Palm Beach Market Update | Q1 2019

Q1 | 2019

Palm Beach

Market Update

PALM BEACH

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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 2019. The Palm Beach Board of Realtors’ Multiple Listing Service reports the following statistics for this quarter which are compared in this report with statistics for the first quarter of 2018: In the first quarter of 2019, days on the market for single-family homes decreased by almost 30 days, a reduction of 12%, from 238 in Q1 2018 to 209 in Q1 2019. Inventory levels held steady at 227 active properties in Q1 2019 compared to 228 in Q1 2018 and median price rose a slight 1%. Sales activity slowed during this period which affected total dollar volume.

Condominiums sold more quickly during this quarter, both In Town and in the South End, however other market statistics showed some pull-back. There were 5% fewer condominium sales In Town, where the median price was down 21% and total dollar volume was 10% lower. In the South End, there were 6% fewer condominium sales, median price was down 7% and total dollar volume was 18% below 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 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 or any of our independent sales associates 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

Single Family Homes

Highlight: ASP vs units

West Palm Beach

$4.5

80

$4.0

70

$3.5

West Palm Beach

60

$3.0

50

$2.5 40 $2.0

: ume

Palm Beach

30

$1.5

20

$1.0

Total Volume 80 % 20 %

Palm Beach West Palm Beach

2019

2018

0

2017

$0.0 *Price in Millions

2016

10

2015

$0.5

Average Selling Price vs. Total Units Sold 119.7m $ 29.4m $

*In Millions

Average Selling Price Total Units Sold

Highlighting Single Family Homes Palm Beach and West Palm Beach

$14 $12 $10

Highlight: Units Sold

$8

Palm Beach

Highlights: Median Sale Price West Palm Beach

$6 $4 $2

Median Selling Price 4.2m $ 0.7m $

West Palm Beach

*Price in Millions

Palm Beach

$-

Palm Beach West Palm Beach

Total Units Sold 43 % 57 %

Palm Beach West Palm Beach

21 28

*In Millions

Q1 Market Snapshot

/ Palm Beach Q1 Market Update

at a glance {Q1 | 2019}

palm beach

Single Family Homes

120m

$

Total Sales Volume

-43

%

Change of Units Sold {2019 v 2018}

21 Units Sold

5.7m

$

Average Selling Price

SINGLE FAMILY HOMES | Q1 2019

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

2015

2016

2017

2018

2019

*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

-18%

1%

-53%

-43%

2019

$5,701,887

$4,200,000

$119,739,631

21

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

Q1 {2019 v 2018}

Change

22

Palm Beach Single Family Homes

/ Palm Beach Q1 Market Update

at a glance {Q1 | 2019}

west palm beach Single Family Homes

29.4m

$

Total Sales Volume

-28

%

Change of Units Sold {2019 v 2018}

28 Units Sold

1.1m

$

Average Selling Price

SINGLE FAMILY HOMES | Q1 2019

West Palm Beach Average Selling Price | Median Selling Price | Units Sold $1.2

50 45

$1.0

40 35

$0.8

30

$0.6

25 20

$0.4

15 10

$0.2

5 $0.0

0

2015

2016

2017

2018

2019

*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

13%

22%

-19%

-28%

2019

$1,050,360

$731,250

$29,410,075

28

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

Q1 {2019 v 2018}

Change

West Palm Beach Single Family Homes

/ Palm Beach Q1Market Update

Market Snapshot Palm Beach

Highlight: ASP vs units

Condominiums

$2.00

140

$1.80

120

$1.60

Palm Beach | In-Town West Palm Beach

100

Highlight: Closed Volume

$1.40 $1.20

80

$1.00 60

$0.80

Palm Beach | South End

$0.60

40

$0.40 20

$0.20

Total Volume 36 % 14 % 50 %

Palm Beach | In-Town South End West Palm Beach

Average Selling Price vs. Total Units Sold 1.5m $ .7m $ 3.9m $

*In Millions

Average Selling Price Total Units Sold

2019

2018

2017

2016

*Price in Millions

0

2015

$0.00

Highlighting Condominiums

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

$1,000 $900 $800

West Palm Beach

$700

Palm Beach | In-Town

$600

Highlights: Median Sale Price

$500 $400

Highlig Units S

Palm Beach | South End

$300 $200 $100

Median Selling Price 877k $ 544k $ 422.k $

Palm Beach | In-Town South End West Palm Beach

West Palm Beach

Palm Beach | South End

*Price in Thousands

Palm Beach | In-Town

$-

Total Units Sold 42 % 35 % 23 %

Palm Beach | In-Town South End West Palm Beach

40 34 22

*In Thousands

Q1Market Snapshot

/ Palm Beach Q1 Market Update

at a glance {Q1 | 2019}

palm beach | in-town Condominiums

61.1m

$

Total Sales Volume

-5

%

Change of Units Sold {2019 v 2018}

40 Units Sold

1.5m

$

Average Selling Price

CONDOMINIUMS | Q1 2019

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

2015

2016

2017

2018

2019

*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

-6%

-21%

-10%

-5%

2019

$1,526,254

$876,894

$61,050,164

40

2018

$1,621,373

$1,112,500

$68,097,700

42

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

Q1 {2019 v 2018}

Change

Palm Beach In-Town Condominiums

/ Palm Beach Q1 Market Update

CONDOMINIUMS | Q1 2019

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

80

$800

70

$700

60

$600

50

$500 40 $400 30

$300

20

$200

10

$100 $0

*Price in Thousands

0

2015

2016

2017

Average Selling Price Median Selling Price

2018

2019

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

-14%

-7%

-18%

-6%

2019

$699,298

$543,500

$23,776,160

34

2018

$808,711

$583,530

$29,113,598

36

2017

$647,687

$340,000

$27,202,865

42

2016

$710,038

$525,000

$27,691,500

39

2015

$733,887

$370,000

$49,170,450

67

Q1 {2019 v 2018}

Change

Palm Beach Q1 Market Update / South End Condominiums

at a glance {Q1 | 2019}

south end

Condominiums

23.8m

$

Total Sales Volume

-6

%

Change of Units Sold {2019 v 2018}

34 Units Sold

699k

$

Average Selling Price

at a glance {Q1 | 2019}

west palm beach Condominiums

85.8m

$

Total Sales Volume

-15

%

Change of Units Sold {2019 v 2018}

22 Units Sold

3.9m

$

Average Selling Price

CONDOMINIUMS | Q1 2019

West Palm Beach Average Selling Price | Median Selling Price | Units Sold $4,500

40

$4,000

35

$3,500

30

$3,000

25

$2,500 20 $2,000 15

$1,500

10

$1,000 $500

5

$0

0

2015

2016

2017

2018

2019

*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

316%

-2%

252%

-15%

2019

$3,898,448

$422,000

$85,765,856

22

2018

$937,730

$432,500

$24,381,000

26

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

Q1 {2019 v 2018}

Change

West Palm Beach Condominiums

/ Palm Beach Q1 Market Update

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

PALM BEACH

1436 North Ocean Way Last Asking $4,395,000

Recent Extraordinary Sales PALM BEACH

655 Island Drive Last asking $13,500,000 PALM BEACH

161 Woodbridge Road Last asking $5,695,000 WEST PALM BEACH

525 South Flagler Drive, 29 A-B Last asking $3,500,000 PALM BEACH

1305 North Ocean Boulevard Last asking $2,895,000 *in order from left to right, top to bottom

sothebyshomes.com/palmbeach

$112 BILLION ANOTHER RECORD YEAR IN ANNUAL GLOBAL SALES IN 2018

UNRIVALED

GLOBAL PERFORMANCE

990 22,500 72 OFFICES

AGENTS

COUNTRIES

1 3 OUT OF

OFFICES IS OUTSIDE OF THE UNITED STATES

31 MILLION VISITS TO SOTHEBYSREALTY.COM 13% INCREASE YEAR OVER YEAR

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