Q2 2019 | Palm Beach Market Update

Q2 | 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 second quarter of 2019. The Palm Beach Multiple Listing Service reports the following statistics for this quarter, which are compared here with statistics for the same period of 2018: The strength in sales activity during this quarter was concentrated in the condominium market, specifically in the South End of Palm Beach, where a significant median price increase of 27% drove total dollar volume up by 18%, even though the number of units sold remained unchanged in comparison to the same period of 2018.

South End condominium sales were also achieved more quickly than in the previous year, reducing the average time on the market by about two months.

The In-Town condominium market’s median price rose a slight 2% while 23% fewer units were sold. The total dollar volume was down by 32%, from over $93 million in Q2 2018 to under $63 million in Q2 2019. Overall sales activity for single-family homes also pulled back during this period, total number sold was down by 39%, registering total dollar volume that was 49% lower. Down a slight 2%, the median price for a single-family home in Palm Beach now stands at $5 million.

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

$6.0

120

$5.0

100

$4.0

80

$3.0

60

$2.0

40

$1.0

20

$0.0

0

West Palm Beach

Total Volume 74 % 26 %

Palm Beach West Palm Beach

2019

2018

*Price in Millions

2017

Palm Beach

2016

t: ume

2015

West Palm Beach

Average Selling Price vs. Total Units Sold 204.9m $ 71.7m $

*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 5m $ 0.8m $

Palm Beach West Palm Beach

West Palm Beach

*Price in Millions

Palm Beach

$-

Total Units Sold 38 % 62 %

Palm Beach West Palm Beach

31 50

*In Millions

Q2 Market Snapshot

/ Palm Beach Q2 Market Update

at a glance {Q2 | 2019}

palm beach

Single Family Homes

205m

$

Total Sales Volume

-39

%

Change of Units Sold {2019 v 2018}

31 Units Sold

6.6m

$

Average Selling Price

SINGLE FAMILY HOMES | Q2 2019

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

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

-17%

-2%

-49%

-39%

2019

$6,611,281

$5,000,000

$204,949,719 31

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

Q2 {2019 v 2018}

Change

47

33

Palm Beach Single Family Homes

/ Palm Beach Q2 Market Update

at a glance {Q2 | 2019}

west palm beach Single Family Homes

71.7m

$

Total Sales Volume

4

%

Change of Units Sold {2019 v 2018}

50 Units Sold

1.4m

$

Average Selling Price

SINGLE FAMILY HOMES | Q2 2019

West Palm Beach Average Selling Price | Median Selling Price | Units Sold $1.6

60

$1.4

50

$1.2 40

$1.0 $0.8

30

$0.6

20

$0.4 10

$0.2 $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

36%

12%

42%

4%

2019

$1,434,658

$775,000

$71,732,895

50

2018

$1,051,795

$692,500

$50,486,175

48

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

Q2 {2019 v 2018}

Change

West Palm Beach Single Family Homes

/ Palm Beach Q2Market Update

Market Snapshot Palm Beach

Highlight: ASP vs units

Condominiums

$1.20

200 180

$1.00

West Palm Beach

Palm Beach | In-Town

160

Highlight: $0.80 Units Sold

140

$0.60

100

120

80

Palm Beach | South End $0.40

60 40

$0.20

20 $0.00

Total Volume 41 % 35 % 24 %

Palm Beach | In-Town South End West Palm Beach

Average Selling Price vs. Total Units Sold 1.5m $ .9m $ 1.0m $

*In Millions

Average Selling Price Total Units Sold

2019

2018

2017

2016

0

2015

*Price in Millions

Highlighting Condominiums

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

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

West Palm Beach

$800

Palm Beach | In-Town

Highlights: Median Sale Price

Highligh Units So

$600

Palm Beach | South End

$400 $200

Median Selling Price 1.2m $ 615k $ 475.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 29 % 44 % 26 %

Palm Beach | In-Town South End West Palm Beach

41 62 37

*In Thousands

Q2Market Snapshot

/ Palm Beach Q2 Market Update

at a glance {Q2 | 2019}

palm beach | in-town Condominiums

62.9m

$

Total Sales Volume

-23

%

Change of Units Sold {2019 v 2018}

41 Units Sold

1.5m

$

Average Selling Price

CONDOMINIUMS | Q2 2019

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

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%

2%

-32%

-23%

2019

$1,535,147

$1,200,000

$62,941,068

41

2018

$1,756,566

$1,175,000

$93,098,000

53

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

Q2 {2019 v 2018}

Change

Palm Beach In-Town Condominiums

/ Palm Beach Q2 Market Update

CONDOMINIUMS | Q2 2019

South End Average Selling Price | Median Selling Price | Units Sold $1,000

90

$900

80

$800

70

$700

60

$600

50

$500 40

$400

30

$300 $200

20

$100

10

$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

18%

27%

18%

0%

2019

$859,620

$615,000

$53,296,500

62

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

Q2 {2019 v 2018}

Change

Palm Beach Q2 Market Update / South End Condominiums

at a glance {Q2 | 2019}

south end

Condominiums

53.3m

$

Total Sales Volume

0

%

Change of Units Sold {2019 v 2018}

62 Units Sold

859k

$

Average Selling Price

at a glance {Q2 | 2019}

west palm beach Condominiums

37.7m

$

Total Sales Volume

-23

%

Change of Units Sold {2019 v 2018}

37 Units Sold

1.01m

$

Average Selling Price

CONDOMINIUMS | Q2 2019

West Palm Beach Average Selling Price | Median Selling Price | Units Sold $1,200

60

$1,000

50

$800

40

$600

30

$400

20

$200

10

$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

43%

11%

10%

-23%

2019

$1,017,913

$475,000

$37,662,790

37

2018

$714,047

$429,000

$34,274,301

48

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

Q2 {2019 v 2018}

Change

West Palm Beach Condominiums

/ Palm Beach Q2 Market Update

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

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Recent Extraordinary Sales PALM BEACH

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100 Sunrise Avenue, 503 Last asking $4,472,500 PALM BEACH

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