Palm Beach, FL | web: 0076834
Palm Beach Market Update Fourth Quarter 2015 PALM BEACH BROKERAGE 340 Royal Poinciana Way Palm Beach, FL 33480 +1.561.659.3555 VICE PRESIDENT/BROKER MANAGER: Debra Reece sothebyshomes.com/palmbeach
A MESSAGE FROM OUR MANAGER: Debra Reece We are pleased to share the following statistics with you regarding the Palm Beach area. These statistics were gathered from the Palm Beach Multiple Listing Service and the data contained in this report shows the comparisons of Q4 2015 versus Q4 2014 as well as overall sales that took place for the full years 2015 versus 2014. Overall, the report shows that the Palm Beach area enjoyed a robust real estate market in 2015. Almost all areas as shown in this Market Report had material price increases in both average sale price and median sale price in the fourth quarter of 2015 as compared to the same quarter of 2014. Palm Beach proper had a 50% increase in the average sale price of single-family homes and a 33% increase in the median sale price. The average sale price of Palm Beach In-Town condominiums increased by 5%, the South End enjoyed an increase in the average sale price of 13% and the median price of 9%. In-Town condominiums saw a reduction in the the median price for the full year 2015 versus full year 2014 increased by 8%. In the fourth quarter of 2015, West Palm Beach saw material increases in both the average sale price and the median price of condominiums, 26% and 9%, respectively. While the average sale price of single-family homes decreased by 10% and the median price also saw a small decrease of 3%. The sale of condominiums was very strong and all areas had material increases in the number of units sold during the entire year 2015 compared to 2014. Specifically, 2015 compared to 2014 showed the following with respect to total units sold: Palm Beach In-Town +21%, Palm Beach South End +18% and West Palm Beach +24%.
SIGNIFICANT SALES | Q4 2015
MIZNER OCEANFRONT Web ID: 0075653 | Listed $22,000,000
STUNNING PALM BEACH TOWNHOUSE Web ID: 0076586 | Listed $6,800,000
IN-TOWN OCEANFRONT Web ID: 0076761 | Listed $5,500,000
PRISTINE PENDLETON AVENUE Web ID: 0076600 | Listed $4,700,000
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.
FEATURED LISTINGS
JUPITER EQUESTRIAN ESTATE| $19,900,000 | Web: 0076580 Situated on 50 acres of land in the gated community of Ranch Colony in Jupiter, Florida, the YZ Ranch is one of the most fantastic equestrian properties in all of South Florida. The main house consists of 5 bedrooms, 5 full baths, and 3 half baths overlooking a beautiful four acre private lake and a fully equipped eight stall stable. The main house is complete with a heated saltwater pool, a chef’s kitchen, a 1.000-bottle wine room, a safe room, a ground floor master, and an observation lounge and terrace with incredible views of the property. All three structures, the main house, guest house, and barn with living quarters were built to exceed Miami/ Dade hurricane specifications with impact glass, roll-up hurricane shutters and reinforced rebar concrete roofs, walls, and floors, and multiple generators. In addition to the eight stall stable, the equestrian facilities include a riding and jumping arena, eight turnout paddocks, and beautiful riding trails that wind through cypress and pine trees and pass by the internationally acclaimed Dye Preserve Golf Course on the western boundary of the property. Ranch Colony is surrounded by over 20,000 acres of nature preserves with plenty of access to riding trails, parks, and community trails for horseback riding enthusiasts.
SINGLE FAMILY HOME
SALES PALM BEACH ACTIVE LISTINGS
NUMBER SOLD
SOLD VOLUME
AVG. SALE PRICE
MEDIAN SALES PRICE
DOM *
2015 FOURTH QUARTER
155
18
$134,422,131
$7,467,896
$5,400,000
270
2014 FOURTH QUARTER
148
23
$114,924,000
$4,996,696
$4,050,000
181
2015 QUARTERS 1-4
130
101
$548,137,587
$5,427,105
$4,200,000
255
2014 QUARTERS 1-4
323
312
$757,893,501
$5,829,950
$3,475,000
206
ACTIVE LISTINGS
NUMBER SOLD
SOLD VOLUME
AVG. SALE PRICE
MEDIAN SALES PRICE
DOM *
2015 FOURTH QUARTER
165
35
$22,799,800
$651,423
$485,000
168
2014 FOURTH QUARTER
210
39
$28,348,500
$726,885
$500,000
158
2015 QUARTERS 1-4
408
160
$115,516,983
$721,981
$462,000
154
2014 QUARTERS 1-4
445
167
$134,138,050
$803,222
$557,500
178
ACTIVE LISTINGS
NUMBER SOLD
SOLD VOLUME
AVG. SALE PRICE
MEDIAN SALES PRICE
DOM *
2015 FOURTH QUARTER
14
0
$0
$0
$0
0
2014 FOURTH QUARTER
26
2
$2,942,005
$1,471,002
$1,471,002
63
2015 QUARTERS 1-4
33
12
$107,178,226
$8,931,519
$4,150,313
253
2014 QUARTERS 1-4
47
14
$62,913,475
$4,993,820
$2,564,752
220
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 FOURTH QUARTER
148
26
$39,758,809
$1,529,184
$738,750
201
2014 FOURTH QUARTER
170
18
$26,161,850
$1,453,436
$999,625
221
2015 QUARTERS 1-4
337
143
$197,786,990
$1,383,125
$900,000
197
2014 QUARTERS 1-4
343
118
$142,679,760
$1,209,150
$837,500
236
ACTIVE LISTINGS
NUMBER SOLD
SOLD VOLUME
AVG. SALE PRICE
MEDIAN SALES PRICE
DOM *
2015 FOURTH QUARTER
262
39
$20,583,650
$527,785
$350,000
216
2014 FOURTH QUARTER
308
42
$19,632,999
$467,452
$322,000
315
2015 QUARTERS 1-4
603
232
$148,344,383
$639,415
$382,500
191
2014 QUARTERS 1-4
658
197
$103,970,474
$527,768
$310,000
225
ACTIVE LISTINGS
NUMBER SOLD
SOLD VOLUME
AVG. SALE PRICE
MEDIAN SALES PRICE
DOM *
2015 FOURTH QUARTER
174
26
$14,074,400
$541,323
$390,000
165
2014 FOURTH QUARTER
179
20
$8,580,500
$429,025
$357,500
214
2015 QUARTERS 1-4
399
126
$76,714,612
$608,846
$432,500
171
2014 QUARTERS 1-4
361
102
$56,556,750
$554,477
$380,250
182
PALM BEACH - SOUTH END
WEST PALM BEACH
*Days On Market
FEATURED LISTINGS
ELEGANT NORTH END RESIDENCE Northend, Palm Beach Web ID: 0076826 | $6,600,000
IN-TOWN NEW CONSTRUCTION In-Town, Palm Beach Web ID: 0076836 | $4,800,000
GRACIOUS BERMUDA IN THE ESTATE SECTION Estate Section, Palm Beach Web ID: 0076788 | $4,395,000
FEATURED LISTINGS
PARC REGENT In-Town, Palm Beach Web ID: 0076822 | $5,750,000
WONDERFUL OCEAN VIEWS In-Town, Palm Beach Web ID: 0076777 | $1,650,000
WATERVIEW TOWERS West Palm Beach Web ID: 0076676 | $925,000
ON THE MARKET
left to right from top to bottom:
METROPOLITAN MARKETS NEW YORK, NY | Web: 00110344 | $3,300,000 HOUSTON, TX | Web: 1240638 | $3,595,000 LOS ANGELES, CA | Web: 0355516 | $3,295,000 RESORT MARKETS MALIBU, CA | Web: 1300085 | $3,650,000 SAG HARBOR, NY | Web: 0046914 | $3,650,000 SANTA BARBARA, CA | Web: 0593005 | $3,750,000 FOREIGN MARKETS GERMANY | Web: YYRWLR | $3,584,619 ITALY | Web: EJTHMF | $3,475,994 ISRAEL | Web: FZMR3K | $3,857,132 sothebysrealty.com