Palm Beach, FL | web: 0076381
Palm Beach Market Update Second Quarter 2014 PALM BEACH BROKERAGE 340 Royal Poinciana Way Palm Beach, FL 33480 +1.561.6593555 BROKER MANAGER: Carol Hickman sothebyshomes.com
A MESSAGE FROM OUR MANAGER: Carol Hickman We invite you to review a summary of sales activity in the Palm Beach area during the second quarter of 2014. The Palm Beach Multiple Listing Service reports the following statistics year (2Q14) over year (2Q13) in Palm Beach: Although the number of single family homes sold fell 22 percent, the median sales price rose 36 percent resulting in sold volume (total value of all sales combined) that was almost unchanged quarter over quarter. A similar trend occurred with the in town condominium market. The number of condos sold fell 16 percent and the median sale price increased 30 percent while sold volume was off only 10 percent. The south end condominium market had weaker results, with both sold volume and median sales price falling. However, inventory continues to be absorbed, with the number of available properties decreasing in both the single family and condo markets. West Palm Beach: Both sold volume and the median sales price of single family homes rose during the second quarter, despite the number of homes sold decreasing 19 percent. Condominium sales followed the same trend. West Palm was the only area where inventory levels increased. Manalapan: Although the total number of single family homes sold in Manalapan was down, sold volume increased an impressive 84 percent. The median sales price also increased dramatically, while inventory of available homes fell 20 percent.
SIGNIFICANT SALES | Q2 2014
EVERGLADE ISLAND Web ID: 0076250 | Listed $15,750,000
OCEANFRONT MEDITERRANEAN VILLA Web ID: 0076023 | Listed $7,950,000
OCEANFRONT BEAUTY Web ID: 0076055 | Listed $5,300,000
EL CID LAKEFRONT Web ID: 0076330 | Listed $4,200,000
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.
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SINGLE FAMILY HOME
SALES PALM BEACH ACTIVE LISTINGS
NUMBER SOLD
SOLD VOLUME
AVG. SALE PRICE
MEDIAN SALES PRICE
DOM *
2014 SECOND QUARTER
182
49
$272,706,234
$5,565,433
$3,275,000
186
2013 SECOND QUARTER
212
63
$273,633,400
$4,343,387
$2,400,000
277
2014 QUARTERS 1-2
242
79
$466,209,010
$5,901,380
$3,150,000
199
2013 QUARTERS 1-2
284
96
$409,460,556
$4,265,214
$2,525,000
288
ACTIVE LISTINGS
NUMBER SOLD
SOLD VOLUME
AVG. SALE PRICE
MEDIAN SALES PRICE
DOM *
2014 SECOND QUARTER
211
43
$33,382,250
$776,331
$565,000
206
2013 SECOND QUARTER
198
55
$26,723,500
$485,882
$400,000
145
2014 QUARTERS 1-2
289
79
$68,194,275
$863,219
$625,000
189
2013 QUARTERS 1-2
263
95
$52,870,012
$556,526
$410,000
149
ACTIVE LISTINGS
NUMBER SOLD
SOLD VOLUME
AVG. SALE PRICE
MEDIAN SALES PRICE
DOM *
2014 SECOND QUARTER
23
2
$24,114,000
$12,057,000
$12,057,000
464
2013 SECOND QUARTER
29
4
$13,085,000
$3,271,250
$2,050,000
361
2014 QUARTERS 1-2
27
6
$43,065,470
$7,177,578
$5,607,000
278
2013 QUARTERS 1-2
40
9
$43,147,100
$4,794,122
$1,800,000
272
WEST PALM BEACH
MANALAPAN
*Days On Market
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SALES
CONDOMINIUM
PALM BEACH - IN TOWN ACTIVE LISTINGS
NUMBER SOLD
SOLD VOLUME
AVG. SALE PRICE
MEDIAN SALES PRICE
DOM *
2014 SECOND QUARTER
178
41
$56,811,310
$1,385,641
$1,050,000
263
2013 SECOND QUARTER
214
49
$63,289,675
$1,291,626
$805,000
246
2014 QUARTERS 1-2
241
71
$90,911,110
$1,280,438
$955,000
244
2013 QUARTERS 1-2
276
69
$80,253,795
$1,163,098
$700,000
241
ACTIVE LISTINGS
NUMBER SOLD
SOLD VOLUME
AVG. SALE PRICE
MEDIAN SALES PRICE
DOM *
2014 SECOND QUARTER
344
72
$35,512,100
$493,223
$350,000
222
2013 SECOND QUARTER
439
84
$48,114,950
$572,797
$412,500
202
2014 QUARTERS 1-2
475
120
$59,976,100
$499,800
$293,000
214
2013 QUARTERS 1-2
563
129
$62,980,212
$488,218
$350,000
193
ACTIVE LISTINGS
NUMBER SOLD
SOLD VOLUME
AVG. SALE PRICE
MEDIAN SALES PRICE
DOM *
2014 SECOND QUARTER
182
34
$20,938,250
$615,830
$380,000
161
2013 SECOND QUARTER
163
42
$19,210,510
$457,393
$327,500
243
2014 QUARTERS 1-2
242
61
$32,641,250
$535,102
$360,000
168
2013 QUARTERS 1-2
211
72
$33,612,276
$466,837
$325,000
236
PALM BEACH - SOUTH END
WEST PALM BEACH
*Days On Market
FEATURED LISTINGS
WINDANSEA - DIRECT OCEANFRONT ESTATE Northend, Palm Beach Web ID: 0076348 | $45,000,000
UNSURPASSED ELEGANCE Estate Section, Palm Beach Web ID: 0076240 | $12,495,000
PALATIAL BILTMORE PENTHOUSE In-Town, Palm Beach Web ID: 0076371 | $8,900,000
FEATURED LISTINGS
EXPANSIVE DIRECT OCEAN FRONT VIEWS Singer Island Web ID: 0076291 | $2,925,000
BEAUTIFUL BRITISH WEST INDIES West Palm Beach Web ID: 0076373 | $2,150,000
SPACIOUS GARDEN PATIO APARTMENT In-Town, Palm Beach Web ID: 0076369 | $1,750,000
ON THE MARKET
left to right from top to bottom:
METROPOLITAN MARKETS HOUSTON, TX | Web: 1231048 | $5,895,000 NEW YORK, NY | Web: 0019491 | $5,750,000 LOS ANGELES, CA | Web: 0027025 | $5,450,000 RESORT MARKETS WATER MILL, NY | Web: 0037482 | $4,475,000 FALMOUTH, MA | Web: 0840716 | $5,600,000 LAS CAMPANAS, NM | Web: 0564064 | $5,190,000 FOREIGN MARKETS TURKS & CAICOS | Web: SJFK3E | $4,950,000 SPAIN | Web: P2334R | $4,989,139 CANADA | Web: 37TFKW | $5,392,202 sothebysrealty.com