Palm Beach Market Update Q1 2016

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

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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

Orfèvrerie, Boîtes en Or et Objets de Vitrine

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RM Sotheby’s: Monaco

London 11 May

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ON THE MARKET

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