Palm Beach, FL | web: 0075774
Palm Beach Market Update Fourth 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 are pleased to provide a summary of sales activity in the Palm Beach area during the fourth quarter of 2014. The Palm Beach Multiple Listing Service reports the following statistics, comparing the fourth quarter with the fourth quarter of 2013. In Palm Beach, although the number of single family homes sold fell 21 percent, the median sales price rose 77 percent, resulting in an aggregate sold volume (total value of all sales combined) that was almost unchanged quarter over quarter. With respect to the In-Town condominium market, the number of condos sold fell 47 percent, the median sale price increased 57 percent, with the sold volume off 17 percent. The number of condos sold in the South End fell just 3 percent, but both sold volume and median sales price also declined. One reason for the decreased number of sales could be the decrease in inventories in both the single-family and condo markets. This conclusion would be supported by the facts that the average days-onmarket for Palm Beach single-family homes decreased by 30 percent in the quarter and buyers looking for a single-family home under $2 million will find that there are only 6 homes available currently. In West Palm Beach, both sold volume and the median sales price of single-family homes rose during the fourth quarter, while the number of homes sold fell 11 percent and the average days-on-market increased slightly. Condominium sales were very strong with the number sold, median sales price and sold volume all increasing. West Palm Beach was the only area where the inventory of available homes and condos increased, which would be consistent with a large “shadow” inventory and positive market conditions. Manalapan saw an increase in both sold volume and median sales price, largely because there were no reported sales in this small community during the final quarter of 2013. The inventory of available homes fell 4 percent by one home this quarter.
SIGNIFICANT SALES | Q4 2014
MAGNIFICENT JOHN VOLK RESIDENCE Web ID: 0076309 | Listed $14,500,000
STUNNING TOWNHOUSE Web ID: 0076466 | Listed $3,950,000
CHARMING BERMUDA Web ID: 0076350 | Listed $2,800,000
DIRECT OCEANFRONT IN TOWN Web ID: 0076469 | Listed $2,695,000
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 FOURTH QUARTER
143
22
$110,874,000
$5,039,727
$4,147,500
180
2013 FOURTH QUARTER
164
28
$113,399,800
$4,049,993
$2,337,500
258
2014 QUARTERS 1-4
319
129
$753,843,501
$5,843,748
$3,450,000
206
2013 QUARTERS 1-4
381
157
$646,571,706
$4,118,291
$2,400,000
283
ACTIVE LISTINGS
NUMBER SOLD
SOLD VOLUME
AVG. SALE PRICE
MEDIAN SALES PRICE
DOM *
2014 FOURTH QUARTER
197
38
$28,168,500
$741,276
$503,000
159
2013 FOURTH QUARTER
187
43
$25,424,800
$591,274
$385,000
141
2014 QUARTERS 1-4
435
165
$133,093,050
$806,625
$557,500
179
2013 QUARTERS 1-4
398
174
$103,086,712
$592,452
$410,000
151
ACTIVE LISTINGS
NUMBER SOLD
SOLD VOLUME
AVG. SALE PRICE
MEDIAN SALES PRICE
DOM *
2014 FOURTH QUARTER
24
2
$2,942,005
$1,471,002
$1,471,002
63
2013 FOURTH QUARTER
25
0
$0
$0
$0
0
2014 QUARTERS 1-4
45
14
$62,913,475
$4,493,820
$2,564,752
220
2013 QUARTERS 1-4
53
11
$49,711,100
$4,519,191
$1,800,000
255
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 FOURTH QUARTER
168
17
$25,926,850
$1,525,108
$1,050,000
185
2013 FOURTH QUARTER
186
32
$31,103,000
$971,968
$667,500
319
2014 QUARTERS 1-4
342
118
$150,094,760
$1,271,989
$850,000
230
2013 QUARTERS 1-4
375
122
$133,517,295
$1,094,404
$680,000
258
ACTIVE LISTINGS
NUMBER SOLD
SOLD VOLUME
AVG. SALE PRICE
MEDIAN SALES PRICE
DOM *
2014 FOURTH QUARTER
303
37
$16,308,000
$440,756
$329,000
304
2013 FOURTH QUARTER
397
38
$20,695,925
$544,629
$350,000
171
2014 QUARTERS 1-4
652
192
$100,560,475
$523,752
$312,500
221
2013 QUARTERS 1-4
799
219
$105,291,137
$480,781
$350,000
194
ACTIVE LISTINGS
NUMBER SOLD
SOLD VOLUME
AVG. SALE PRICE
MEDIAN SALES PRICE
DOM *
2014 FOURTH QUARTER
175
16
$7,607,500
$475,468
$418,000
213
2013 FOURTH QUARTER
163
12
$5,255,050
$437,920
$295,275
147
2014 QUARTERS 1-4
357
98
$55,583,750
$567,181
$399,750
180
2013 QUARTERS 1-4
313
114
$58,373,294
$512,046
$342,500
232
PALM BEACH - SOUTH END
WEST PALM BEACH
*Days On Market
FEATURED LISTINGS
EVERGLADES ISLAND LAND Estate Section, Palm Beach Web ID: 0076477 | $22,000,000
STUNNING LANDMARKED ESTATE In-Town, Palm Beach Web ID: 0076498 | $11,200,000
CLASSIC MEDITERRANEAN Northend, Palm Beach Web ID: 0076372 | $6,500,000
FEATURED LISTINGS
EXQUISITE NEW CONSTRUCTION Palm Beach Gardens Web ID: 0076510 | $6,450,000
RARE BEINESTAR GEM In-Town, Palm Beach Web ID: 0076478 | $2,300,000
BEAUTIFUL EL CID HOUSE West Palm Beach Web ID: 0076508 | $950,000
ON THE MARKET
left to right from top to bottom:
METROPOLITAN MARKETS BROOKLYN, NY | Web: 0137448 | $5,214,773 SAN FRANCISCO, CA | Web: 0086944 | $4,499,000 HOUSTON, TX | Web: 1231131 | $5,750,000 RESORT MARKETS MALIBU, CA | Web: 0172718 | $4,479,000 PALM BEACH, FL | Web: 0076523 | $5,250,000 MONTECITO, CA | Web: 0113874 | $5,000,000 FOREIGN MARKETS SOUTH AFRICA | Web: E37YLR | $5,961,020 ITALY | Web: YZXMX7 | $5,622,785 THAILAND | Web: SN59KW | $5,225,000 sothebysrealty.com