVE LISTINGS
DOM
MEDIAN SALES PRICE | AVERAGE SALES PRICE | TOTAL CONDOS SOLD
$800,000 $600,000 $400,000
SOUTH END CONDOMINIUMS
$200,000
South of Sloane’s Curve is an area known for its
$-
beautiful condominiums in newer buildings providing
2012
spacious floor-plans and numerous amenities which can include pools, tennis courts, and fitness centers.
Number Sold
2013
2014
Average Sales Price
2015
2016
70 60 50 40 30 20 10 0
Median Sales Price
2012
2013
2014
2015
2016
% CHANGE VS PY
ACTIVE LISTINGS
456
443
395
349
278
-20%
NUMBER SOLD
40
45
49
66
34
-48%
SOLD VOLUME
$15,967,650
$14,865,262
$24,544,000
$48,693,350
$24,283,500
-50%
$399,191
$330,339
$500,897
$737,778
$714,220
-3%
$300,000
$232,500
$245,000
$367,500
$526,250
43%
230
177
201
167
155
-7%
CONDOMINIUMS | Q1
AVERAGE SALE PRICE MEDIAN SALE PRICE DOM
MEDIAN SALES PRICE | AVERAGE SALES PRICE | TOTAL SFH SOLD
$1,200,000
50
$1,000,000
40
$800,000
30
$600,000
WEST PALM BEACH SINGLE FAMILY HOMES
$400,000
On the western shore of the Intracoastal Waterway,
$200,000
20 10
$-
the city of West Palm Beach has recently experienced
2012
a dynamic renaissance centered on the $30-million redevelopment of the downtown waterfront.
Number Sold
2013
2014
Average Sales Price
2015
2016
0
Median Sales Price
2012
2013
2014
2015
2016
% CHANGE VS PY
ACTIVE LISTINGS
175
197
217
229
221
-3%
NUMBER SOLD
25
40
36
37
30
-19%
SOLD VOLUME
$12,409,000
$26,146,512
$34,812,025
$26,576,625
$25,770,750
-3%
AVERAGE SALE PRICE
$496,360
$653,663
$967,001
$718,287
$859,025
20%
MEDIAN SALE PRICE
$395,000
$500,000
$715,000
$392,500
$439,500
12%
222
153
169
137
108
-21%
SINGLE FAMILY HOMES | Q1
DOM
MEDIAN SALES PRICE | AVERAGE SALES PRICE | TOTAL CONDOS SOLD
$800,000 $600,000
WEST PALM BEACH
$400,000
CONDOMINIUMS
$200,000
Along Flagler Drive at the foot of Clematis Street,
$-
the city’s new world-class waterfront park features
2012
an amphitheater and beautiful tropical gardens in addition to three piers and a promenade that
Number Sold
2013
2014
Average Sales Price
2015
2016
35 30 25 20 15 10 5 0
Median Sales Price
extends a mile along the waterfront. 2012
2013
2014
2015
2016
% CHANGE VS PY
ACTIVE LISTINGS
210
171
193
207
214
3%
NUMBER SOLD
22
30
27
31
28
-10%
SOLD VOLUME
$6,782,525
$14,401,766
$11,703,000
$22,948,800
$16,214,763
-29%
AVERAGE SALE PRICE
$308,296
$408,058
$433,444
$740,283
$579,098
-22%
MEDIAN SALE PRICE
$176,650
$316,000
$315,000
$523,000
$412,000
-21%
179
226
178
145
182
26%
CONDOMINIUMS | Q1
DOM
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Palm Beach Life Style
On the barrier island between the Atlantic Ocean and Intracoastal Waterway, Palm Beach has a rare beauty, legendary character, and rich heritage that make it one of the most sought-after communities in the world. Home to Palm Beach landmarks including The Breakers, The Society of the Four Arts, the Flagler Museum and iconic Worth Avenue. Palm Beach offers a signature blend of metropolitan sophistication, beauty and gracious small-town charm
AUCTION CALENDAR MAY 2016
© 2016 Calder Foundation, New York / Artists Rights Society (ARS), New York
Property Formerly in the Collection of Alfred H. Barr, Jr. Alexander Calder Untitled, circa 1942 Estimate $2,500,000-3,500,000
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ON THE MARKET
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