Palm Beach Towns | Luxury Market Report March 2020

THE BEACH TOWNS OF PALM BEACH COUNTY FLORIDA –March 2020–

www.LuxuryHomeMarketing.com

PALM BEACH TOWNS

SINGLE - FAMILY HOMES

LUXURY INVENTORY VS. SALES | FEBRUARY 2020 Inventory

Sales

Luxury Benchmark Price 1: $780,000 $7,300,000+ $6,300,000 - $7,299,999

17

0

$5,300,000 - $6,299,999 $4,300,000 - $5,299,999

27

1

33

1

36

2

$1,300,000 - $1,799,999

$780,000 - $899,999

27

4

$1,800,000 - $2,299,999

$900,000 - $999,999

Total Sales Ratio2: 6% 23

3

$2,800,000 - $3,299,999

$1,000,000 - $1,099,999

Buyer's Market 21

2

$2,300,000 - $2,799,999

Total Sales: 23

18

0

$3,300,000 - $3,799,999

$1,100,000 - $1,199,999

Total Inventory: 405

1

$3,800,000 - $4,299,999

$1,200,000 - $1,299,999

100

6

43

4

14

0 9

0 0 0

6 9

22

0

Square Feet3

Price

Beds

Baths

Sold

Inventory

Sales Ratio

-Range-

-Median Sold-

-Median Sold-

-Median Sold-

-Total-

-Total-

-Sold/Inventory-

0 - 1,999

NA

NA

NA

0

10

0%

2,000 - 3,499

$4,100,000

4

3

1

78

1%

3,500 - 4,999

$1,825,000

4

4

9

97

9%

5,000 - 6,499

$6,035,000

4

7

3

87

3%

6,500 - 7,999

$3,450,000

5

7

4

44

9%

8,000+

$8,450,000

6

8

5

83

6%

The luxury threshold price is set by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's < 14.5%; Balanced >= 14.5 to < 20.5%; Seller's >= 20.5% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory.

PALM BEACH TOWNS

SINGLE - FAMILY HOMES

13 - MONTH LUXURY MARKET TREND 4 Median Sales Price

Inventory

Solds $3,486,800

$3,040,000 $2,187,500

$2,476,000

$2,662,500

$2,743,975

$2,675,000

$1,612,250 473

$2,395,000

$2,317,500

$1,950,000

$1,590,000

$1,475,000 469

445

407

392

18

33

38

44

Feb-19

Mar-19

Apr-19

May-19

369

32 Jun-19

345

32 Jul-19

19

19

Aug-19

Sep-19

23

Oct-19

417

400

389

370

339

11

15

Nov-19

Dec-19

405

28

Jan-20

23

Feb-20

MEDIAN DATA INVENTORY January

February

417

SOLDS January

February

405 VARIANCE: -3 %

23 VARIANCE: -18 %

SALE PRICE PER SQFT.

SALE TO LIST PRICE RATIO

January

February

500

$

677 VARIANCE: 35 % $

28

January

SALES PRICE

February

90.64% 88.40% VARIANCE: -2 %

January

2.32m

$

February

3.49m VARIANCE: 50 % $

DAYS ON MARKET January

February

76

219 VARIANCE: 188 %

PALM BEACH MARKET SUMMARY | FEBRUARY 2020 • The Palm Beach single-family luxury market is a Buyer's Market with a 6% Sales Ratio.

• Homes sold for a median of 88.40% of list price in February 2020.

• The most active price band is $2,800,000-$3,299,999, where the sales ratio is 15%.

• The median luxury sales price for single-family homes has increased to $3,486,800.

• The median days on market for February 2020 was 219 days, up from 76 in January 2020.

Square foot table does not account for listings and solds where square foot data is not disclosed.

4 Data reported includes Active and Sold properties and does not include Pending properties.

3

PALM BEACH TOWNS

ATTACHED HOMES

LUXURY INVENTORY VS. SALES | FEBRUARY 2020 Inventory

Sales

Luxury Benchmark Price 1: $720,000 $5,000,000+ $4,500,000 - $4,999,999 $4,000,000 - $4,499,999 $3,500,000 - $3,999,999

$2,250,000 - $2,499,999 $2,000,000 - $2,249,999

$1,750,000 - $1,999,999

9

0

Buyer's Market

14

Total Sales Ratio2: 5%

19

1

26

0

17

0 12

1

38

1 36

3

$1,250,000 - $1,499,999

51

3

$1,000,000 - $1,249,999

49

2

$900,000 - $999,999

29

2

$800,000 - $899,999

1

Total Sales: 23

0

$1,500,000 - $1,749,999

$720,000 - $799,999

Total Inventory: 426 10

0

$3,000,000 - $3,499,999 $2,500,000 - $2,999,999

33

3

38

6

45

1

Square Feet3

Price

Beds

Baths

Sold

Inventory

Sales Ratio

-Range-

-Median Sold-

-Median Sold-

-Median Sold-

-Total-

-Total-

-Sold/Inventory-

0 - 1,999

$1,032,500

2

2

6

102

6%

2,000 - 2,999

$1,075,000

3

3

8

167

5%

3,000 - 3,999

$1,035,000

3

4

5

87

6%

4,000 - 4,999

$5,800,000

4

6

1

34

3%

5,000 - 5,999

$8,000,000

4

6

1

18

6%

6,000+

$7,000,000

5

6

1

12

8%

The luxury threshold price is set by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's < 14.5%; Balanced >= 14.5 to < 20.5%; Seller's >= 20.5% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory.

PALM BEACH TOWNS

ATTACHED HOMES

13 - MONTH LUXURY MARKET TREND 4 Sale Price

Inventory

Solds $2,315,000

$1,987,500

$1,850,000

$1,441,500

$1,075,000

$955,000

419

413

$1,690,000

$1,500,000

375

353

32

44

34

Feb-19

Mar-19

Apr-19

May-19

$1,200,000

$1,155,000

323

29

$1,900,000

36

Jun-19

31

Jul-19

28

18

Aug-19

Sep-19

18

27

Nov-19

Dec-19

17 Oct-19

426

424

413

392

370

332

311

300

$1,300,000

$1,145,000

28

23

Jan-20

Feb-20

MEDIAN DATA INVENTORY January

February

424

426 VARIANCE: 0 %

SALE PRICE PER SQFT. January

February

524

$

543 VARIANCE: 4 % $

SOLDS January

February

28

23 VARIANCE: -18 % SALE TO LIST PRICE RATIO January

SALES PRICE

February

95.35% 92.58% VARIANCE: -3 %

January

1.15m

$

February

1.30m VARIANCE: 14 % $

DAYS ON MARKET January

February

105

88 VARIANCE: -16 %

PALM BEACH MARKET SUMMARY | FEBRUARY 2020 • The Palm Beach attached luxury market is a Buyer's Market with a 5% Sales Ratio.

• Homes sold for a median of 92.58% of list price in February 2020.

• The most active price band is $800,000-$899,999, where the sales ratio is 16%.

• The median luxury sales price for attached homes has increased to $1,300,000.

• The median days on market for February 2020 was 88 days, down from 105 in January 2020.

Square foot table does not account for listings and solds where square foot data is not disclosed.

4 Data reported includes Active and Sold properties and does not include Pending properties.

3