Palm Beach Market Update | Q2 2015

Palm Beach, FL | web: 0076664

Palm Beach Market Update Second Quarter 2015 PALM BEACH BROKERAGE 340 Royal Poinciana Way Palm Beach, FL 33480 +1.561.659.3555 VICE PRESIDENT/BROKER MANAGER: Carol Hickman sothebyshomes.com/palmbeach

A MESSAGE FROM OUR MANAGER: Carol Hickman I am pleased to provide a summary of sales activity in the greater Palm Beach area for the second quarter of 2015. The Palm Beach Multiple Listing Service reports the following statistics, quarter (2Q15) over quarter (2Q14). The condominium market was very active with increased sales volume in all areas. The Palm Beach In Town market saw a robust 35% increase in volume, with average prices mostly unchanged. South End condominium sales volume increased a strong 26% and had a 21% increase in average sales price. West Palm Beach saw a smaller, but healthy, 6% increase in sales volume despite a slight increase in prices. Average days on the market fell in all areas except West Palm Beach, which saw a 21% increase accompanied by additional inventory.

Single-family home results for the quarter varied by location. In Palm Beach, both the sales volume and the average sales price fell from record 2014 levels (38% and 9%, respectively). In the much smaller Manalapan market (5 total sales), the volume of sales transactions rose 24%, but the sales were in the mid-market rather than the high-end range, causing the average sales price to fall 25%. In West Palm Beach, sales volume was virtually unchanged and average sale price rose slightly at 4%. All single-family home markets continued the steady decline in inventory levels. Palm Beach was the only area to have an increase in the average days on the market of 48%, again compared to the strong 2014 market, but this time accompanied by a 8% reduction in inventory.

SIGNIFICANT SALES | Q2 2015

LAKEFRONT MEDITERRANEAN VILLA Web ID: 0076451 | Listed $19,950,000

BLOSSOM WAY BEAUTY Web ID: 0076285 | Listed $16,850,000

PALATIAL BILTMORE PENTHOUSE Web ID: 0076371 | Listed $7,900,000

CLARKE AVENUE CHARM Web ID: 0075947 | Listed $7,495,000

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.

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SINGLE FAMILY HOME

SALES PALM BEACH ACTIVE LISTINGS

NUMBER SOLD

SOLD VOLUME

AVG. SALE PRICE

MEDIAN SALES PRICE

DOM *

2015 SECOND QUARTER

169

33

$167,811,175

$5,085,187

$3,495,000

275

2014 SECOND QUARTER

182

49

$272,706,234

$5,565,433

$3,275,000

186

2015 QUARTERS 1-2

217

61

$298,332,960

$4,890,704

$3,600,000

262

2014 QUARTERS 1-2

242

79

$466,209,010

$5,901,380

$3,15,000

199

ACTIVE LISTINGS

NUMBER SOLD

SOLD VOLUME

AVG. SALE PRICE

MEDIAN SALES PRICE

DOM *

2015 SECOND QUARTER

210

43

$34,139,492

$793,942

$500,000

161

2014 SECOND QUARTER

217

44

$33,512,250

$761,642

$557,000

205

2015 QUARTERS 1-2

291

80

$60,716,117

$758,951

$436,062

150

2014 QUARTERS 1-2

294

80

$68,324,275

$854,053

$612,500

189

ACTIVE LISTINGS

NUMBER SOLD

SOLD VOLUME

AVG. SALE PRICE

MEDIAN SALES PRICE

DOM *

2015 SECOND QUARTER

21

5

$33,445,000

$6,689,000

$3,000,000

243

2014 SECOND QUARTER

25

3

$26,864,000

$8,954,667

$7,914,000

336

2015 QUARTERS 1-2

27

9

$64,093,226

$7,121,470

$3,800,000

234

2014 QUARTERS 1-2

29

7

$45,815,470

$6,545,067

$3,300,000

250

WEST PALM BEACH

MANALAPAN

*Days On Market

sothebyshomes.com/palmbeach

SALES

CONDOMINIUM

PALM BEACH - IN TOWN ACTIVE LISTINGS

NUMBER SOLD

SOLD VOLUME

AVG. SALE PRICE

MEDIAN SALES PRICE

DOM *

2015 SECOND QUARTER

153

58

$77,753,681

$1,340,580

$1,071,000

195

2014 SECOND QUARTER

180

42

$57,384,810

$1,366,305

$1,025,000

262

2015 QUARTERS 1-2

236

91

$124,342,681

$1,366,403

$1,067,000

189

2014 QUARTERS 1-2

243

72

$91,484,610

$1,270,619

$952,500

244

ACTIVE LISTINGS

NUMBER SOLD

SOLD VOLUME

AVG. SALE PRICE

MEDIAN SALES PRICE

DOM *

2015 SECOND QUARTER

282

78

$49,064,883

$629,036

$433,750

186

2014 SECOND QUARTER

353

75

$38,922,100

$518,961

$350,000

216

2015 QUARTERS 1-2

412

144

$97,758,233

$678,876

$405,000

178

2014 QUARTERS 1-2

484

124

$63,466,100

$511,823

$293,000

210

ACTIVE LISTINGS

NUMBER SOLD

SOLD VOLUME

AVG. SALE PRICE

MEDIAN SALES PRICE

DOM *

2015 SECOND QUARTER

197

39

$24,091,612

$617,733

$460,000

195

2014 SECOND QUARTER

187

36

$22,770,750

$632,520

$407,500

161

2015 QUARTERS 1-2

278

69

$46,846,412

$678,933

$490,000

174

2014 QUARTERS 1-2

247

63

$34,473,750

$547,202

$360,000

168

PALM BEACH - SOUTH END

WEST PALM BEACH

*Days On Market

FEATURED LISTINGS

PRIME DIRECT OCEANFRONT LAND Northend, Palm Beach Web ID: 0076647 | $19,900,000

PERFECTION ON NORTH LAKE WAY Northend, Palm Beach Web ID: 0076542 | $6,195,000

PRISTINE PENDLETON AVENUE In-Town, Palm Beach Web ID: 0076600 | $4,700,000

FEATURED LISTINGS

EXTRAORDINARY PENTHOUSE West Palm Beach Web ID: 0076669 | $1,975,000

WATERVIEW TOWERS West Palm Beach Web ID: 0076640 | $1,300,000

STUNNING PIED-À-TERRE In-Town, Palm Beach Web ID: 0076681 | $649,000

ON THE MARKET

left to right from top to bottom:

METROPOLITAN MARKETS NEW YORK, NY | Web: 0019842 | $5,500,000 SAN FRANCISCO, CA | Web: 0087388 | $4,995,000 HOUSTON, TX | Web: 1240556 | $5,250,000 RESORT MARKETS PEBBLE BEACH, CA | Web: 0474143 | $5,750,000 BRIDGEHAMPTON, NY | Web: 0037843 | $5,250,000 SANTA BARBARA, CA | Web: 0632345 | $5,000,000 FOREIGN MARKETS FRANCE | Web: LTFSNM | $5,778,077 ISRAEL | Web: 9ZWTEE | $5,726,482 PUERTO RICO | Web: ENWEJT | $4,200,000 sothebysrealty.com