Palm Beach Market Update | Q2 2017

Q2 | 2017

Palm Beach

Market Update

PALM BEACH

enchantingqueenslane.com Offered at $5,845,000

a message from

Debra Reece Brokerage Manager

We invite you to review a summary of sales activity in the Palm Beach area during the second quarter of 2017. The Palm Beach Multiple Listing Service reports the following statistics for this quarter, which are compared in this report with statistics from Q2 2016: The strong performance of the Palm Beach single-family home market during Q2 2017 was propelled by a significant increase in activity versus last year. The total dollar volume sold during this period rose 65%, driven by a 16% increase in average sales price and a 42% increase in the number of homes sold - from 33 homes sold in Q2 2016 to 47 homes sold in Q2 2017. The number of active listings rose slightly, by 3%, from the previous year while homes sold, on average, 20 days faster when compared to Q2 2016.

Similarly, there was a 17% gain in average sales price for In-Town Palm Beach condominiums and a 30% increase in units sold, from 33 to 43, driving total dollar volume to $75.1M, a 52% increase from Q2 2016. While the total number of condominiums sold in the South End was down 8%, total dollar volume was up by 6% and there was a 15% increase in average sales price. sothebyshomes.com/palmbeach

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.

PALM BEACH | NORTHEND

Offered at $5,995,000 sothebyshomes.com/palmbeach

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Market Snapshot Palm Beach

Highlight: ASP vs units

Single Family Homes

Manalapan West Palm Beach

$6.0

140

$5.0

120 100

$4.0

80 $3.0 60 $2.0

0

*Price in Millions

Total Volume 88 % 8% 4%

Palm Beach West Palm Beach Manalapan

Average Selling Price vs. Total Units Sold 379.4m $ 34.5m $ 16.7m $

*In Millions

Average Selling Price Total Units Sold

2017

$0.0

2016

20

2015

$1.0

2014

Palm Beach

40

2013

ghlight: d Volume

Highlighting Single Family Homes Palm Beach, West Palm Beach,

and Manalapan

Manalapan $9 $8 $7 $6

Highlight: Units Sold

$5 $4

Highlights: Median Sale Price West Palm Beach Palm Beach

$3 $2 $1

Median Selling Price 4.2m $ 0.6m $ 8.3m $

Palm Beach West Palm Beach Manalapan

Manalapan

West Palm Beach

Palm Beach

$*Price in Millions

Total Units Sold 53 % 45 % 2%

Palm Beach West Palm Beach Manalapan

47 40 2

*In Millions

Q2 Market Snapshot

/ Palm Beach Q2 Market Update

at a glance {Q2 | 2017}

palm beach

Single Family Homes

$379m Total Sales Volume

42

%

Change of Units Sold {2017 v 2016}

47 Units Sold

8.1m

$

Average Selling Price

SINGLE FAMILY HOMES - Q2 | 2017

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

70

$8

60

$7

50

$6 $5

40

$4

30

$3

20

$2 $1

10

$0

0

2013

2014

2015

2016

2017

*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

16%

-7%

65%

42%

2017

$8,072,791

$4,200,000

$379,421,166

47

2016

$6,985,574

$4,500,000

$230,523,958 33

2015

$5,085,187

$3,494,000

$167,811,175

2014

$5,565,433

$3,275,000

$272,706,234 49

2013

$4,343,387

$2,400,000

$273,633,400 63

{2017 v 2016}

Change

33

Palm Beach Single Family Homes

/ Palm Beach Q2 Market Update

SINGLE FAMILY HOMES - Q2 | 2017

Manalapan Average Selling Price | Median Sale Price | Units Sold $10

6

$9

5

$8 $7

4

$6

3

$5 $4

2

$3 $2

1

$1

0

$0

2013

2014

2015

2016

2017

*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

0

0

0

0

2017

$8,329,166

$8,329,166

$16,658,333

2

2016

$0

$0

$0

0

2015

$6,689,000

$3,000,000

$33,445,000

5

2014

$8,954,667

$7,914,000

$26,864,000

3

2013

$3,271,250

$2,050,000

$13,085,000

4

{2017 v 2016}

Change

Palm Beach Q2 Market Update / Manalapan Single Family Homes

at a glance {Q2 | 2017}

manalapan

Single Family Homes

$16.7m Total Sales Volume

0

%

Change of Units Sold {2017 v 2016}

2

Units Sold

8.3m

$

Average Selling Price

at a glance {Q2 | 2017}

west palm beach Single Family Homes

$34.5m Total Sales Volume

8

%

Change of Units Sold {2017 v 2016}

40 Units Sold

862k

$

Average Selling Price

SINGLE FAMILY HOMES - Q2 | 2017

West Palm Beach Average Selling Price | Median Sale Price | Units Sold $1.0

60

$0.9

50

$0.8 $0.7

40

$0.6 $0.5

30

$0.4

20

$0.3 $0.2

10

$0.1 $0.0

0

2013

2014

2015

2016

2017

*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%

31%

11%

8%

2017

$862,657

$594,750

$34,506,262

40

2016

$836,544

$453,000

$30,952,110

37

2015

$779,193

$500,000

$34,284,492

44

2014

$761,642

$557,000

$33,512,250

44

2013

$505,777

$402,500

$28,323,500

56

{2017 v 2016}

Change

West Palm Beach Single Family Homes

/ Palm Beach Q2 Market Update

Market Snapshot Palm Beach

Highlight: ASP vs units

Condominiums

$1.2

200 180

West Palm Beach

$1.0

160

Highlight: Closed Volume

$0.8

Palm Beach | South End

Palm Beach | In-Town

140 120

$0.6

100 80

$0.4

60 40

$0.2

20

Total Volume 57 % 32 % 11 %

Palm Beach | In-Town South End West Palm Beach

2017

2016

2015

2014

*Price in Millions

0

2013

$0.0

Average Selling Price vs. Total Units Sold 75.1m $ 42.7m $ 15m $

*In Millions

Average Selling Price Total Units Sold

Highlighting Condominiums

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

$1,400 $1,200 $1,000

Palm Beach | In-Town

West Palm Beach $800

Highlights: Median Sale Price

$600 Palm Beach | South End $400 $200

Median Selling Price $

1.32m $ 550k $ 350k

Palm Beach | In-Town South End West Palm Beach

West Palm Beach

Palm Beach | South End

*Price in Thousands

Palm Beach | Intown

$-

Total Units Sold 31 % 44 % 25 %

Palm Beach | In-Town South End West Palm Beach

43 61 34

*In Thousands

Q2 Market Snapshot

/ Palm Beach Q2 Market Update

Highli Units

at a glance {Q2 | 2017}

palm beach | in-town Condominiums

$75.1m Total Sales Volume

30

%

Change of Units Sold {2017 v 2016}

43 Units Sold

1.75m

$

Average Selling Price

CONDOMINIUMS - Q2 | 2017

Palm Beach | In-Town Average Selling Price | Median Sale Price | Units Sold $2.0 $1.8 $1.6 $1.4 $1.2 $1.0 $0.8 $0.6 $0.4 $0.2 $0.0

70 60 50 40 30 20 10 0

2013

2014

2015

2016

2017

*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

17%

54%

52%

30%

2017

$1,747,046

$1,312,500

$75,123,000

43

2016

$1,493,376

$850,000

$49,281,439

33

2015

$1,320,429

$1,075,000

$80,546,181

61

2014

$1,366,305

$1,025,000

$57,384,810

42

2013

$1,291,626

$805,000

$63,289,675

49

{2017 v 2016}

Change

Palm Beach In-Town Condominiums

/ Palm Beach Q2 Market Update

CONDOMINIUMS - Q2 | 2017

South End Average Selling Price | Median Sale Price | Units Sold $800

90

$700

80

$600

70 60

$500

50

$400

40

$300

30

$200

20

$100

10

$0

0

2013

2014

2015

2016

2017

*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

15%

10%

6%

-8%

2017

$699,336.0

$550,000

$42,659,530

61

2016

$607,458.0

$502,000

$40,092,250

66

2015

$639,143.0

$456,000

$53,048,883

83

2014

$520,094.0

$350,000

$39,007,100

75

2013

$568,411.0

$407,500

$48,314,950

85

{2017 v 2016}

Change

Palm Beach Q2 Market Update / South End Condominiums

at a glance {Q2 | 2017}

south end Condominiums

$42.7m Total Sales Volume

-8

%

Change of Units Sold {2017 v 2016}

61 Units Sold

699k

$

Average Selling Price

at a glance {Q2 | 2017}

west palm beach Condominiums

$15m Total Sales Volume

10

%

Change of Units Sold {2017 v 2016}

34 Units Sold

441k

$

Average Selling Price

CONDOMINIUMS - Q2 | 2017

West Palm Beach Average Selling Price | Median Sale Price | Units Sold $800

45

$700

40

$600

35 30

$500

25

$400

20

$300

15

$200

10

$100

5

$0

0

2013

2014

2015

2016

2017

*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

-39%

-23%

-33%

10%

2017

$441,250

$355,000

$15,002,500

34

2016

$718,879

$462,275

$22,285,275

31

2015

$611,171

$460,000

$25,058,012

41

2014

$632,520

$407,500

$22,770,750

36

2013

$457,393

$327,500

$19,210,510

42

{2017 v 2016}

Change

West Palm Beach Condominiums

/ Palm Beach Q2 Market Update

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