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Q1 | 2018

Palm Beach

Market Update

PALM BEACH

1900SouthOcean.com Offered at $61,500,000


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NORTH PALM BEACH

Offered at $49,500,000 sothebyshomes.com/0077663


a message from

Debra Reece Brokerage Manager

We invite you to review a summary of sales activity in the Palm Beach area during the first quarter of 2018. The Palm Beach Multiple Listing Service reports the following statistics for the first quarter of the year, which are compared here with statistics for the same period of 2017: Strong activity in the Palm Beach single-family home market drove total dollar volume up by 74% from $147.7 million in Q1 2017 to $256.9 million Q1 2018, buoyed from 22 sold properties in Q1 2017 to 37 properties in Q1 2018, an impressive 68% increase. While sales rose significantly during Q1 2018, active listing inventory tightened by 8%, 245 in Q1 2017 to 226 in Q1 2018. The median sale price of a single-family home rose slightly, by 2%, to $4.15 million. In the Palm Beach condominium market, the median sale price of an in-town unit was 37% higher than Q1 2017, currently at $1.15 million. In this sector of the market, total dollar volume rose by 5%, from $6.2 million in Q1 2017 to $6.5 million in Q1 2018, while the number of units sold was up by 3%, from 38 in Q1 2017 to 39 in Q1 2018. In the South End of Palm Beach, the median sale price of a condominium soared a sharp 72% higher, from $340,000 in Q1 2017 to $583,500 in Q1 2018. As always, our goal in sharing this data with you is to create a better understanding of the trends affecting our unique housing market. We hope you find it to be a valuable resource, and we look forward to working with you to meet your real estate needs now and in the future. If you have any questions about the Palm Beach market, please do not hesitate to reach out to me at (561) 659-3555.

phone

email

561 659 3555

debra.reece@sothebyshomes.com

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.


Market Snapshot Palm Beach

Highlight: ASP vs units

Single Family Homes

Manalapan

$5.0

90

$4.5

80

$4.0

70

$3.5

60

$3.0

50

$2.5

West Palm Beach

40

$2.0

10

$0.0

0

73 % 10 % 17 %

Palm Beach West Palm Beach Manalapan

Average Selling Price vs. Total Units Sold 256.9m $ 36.3m $ 58.4m $

*In Millions

Average Selling Price Total Units Sold

2018

$0.5

2017

20

2016

$1.0

*Price in Millions

Total Volume

30

$1.5

2015

Palm Beach

2014

ght: olume


Highlighting Single Family Homes Palm Beach, West Palm Beach,

$4.0

and Manalapan

Manalapan

$3.5 $3.0 $2.5

Highlights: Median Sale Price

Highlight: Units Sold

$2.0 $1.5

Palm Beach

West Palm Beach

$1.0 $0.5

Median Selling Price 4.2m $ 0.6m $ 8.2m $

Palm Beach West Palm Beach Manalapan

Manalapan

West Palm Beach

*Price in Millions

Palm Beach

$-

Total Units Sold 46 % 48 % 6%

Palm Beach West Palm Beach Manalapan

37 39 5

*In Millions

Q1 Market Snapshot

/ Palm Beach Q1 Market Update


at a glance {Q1 | 2018}

palm beach

Single Family Homes

256m

$

Total Sales Volume

68

%

Change of Units Sold {2018 v 2017}

37 Units Sold

6.94m

$

Average Selling Price


SINGLE FAMILY HOMES | Q1 2018

Palm Beach Average Selling Price | Median Selling Price | Units Sold $9

40

$8

35

$7

30

$6

25

$5

20

$4

15

$3 $2

10

$1

5

$0

0

2014

2015

2016

2017

2018

*Price in Millions

Average Selling Price Median Selling Price

Total Units Sold

S OT H E BYSH OME S.C OM/PALMB E AC H

Average Median Sold Selling Price Selling Price Volume

Units Sold

3%

2%

74%

68%

2018

$6,942,152

$4,150,000

$256,859,629 37

2017

$6,712,108

$4,085,000

$147,666,375

2016

$7,809,500

$5,085,000

$195,237,500 25

2015

$4,678,457

$4,275,000

$130,996,785 28

2014

$6,450,093

$3,100,000

$193,502,776

Q1 {2018 v 2017}

Change

22

30

Palm Beach Single Family Homes

/ Palm Beach Q1 Market Update


SINGLE FAMILY HOMES | Q1 2018

Manalapan Average Selling Price | Median Selling Price | Units Sold $30.0

6

$25.0

5

$20.0

4

$15.0

3

$10.0

2

$5.0 $0.0

1

-$5.0

0

2014

2015

2016

2017

2018

*Price in Millions

Average Selling Price Median Selling Price

Total Units Sold

S OT H E BYSH OME S.C OM/PALMB E AC H

Average Median Sold Selling Price Selling Price Volume

Units Sold

-49%

-71%

-16%

67%

2018

$11,685,000

$8,200,000

$58,425,000

5

2017

$23,050,000

$28,000,000

$69,150,000

3

2016

$0

$0

$0

0

2015

$7,662,056

$3,957,813

$30,648,226

4

2014

$4,737,868

$2,750,000

$18,951,470

4

Q1 {2018 v 2017}

Change

Palm Beach Q1 Market Update / Manalapan Single Family Homes


at a glance {Q1 | 2018}

manalapan

Single Family Homes

$58.4m Total Sales Volume

67

%

Change of Units Sold {2018 v 2017}

5

Units Sold

11.6m

$

Average Selling Price


at a glance {Q1 | 2018}

west palm beach Single Family Homes

36.3m

$

Total Sales Volume

-17

%

Change of Units Sold {2018 v 2017}

39 Units Sold

929k

$

Average Selling Price


SINGLE FAMILY HOMES | Q1 2018

West Palm Beach Average Selling Price | Median Selling Price | Units Sold 50

$1.2

45

$1.0

40 35

$0.8

30 25

$0.6

20

$0.4

15 10

$0.2

5

$0.0

0

2014

2015

2016

2017

2018

*Price in Millions

Average Selling Price Median Selling Price

Total Units Sold

S OT H E BYSH OME S.C OM/PALMB E AC H

Average Median Sold Selling Price Selling Price Volume

Units Sold

7%

12%

-11%

-17%

2018

$929,799

$599,500

$36,262,150

39

2017

$867,076

$535,000

$40,752,570

47

2016

$866,021

$429,000

$30,310,750

35

2015

$718,287

$392,500

$26,576,625

37

2014

$967,001

$715,000

$34,812,025

36

Q1 {2018 v 2017}

Change

West Palm Beach Single Family Homes

/ Palm Beach Q1 Market Update


Market Snapshot Condominiums

$1.20

120

$1.00

100

Total Volume Palm Beach | In-Town

$0.40

40

$0.20

20

$0.00

0

South End West Palm Beach

64.5m $ 28m $ 22.5m *In Millions

Average Selling Price Total Units Sold

2018

60

Average Selling Price vs. Total Units Sold $

80

$0.60

2017

Palm Beach | In-Town

*Price in Millions

56 % 24 % 20 %

Highlight: Closed Volume

$0.80

2016

Palm Beach | South End

140

2015

West Palm Beach

$1.40

2014

Palm Beach

Highlight: ASP vs units


Highlighting Condominiums

Palm Beach In-Town, Palm Beach South End, and West Palm Beach

$1,200 $1,000 West Palm Beach

$800

Palm Beach | In-Town

$600

Highlights: Median Sale Price

$400

Palm Beach | South End

Highligh Units So

$200

Median Selling Price 115m $ .583m $ .415m $

Palm Beach | In-Town South End West Palm Beach

West Palm Beach

Palm Beach | South End

Palm Beach | In-Town

$*Price in Thousands

Total Units Sold 40 % 25 % 35 %

Palm Beach | In-Town South End West Palm Beach

39 34 24

*In Millions

Q1 Market Snapshot

/ Palm Beach Q1 Market Update


at a glance {Q1 | 2018}

palm beach | in-town Condominiums

64.5m

$

Total Sales Volume

3

%

Change of Units Sold {2018 v 2017}

39 Units Sold

1.65m

$

Average Selling Price


CONDOMINIUMS | Q1 2018

Palm Beach | In-Town Average Selling Price | Median Selling Price | Units Sold $1.8

45

$1.6

40

$1.4

35

$1.2

30

$1.0

25

$0.8

20

$0.6

15

$0.4

10

$0.2

5

$0.0

0

2014

2015

2016

2017

2018

*Price in Millions

Average Selling Price Median Selling Price

Total Units Sold

S OT H E BYSH OME S.C OM/PALMB E AC H

Average Median Sold Selling Price Selling Price Volume

Units Sold

2%

37%

5%

3%

2018

$1,654,556

$1,115,000

$64,527,700

39

2017

$1,622,490

$813,000

$61,654,634

38

2016

$1,022,125

$807,500

$20,442,500

20

2015

$1,411,787

$900,000

$46,589,000

33

2014

$1,136,660

$787,500

$34,099,800

30

Q1 {2018 v 2017}

Change

Palm Beach In-Town Condominiums

/ Palm Beach Q1 Market Update


CONDOMINIUMS | Q1 2018

South End Average Selling Price | Median Selling Price | Units Sold $900

80

$800

70

$700

60

$600

50

$500

40

$400

30

$300 $200

20

$100

10

$0

0

2014

2015

2016

2017

2018

*Price in Thousands

Average Selling Price Median Selling Price

Total Units Sold

S OT H E BYSH OME S.C OM/PALMB E AC H

Average Median Sold Selling Price Selling Price Volume

Units Sold

27%

72%

3%

28%

2018

$823,179

$583,530

$27,988,098

32

2017

$647,687

$340,000

$27,202,865

25

2016

$710,038

$52,500

$27,691,500

39

2015

$733,887

$370,000

$49,170,450

42

2014

$500,897

$245,000

$24,544,000

38

Q1 {2018 v 2017}

Change

Palm Beach Q1 Market Update / South End Condominiums


at a glance {Q1 | 2018}

south end

Condominiums

28m

$

Total Sales Volume

-19

%

Change of Units Sold {2018 v 2017}

34 Units Sold

823k

$

Average Selling Price


at a glance {Q1 | 2018}

west palm beach Condominiums

22.5m

$

Total Sales Volume

-31

%

Change of Units Sold {2018 v 2017}

24 Units Sold

939k

$

Average Selling Price


CONDOMINIUMS | Q1 2018

West Palm Beach Average Selling Price | Median Selling Price | Units Sold $1,000

40

$900

35

$800

30

$700 $600

25

$500

20

$400

15

$300

10

$200 $100

5

$0

0

2014

2015

2016

2017

2018

*Price in Thousands

Average Selling Price Median Selling Price

Total Units Sold

S OT H E BYSH OME S.C OM/PALMB E AC H

Average Median Sold Selling Price Selling Price Volume

Units Sold

4%

-36%

-29%

-31%

2018

$939,500

$415,000

$22,548,000

24

2017

$907,415

$645,000

$31,759,532

35

2016

$579,098

$412,000

$16,214,763

28

2015

$740,283

$523,000

$22,948,800

31

2014

$433,444

$315,000

$11,703,000

27

Q1 {2018 v 2017}

Change

West Palm Beach Condominiums

/ Palm Beach Q1 Market Update


Extraordinary Results We celebrate the notable success of our associates and clients

PALM BEACH

North End Oceanfront Estate Last asking $49,500,000


Recent Extraordinary Sales PALM BEACH

Elegant Estate Section Jewel Last asking $14,250,000 PALM BEACH

Via Vizcaya Estate Last asking $8,950,000 PALM BEACH

Sandpiper Drive Last asking $3,595,000 PALM BEACH

Charming Bermuda Last asking $2,995,000 *in order from left to right, top to bottom

sothebyshomes.com/palmbeach


UPCOMING AUCTIONS FORT LAUDERDALE 6-7 APRIL AUBURN SPRING 10-12 MAY MONACO 12 MAY DINGMAN COLLECTION 23-24 JUNE MONTEREY 24-25 AUG AUBURN FALL 30 AUG-2 SEPT LONDON 5 SEPTEMBER HERSHEY 11-12 OCTOBER PORSCHE 70TH ANNIVERSARY SALE 27 OCTOBER

INQUIRIES: 1 800 211 4371

Palm Beach Market Update Q1 2018  
Palm Beach Market Update Q1 2018