Palm Beach, FL | web: 0076451
Palm Beach Market Update Third 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 According to the Palm Beach Multiple Listing Service, the real estate market in the town of Palm Beach was as hot as the temperature this summer. During what is usually our slowest period, the total volume of single family home sales was up by over 40 percent, with the median sales price increasing by over 100 percent (Q3 2014 over Q3 2013). The median sales price rose dramatically because nearly half of all single family home sales in Q3 of 2013 sold below the $2M mark. Due to very limited inventory, there were only 3 homes that sold under $2M during the same quarter this year. Both the inventory of homes for sale and the average days on the market for sold homes fell. For condominiums, the numbers were similarly impressive. The Palm Beach Multiple Listing Service maintains separate records for “in-town” and “south-end” condominiums. In the former category, the number sold was up almost 30 percent, with the total sold volume increasing by over 40 percent. The average sales price was also up slightly and the days on market was down slightly. In the latter category, the inventory of condominiums for sale decreased by over 25 percent, with average days on the market down 22 percent and average sales price up over 60 percent. Regarding condominium sales in West Palm Beach, the number sold was down, but the average sales price was up almost ten percent and the average days on the market was down by almost 25 percent (Q3 2014 over Q3 2013). For more information on Palm Beach real estate, we invite you to visit our website at Sothebyshomes.com/palmbeach.
SIGNIFICANT SALES | Q3 2014
NORTH LAKE WAY BEAUTY Web ID: 0075965 | Listed $15,500,000
STUNNING CLARKE AVENUE Web ID: 0076410 | Listed $15,000,000
PHIPPS ESTATE Web ID: 0076242 | Listed $9,495,000
ENCHANTING OCEANFRONT ESTATE Web ID: 0075087 | Listed $8,750,000
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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SOTHEBY’S INTERNATIONAL REALTY AFFILIATES LLC. AN EQUAL OPPORTUNITY COMPANY. EQUAL HOUSING OPPORTUNITY. EACH OFFICE IS INDEPENDENTLY OWNED AND OPERATED.
© MMXIV SOTHEBY’S INTERNATIONAL REALTY AFFILIATES LLC. ALL RIGHTS RESERVED. SOTHEBY’S INTERNATIONAL REALTY® IS A REGISTERED TRADEMARK LICENSED TO
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GENEVA NOVEMBER Important Watches Magnificent Jewels and Noble Jewels
nov. 5 5
and view the worldwide auction schedule at sothebys.com.
LONDON OCTOBER / NOVEMBER The Italian Sale Contemporary Art Evening Auction Contemporary Art Day Auction Finest and Rarest Wines Collections Old Masters Travel, Atlases, Maps and Natural History Fine Chinese Ceramics and Works of Art Arts of Europe 20 th Century Art – A Different Perspective Czech Avant-Garde Art from the Roy and Mary Cullen Collection Modern & Post-War British Art Finest and Rarest Wines Music, Continental and Russian Books and Manuscripts Contemporary East Important Russian Art Russian Art Day Sale Russian Works of Art, Fabergé and Icons PARIS OCTOBER / NOVEMBER Regards sur l’Orient – Tableaux et Sculptures – Orientalistes et Art Islamique Classique / Moderne : Arts Décoratifs du XVIe au XIXe siècle L’œil d’un collectionneur Important Mobilier, Objets d’Art et Tableaux du XVIIIe sièclee Bibliothèque Carlo de Poortere Photographies Man Ray Arts Décoratifs du XXe siècle & Design
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We invite you to explore our real estate listings at sothebyshomes.com
NEW YORK OCTOBER / NOVEMBER Kentshire: A Legendary Collection Important English and European Decorative Arts Important Silver, Vertu & Russian Works of Art Property from the Estate of Rochelle Sepenuk, Part II 19 th Century Furniture and Decorative Art Prints Impressionist & Modern Art Evening Sale Impressionist & Modern Art Day Sale 19 th Century European Art Property from the Collection of Mrs. Paul Mellon: Masterworks In Pursuit of Beauty: The Myron Kunin Collection of African Art Contemporary Art Evening Auction Contemporary Art Day Auction American Art Property from the Collection of Mrs. Paul Mellon: Jewels & Objects of Vertu Property from the Collection of Mrs. Paul Mellon: Interiors Mexico Contemporary Latin American Art Modern & Contemporary
Shown Above Left: THE HENRY GRAVES SUPERCOMPLICATION PATEK PHILIPPE & CO., GENEVA, 1932 ESTIMATE ON REQUEST
IMPORTANT WATCHES GENEVA NOV. 11TH, 2014
SINGLE FAMILY HOME
SALES PALM BEACH ACTIVE LISTINGS
NUMBER SOLD
SOLD VOLUME
AVG. SALE PRICE
MEDIAN SALES PRICE
DOM *
2014 THIRD QUARTER
131
27
$174,260,491
$6,454,092
$4,500,000
250
2013 THIRD QUARTER
159
33
$123,711,350
$3,748,829
$2,210,000
287
2014 QUARTERS 1-3
268
106
$640,469,501
$6,042,165
$3,450,000
212
2013 QUARTERS 1-3
326
129
$533,171,906
$4,133,116
$2,450,000
288
ACTIVE LISTINGS
NUMBER SOLD
SOLD VOLUME
AVG. SALE PRICE
MEDIAN SALES PRICE
DOM *
2014 THIRD QUARTER
203
44
$34,248,400
$778,373
$505,000
178
2013 THIRD QUARTER
187
35
$23,191,900
$662,626
$410,000
173
2014 QUARTERS 1-3
367
124
$102,572,675
$827,199
$565,000
185
2013 QUARTERS 1-3
337
131
$77,661,912
$592,839
$410,000
155
ACTIVE LISTINGS
NUMBER SOLD
SOLD VOLUME
AVG. SALE PRICE
MEDIAN SALES PRICE
DOM *
2014 THIRD QUARTER
25
5
$14,156,000
$2,831,200
$1,940,000
242
2013 THIRD QUARTER
23
2
$6,564,000
$3,282,000
$3,282,000
177
2014 QUARTERS 1-3
37
12
$59,971,470
$4,997,622
$3,025,000
246
2013 QUARTERS 1-3
43
11
$49,711,100
$4,519,191
$1,800,000
255
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 *
2014 THIRD QUARTER
147
27
$31,740,300
$1,175,566
$633,075
215
2013 THIRD QUARTER
163
21
$22,160,500
$1,055,261
$650,000
220
2014 QUARTERS 1-3
278
99
$123,224,910
$1,244,696
$800,000
236
2013 QUARTERS 1-3
312
90
$102,414,295
$1,137,936
$687,500
236
ACTIVE LISTINGS
NUMBER SOLD
SOLD VOLUME
AVG. SALE PRICE
MEDIAN SALES PRICE
DOM *
2014 THIRD QUARTER
271
31
$20,786,375
$670,528
$330,000
166
2013 THIRD QUARTER
367
52
$21,615,000
$415,673
$367,500
213
2014 QUARTERS 1-3
546
155
$84,252,475
$543,564
$308,620
201
2013 QUARTERS 1-3
666
181
$84,595,212
$467,376
$350,000
199
ACTIVE LISTINGS
NUMBER SOLD
SOLD VOLUME
AVG. SALE PRICE
MEDIAN SALES PRICE
DOM *
2014 THIRD QUARTER
149
19
$13,502,500
$710,657
$450,000
193
2013 THIRD QUARTER
142
30
$19,505,968
$650,198
$542,984
255
2014 QUARTERS 1-3
287
82
$47,976,250
$585,076
$399,750
174
2013 QUARTERS 1-3
255
102
$53,118,244
$520,767
$347,500
242
PALM BEACH - SOUTH END
WEST PALM BEACH
*Days On Market
FEATURED LISTINGS
SOPHISTICATED REGENCY ESTATE Estate Section, Palm Beach Web ID: 0076347 | $10,900,000
CLARKE AVENUE CHARM In-Town, Palm Beach Web ID: 0075947 | $7,495,000
BEAUTIFUL BRITISH WEST INDIES Northend, Palm Beach Web ID: 0076381 | $6,250,000
FEATURED LISTINGS
THE VILLAS In-Town, Palm Beach Web ID: 0076419 | $4,500,000
TRUMP PLAZA West Palm Beach Web ID: 0076317 | $1,560,000
WATERVIEW TOWERS West Palm Beach Web ID: 0076458 | $1,500,000
ON THE MARKET
left to right from top to bottom:
METROPOLITAN MARKETS NEW YORK, NY | Web: 0137370 | $2,895,000 HOUSTON, TX | Web: 1231558 | $3,649,000 SAN FRANCISCO, CA | Web: 0086965 | $3,995,000 RESORT MARKETS MALIBU, CA | Web: 1300004 | $2,495,000 WEST PALM BEACH, FL | Web: 0074827 | $3,795,000 SUMMERLAND, CA | Web: 0632268 | $3,750,000 FOREIGN MARKETS HONG KONG | Web: DDH648 | $2,838,234 ITALY | Web: ZV27TP | $3,165,375 FRANCE | Web: BMWKQP | Price Upon Request sothebysrealty.com