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