Palm Beach, FL | web: 0076748
Palm Beach Market Update Third Quarter 2015 PALM BEACH BROKERAGE 340 Royal Poinciana Way Palm Beach, FL 33480 +1.561.659.3555 VICE PRESIDENT/BROKER MANAGER: Carol Hickman sothebyshomes.com/palmbeach
A MESSAGE FROM OUR MANAGER: Carol Hickman We invite you to review a summary of sales activity in the Palm Beach area during the third quarter of 2015. The Palm Beach Multiple Listing Service reports the following statistics, quarter (Q3 15) over quarter (Q3 14): In Palm Beach, the condominium market was the strongest sector for this quarter. The average sales price of In Town condominiums rose 46%, sold volume (total value of all sales combined) increased 30%, while the number of units sold fell 11%. The South End condominium market also had robust results, with the number of units sold rising 42% and sales volume increasing 25%, while average sales price declined 12%. Overall condominium inventory continues to be absorbed as the total number of available condominiums decreased, with In Town sales leading the pack in price increases. For single-family homes, the number sold fell 21%, sold volume declined 35%, and inventory increased slightly. The average sales price of single-family homes fell 17%, but the median sales price was unchanged, which is primarily a reflection of the price ranges which were most active this quarter. In West Palm Beach, similar to Palm Beach, the condominium market was also the strongest sector, with increases in both the number of units sold and sales volume, although there was a dip in the average sales price of 27%. For single-family homes, the number of sales fell 13%, sold volume declined by 16% and the average sales price declined slightly (4%). The number of available homes was reduced by 19%. However, in the small market of Manalapan, while the total number of single-family homes sold was down, sold volume increased an impressive 204% percent. The average sales price also increased dramatically (407%). The dramatic change quarter over quarter is primarily due to the sale of a $33M home through Sotheby’s International Realty – Palm Beach.
SIGNIFICANT SALES | Q3 2015
VILLA ISOLA Web ID: 0075774 | Listed $14,550,000
BEAUTIFUL BRITISH WEST INDIES Web ID: 0076381 | Listed $5,995,000
HISTORIC SEABREEZE COTTAGES Web ID: 0076609 | Listed $2,795,000
STUNNING TURNKEY OCEAN TO LAKE Web ID: 0076476 | Listed $1,395,000
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.
AUCTION CALENDAR OCTOBER | NOVEMBER 2015 American Paintings, Drawings and Sculpture New York 02 Oct Modern and Contemporary Asian Art Evening Sale Hong Kong 04 Oct Photographs New York 07 Oct RM Sotheby’s: Hershey Hershey 08 – 09 Oct Property from a Distinguished Private Asian Collection New York 15 Oct Château Margaux 1900–2010 Direct From The Cellars: A Celebration of the Mentzelopoulos Era New York 17 Oct Collections: European Decorative Arts New York 17 Oct The Creative Genius of Sam Simon: A Lifetime of Memorabilia New York 22 Oct Impressionist & Modern Art Evening Sale New York 05 Nov Contemporary Art Evening Auction New York 11 Nov
American Art New York 18 Nov Latin America: Modern Art Latin America: Contemporary Art New York 19 – 20 Nov Prints & Multiples New York 23 – 24 Nov
We invite you to explore our real estate listings at sothebyshomes.com and view the worldwide auction schedule at sothebys.com Enquiries +1 212 606 7000. Sotheby’s 72 & York Register now at sothebys.com SOTHEBY’S, INC. LICENSE NO. 1216058. © SOTHEBY’S, INC. 2015
© 2015 Andy Warhol Foundation for the Visual Arts / Artists Rights Society (ARS), New York
Finest and Rarest Wines New York 14 Nov
SINGLE FAMILY HOME
SALES PALM BEACH ACTIVE LISTINGS
NUMBER SOLD
SOLD VOLUME
AVG. SALE PRICE
MEDIAN SALES PRICE
DOM *
2015 THIRD QUARTER
147
22
$114,907,496
$5,223,068
$4,185,000
224
2014 THIRD QUARTER
138
28
$176,760,491
$6,312,875
$4,150,000
245
2015 QUARTERS 1-3
258
83
$413,240,456
$4,978,801
$3,900,000
252
2014 QUARTERS 1-3
275
107
$642,969,501
$6,009,061
$3,450,000
211
ACTIVE LISTINGS
NUMBER SOLD
SOLD VOLUME
AVG. SALE PRICE
MEDIAN SALES PRICE
DOM *
2015 THIRD QUARTER
173
42
$31,367,066
$746,835
$520,000
152
2014 THIRD QUARTER
214
48
$37,465,275
$780,527
$512,500
177
2015 QUARTERS 1-3
340
123
$92,228,183
$749,823
$459,000
151
2014 QUARTERS 1-3
375
128
$105,789,550
$826,481
$570,000
184
ACTIVE LISTINGS
NUMBER SOLD
SOLD VOLUME
AVG. SALE PRICE
MEDIAN SALES PRICE
DOM *
2015 THIRD QUARTER
12
3
$43,085,000
$14,361,667
$5,900,000
310
2014 THIRD QUARTER
26
5
$14,156,000
$2,831,200
$1,940,000
242
2015 QUARTERS 1-3
28
12
$107,178,226
$8,931,519
$4,150,313
253
2014 QUARTERS 1-3
38
12
$59,971,470
$4,997,662
$3,025,000
246
WEST PALM BEACH
MANALAPAN
*Days On Market
sothebyshomes.com/palmbeach
SALES
CONDOMINIUM
PALM BEACH - IN TOWN ACTIVE LISTINGS
NUMBER SOLD
SOLD VOLUME
AVG. SALE PRICE
MEDIAN SALES PRICE
DOM *
2015 THIRD QUARTER
123
25
$32,588,000
$1,303,520
$890,000
225
2014 THIRD QUARTER
150
28
$25,033,300
$894,046
$626,537
225
2015 QUARTERS 1-3
276
117
$158,028,181
$1,350,668
$1,067,000
197
2014 QUARTERS 1-3
280
100
$116,517,910
$1,165,179
$791,250
239
ACTIVE LISTINGS
NUMBER SOLD
SOLD VOLUME
AVG. SALE PRICE
MEDIAN SALES PRICE
DOM *
2015 THIRD QUARTER
239
44
$26,018,500
$591,329
$274,500
203
2014 THIRD QUARTER
281
31
$20,786,375
$670,528
$330,000
166
2015 QUARTERS 1-3
489
193
$127,760,733
$661,972
$400,000
185
2014 QUARTERS 1-3
552
155
$84,252,475
$543,564
$308,620
201
ACTIVE LISTINGS
NUMBER SOLD
SOLD VOLUME
AVG. SALE PRICE
MEDIAN SALES PRICE
DOM *
2015 THIRD QUARTER
177
27
$14,043,400
$520,125
$425,000
164
2014 THIRD QUARTER
153
19
$13,502,500
$710,657
$450,000
193
2015 QUARTERS 1-3
343
99
$62,050,212
$626,769
$440,000
173
2014 QUARTERS 1-3
291
82
$47,976,250
$585,076
$399,750
174
PALM BEACH - SOUTH END
WEST PALM BEACH
*Days On Market
FEATURED LISTINGS
STUNNING PALM BEACH TOWNHOUSE In-Town, Palm Beach Web ID: 0076585 | $6,300,000
CLASSIC PALM BEACH BERMUDA-STYLE HOME Northend, Palm Beach Web ID: 0076714 | $2,895,000
ONONDAGA AVENUE Northend, Palm Beach Web ID: 0076593 | $2,650,000
FEATURED LISTINGS
TRUMP PLAZA TROPHY West Palm Beach Web ID: 0076744 | $4,275,000
PALM BEACH BILTMORE In-Town, Palm Beach Web ID: 0076717 | $2,500,000
CARLTON PLACE CONDO South of Sloan’s Curve, Palm Beach Web ID: 0076646 | $499,900
ON THE MARKET
left to right from top to bottom:
METROPOLITAN MARKETS NEW YORK, NY | Web: 00110341 | $1,700,000 SAN FRANCISCO, CA | Web: 0087579 | $1,525,000 HOUSTON, TX | Web: 1233394 | $1,595,000 RESORT MARKETS PALM BEACH, FL | Web: 0076755 | $1,700,000 CAPE COD, MA | Web: 0403249 | $1,695,000 SANTA BARBARA, CA | Web: 0113946 | $1,800,000 FOREIGN MARKETS COSTA RICA | Web: S349HB | $1,350,000 ITALY | Web: JM3MBW | $1,792,115 GREECE | Web: DNJSXS | $1,792,115 sothebysrealty.com