Palm Beach Q2 2018 Market Update

Q2 | 2018

Palm Beach

Market Update

NORTH PALM BEACH

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Debra Reece Brokerage Manager

We invite you to review a summary of sales activity in the Palm Beach area during the second quarter of 2018. The Palm Beach Multiple Listing Service reports the following statistics for this quarter, which are compared here with statistics for the same period of 2017: Year-over-year gains were achieved in sales of single-family homes in Palm Beach as total dollar volume rose 7%, generated by a 9% increase in the total number of homes sold during the second quarter of this year. This increase in the number of homes sold was mitigated by a 2% reduction in average selling price. the available single-family home inventory levels during this period declined 6% to 199 from 212 the previous year. The average time on the market for single family homes increased by 7% to 244 days in the second quarter of 2018 from 241 days in the second quarter of 2017.

Sales of Palm Beach condominiums also posted a year-over-year increase in total dollar volume during the second quarter of 2018, gaining 15% in the In-Town market, where the number of units sold was up by 11% with 52 units in Q2 in 2018 from 47 in Q2 in 2017. In the South End condominium market, total dollar volume was up 3% despite a slight 2% pull-back in the number of units sold.

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

Single Family Homes

Highlight: ASP vs units Manalapan

$6.0

120

$5.0

100

$4.0

80

$3.0

60

$2.0

40

$1.0

20

$0.0

0

Total Volume 87 % 10 % 3%

Palm Beach West Palm Beach Manalapan

2018

2017

*Price in Millions

2016

Palm Beach

2015

t: ume

2014

West Palm Beach

Average Selling Price vs. Total Units Sold 405.2m $ 47.8m $ 13.5m $

*In Millions

Average Selling Price Total Units Sold

Highlighting Single Family Homes Palm Beach, West Palm Beach,

and Manalapan

Manalapan $14.0 $12.0 $10.0

Highlight: Units Sold

$8.0 $6.0

Highlights: Median Sale Price

West Palm Beach

Palm Beach

$4.0 $2.0

Median Selling Price 5.1m $ 0.7m $ 13.5m $

Palm Beach West Palm Beach Manalapan

Manalapan

West Palm Beach

*Price in Millions

Palm Beach

$-

Total Units Sold 52 % 47 % 1%

Palm Beach West Palm Beach Manalapan

51 46 1

*In Millions

Q2 Market Snapshot

/ Palm Beach Q2 Market Update

at a glance {Q2 | 2018}

palm beach

Single Family Homes

405m

$

Total Sales Volume

9

%

Change of Units Sold {2018 v 2017}

51 Units Sold

7.94m

$

Average Selling Price

SINGLE FAMILY HOMES | Q2 2018

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

60

$8

50

$7 $6

40

$5

30

$4 $3

20

$2

10

$1 $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%

21%

7%

9%

2018

$7,945,623

$5,100,000

$405,226,780 51

2017

$8,072,791

$4,200,000

$379,421,166

2016

$6,985,574

$4,500,000

$230,523,958 33

2015

$5,085,187

$3,495,000

$167,811,175

2014

$5,565,433

$3,275,000

$272,706,234 49

Q2 {2018 v 2017}

Change

47

33

Palm Beach Single Family Homes

/ Palm Beach Q2 Market Update

SINGLE FAMILY HOMES | Q2 2018

Manalapan Average Selling Price | Median Selling Price | Units Sold 6

$16 $14

5

$12 4

$10

3

$8 $6

2

$4 1

$2

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

62%

62%

-19%

-50%

2018

$13,500,000

$13,500,000

$13,500,000

1

2017

$8,329,165

$8,329,165

$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

Q2 {2018 v 2017}

Change

Palm Beach Q2 Market Update / Manalapan Single Family Homes

at a glance {Q2 | 2018}

manalapan

Single Family Homes

13.5m

$

Total Sales Volume

-50

%

Change of Units Sold {2018 v 2017}

1

Units Sold

13.5m

$

Average Selling Price

at a glance {Q2 | 2018}

west palm beach Single Family Homes

47.8m

$

Total Sales Volume

12

%

Change of Units Sold {2018 v 2017}

46 Units Sold

1

$ m Average Selling Price

SINGLE FAMILY HOMES | Q2 2018

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

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

22%

23%

37%

12%

2018

$1,038,721

$692,500

$47,781,175

46

2017

$849,909

$561,500

$34,846,262

41

2016

$836,544

$453,000

$30,952,110

37

2015

$813,250

$510,000

$37,409,492

46

2014

$761,642

$557,000

$33,512,250

44

Q2 {2018 v 2017}

Change

West Palm Beach Single Family Homes

/ Palm Beach Q2 Market Update

Market Snapshot Palm Beach

Highlight: ASP vs units

Condominiums

200

$1.20

180 $1.00

West Palm Beach

$0.80

Palm Beach | South End

Palm Beach | In-Town

160

Highlight: Closed Volume

140 120 100

$0.60

80 $0.40

60 40

$0.20

20 0

Total Volume 54 % 26 % 19 %

Palm Beach | In-Town South End West Palm Beach

Average Selling Price vs. Total Units Sold 1.8m $ 7k $ 7k $

*In Thousands

Average Selling Price Total Units Sold

2018

2017

2016

2015

*Price in Millions

2014

$0.00

Highlighting Condominiums

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

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

West Palm Beach $800

Highlights: Median Sale PricePalm Beach | In-Town

Highligh Units So

$600

Palm Beach | South End

$400 $200

Median Selling Price $

1.23m $ 482k $ 440k

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 33 % 39 % 28 %

Palm Beach | In-Town South End West Palm Beach

52 62 45

*In Thousands

Q2Market Snapshot

/ Palm Beach Q2 Market Update

at a glance {Q2 | 2018}

palm beach | in-town Condominiums

93m

$

Total Sales Volume

11

%

Change of Units Sold {2018 v 2017}

52 Units Sold

1.79m

$

Average Selling Price

CONDOMINIUMS | Q2 2018

Palm Beach | In-Town Average Selling Price | Median Selling Price | Units Sold $2.0

70

$1.8

60

$1.6 50

$1.4 $1.2

40

$1.0 30

$0.8 $0.6

20

$0.4

10

$0.2 $0.0

0

2014 *Price in Millions

2015

2016

Average Selling Price Median Selling Price

2017

2018

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%

-6%

15%

11%

2018

$1,787,750

$1,237,500

$92,963,000

52

2017

$1,720,917

$1,312,500

$80,883,138

47

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

Q2 {2018 v 2017}

Change

Palm Beach In-Town Condominiums

/ Palm Beach Q2 Market Update

CONDOMINIUMS | Q2 2018

South End Average Selling Price | Median Selling Price | Units Sold $2.0

70

$1.8

60

$1.6 50

$1.4 $1.2

40

$1.0 30

$0.8 $0.6

20

$0.4

10

$0.2 $0.0

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

5%

-12%

3%

-2%

2018

$725,986

$482,500

$45,011,155

62

2017

$693,416

$550,000

$43,685,261

63

2016

$607,458

$502,000

$40,092,250

66

2015

$639,143

$456,000

$53,048,883

83

2014

$520,094

$350,000

$39,007,100

75

Q2 {2018 v 2017}

Change

Palm Beach Q2 Market Update / South End Condominiums

at a glance {Q2 | 2018}

south end

Condominiums

45m

$

Total Sales Volume

-2

%

Change of Units Sold {2018 v 2017}

62 Units Sold

725k

$

Average Selling Price

at a glance {Q2 | 2018}

west palm beach Condominiums

33.3m

$

Total Sales Volume

32

%

Change of Units Sold {2018 v 2017}

45 Units Sold

740k

$

Average Selling Price

CONDOMINIUMS | Q2 2018

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

50 45

$700

40

$600

35

$500

30 25

$400

20

$300

15

$200

10

$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

68%

24%

122%

32%

2018

$740,028

$440,000

$33,301,301

45

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

Q2 {2018 v 2017}

Change

West Palm Beach Condominiums

/ Palm Beach Q2 Market Update

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