Palm Beach Market Update Q3 2017

Q3 | 2017

Palm Beach

Market Update

PALM BEACH

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a message from

Debra Reece Brokerage Manager

We invite you to review our summary of sales activity in the Palm Beach area during the third quarter of 2017 that we have compiled using data aggregated from the Palm Beach Multiple Listing Service.

Condominiums represented the strongest sector of the Palm Beach real estate market during this period. Within this market sector, the average selling price of in-town condominiums jumped 36% higher over the third quarter of 2016, resulting in total dollar volume that posted a substantial 28% gain despite 6% fewer sales.

In Palm Beach’s South End, the total number of condominiums sold was up 17% over the third quarter of 2016, offsetting the average selling price decline of 17% and resulting in total dollar volume that held nearly steady in a year-over-year comparison. However, the number of single-family homes sold in Palm Beach pulled back 18% from the level of the third quarter of 2016, with the average selling price 16% lower and total dollar volume 32% lower in a year-overyear comparison.

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. 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.

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Market Snapshot Palm Beach

Highlight: ASP vs units

Single Family Homes

90

$3.0

Manalapan

80

$2.5

70

West Palm Beach

60

$2.0

50

$1.5

40

$1.0

ghlight: d Volume

Palm Beach

30 20

$0.5

10

$0.0

Total Volume 76 % 19 % 5%

Palm Beach West Palm Beach Manalapan

Average Selling Price vs. Total Units Sold 94.6m $ 23m $ 6.2m $

*In Millions

Average Selling Price Total Units Sold

2017

2016

2015

2014

2013

*Price in Millions

0

Highlighting Single Family Homes Palm Beach, West Palm Beach,

and Manalapan

Manalapan $4.0 $3.5 $3.0

Palm Beach

Highlight: Units Sold

$2.5 $2.0

Highlights: Median Sale Price

West Palm Beach

$1.5 $1.0 $0.5

Median Selling Price 3.5m $ 0.6m $ 3.1m $

Palm Beach West Palm Beach Manalapan

Manalapan

West Palm Beach

*Price in Millions

Palm Beach

$-

Total Units Sold 35 % 61 % 4%

Palm Beach West Palm Beach Manalapan

18 31 2

*In Millions

Q3 Market Snapshot

/ Palm Beach Q3 Market Update

at a glance {Q3 | 2017}

palm beach

Single Family Homes

$94.6m Total Sales Volume

-18

%

Change of Units Sold {2017 v 2016}

18 Units Sold

5.3m

$

Average Selling Price

SINGLE FAMILY HOMES - Q3 | 2017

Palm Beach Average Selling Price | Median Selling Price | Units Sold $7

35

$6

30

$5

25

$4

20

$3

15

$2

10

$1

5

$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%

-17%

-32%

-18%

2017

$5,253,663

$3,450,558

$94,565,941

18

2016

$6,275,708

$4,175,000

$138,065,567 22

2015

$5,223,068

$4,185,000

$114,907,496

22

2014

$6,312,875

$4,150,000

$176,760,491

28

2013

$3,748,829

$2,210,000

$123,711,350

33

Q3 {2017 v 2016}

Change

Palm Beach Single Family Homes

/ Palm Beach Q3 Market Update

SINGLE FAMILY HOMES - Q3 | 2017

Manalapan Average Selling Price | Median Selling Price | Units Sold $18

6

$16

5

$14 $12

4

$10

3

$8

2

$6 $4

1

$2

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

-78%

-78%

-78%

0%

2017

$3,117,500

$3,117,500

$6,235,000

2

2016

$14,200,000

$14,200,000

$28,400,000

2

2015

$14,361,667

$5,900,000

$43,085,000

3

2014

$2,831,200

$1,940,000

$14,156,000

5

2013

$3,282,000

$3,282,000

$6,564,000

2

Q3 {2017 v 2016}

Change

Palm Beach Q3 Market Update / Manalapan Single Family Homes

at a glance {Q3 | 2017}

manalapan

Single Family Homes

$6.2m Total Sales Volume

0

%

Change of Units Sold {2017 v 2016}

2

Units Sold

3.1m

$

Average Selling Price

at a glance {Q3 | 2017}

west palm beach Single Family Homes

$23m Total Sales Volume

-35

%

Change of Units Sold {2017 v 2016}

31 Units Sold

742k

$

Average Selling Price

SINGLE FAMILY HOMES - Q3 | 2017

West Palm Beach Average Selling Price | Median Selling Price | Units Sold 60

$0.9 $0.8

50

$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

19%

47%

-23%

-35%

2017

$742,282

$578,000

$23,010,750

31

2016

$622,229

$392,500

$29,867,000

48

2015

$724,002

$462,000

$31,856,066

44

2014

$780,527

$512,500

$37,465,275

48

2013

$662,626

$410,000

$23,191,900

35

Q3 {2017 v 2016}

Change

West Palm Beach Single Family Homes

/ Palm Beach Q3 Market Update

Market Snapshot Palm Beach

Highlight: ASP vs units

Condominiums

$0.9

120

$0.8

100

$0.7 West Palm Beach

$0.6

Highlight: Closed Volume

$0.5 Palm Beach | In-Town Palm Beach | South End

80 60

$0.4 $0.3

40

$0.2

20

$0.1

Total Volume 43 % 41 % 16 %

Palm Beach | In-Town South End West Palm Beach

Average Selling Price vs. Total Units Sold 21.3m $ 20.2m $ 8.1m $

*In Millions

Average Selling Price Total Units Sold

2017

2016

2015

2014

0

2013

$0.0 *Price in Millions

Highlighting Condominiums

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

$1,000 $900 $800

West Palm Beach

Palm Beach | In-Town

$700 $600

Highligh Units So

Highlights: Median Sale Price

$500

Palm Beach | South End

$400 $300 $200 $100

Median Selling Price 950k $ 378k $ 393k

$

Palm Beach | In-Town South End West Palm Beach

West Palm Beach

Palm Beach | South End

Palm Beach | In-Town

$-

*Price in Thousands

Total Units Sold 22 % 56 % 22 %

Palm Beach | In-Town South End West Palm Beach

16 41 16

*In Thousands

Q3 Market Snapshot

/ Palm Beach Q3 Market Update

at a glance {Q3 | 2017}

palm beach | in-town Condominiums

$21.3m Total Sales Volume

-6

%

Change of Units Sold {2017 v 2016}

16 Units Sold

1.33m

$

Average Selling Price

CONDOMINIUMS - Q3 | 2017

Palm Beach | In-Town Average Selling Price | Median Selling Price | Units Sold $1.6

35

$1.4

30

$1.2

25

$1.0

20

$0.8

15

$0.6

10

$0.4 $0.2

5

$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

36%

47%

28%

-6%

2017

$1,333,562

$950,000

$21,337,000

16

2016

$981,647

$645,000

$16,688,000

17

2015

$1,303,520

$890,000

$32,588,000

25

2014

$1,127,010

$633,075

$32,683,300

29

2013

$1,055,261

$650,000

$22,160,500

21

Q3 {2017 v 2016}

Change

Palm Beach In-Town Condominiums

/ Palm Beach Q3 Market Update

CONDOMINIUMS - Q3 | 2017

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

60

$700

50

$600 40

$500

30

$400 $300

20

$200 10

$100 $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

-17%

-21%

-3%

17%

2017

$492,202

$377,500

$20,180,300

41

2016

$593,937

$475,000

$20,787,800

35

2015

$591,329

$274,500

$26,018,500

44

2014

$670,528

$330,000

$20,786,375

31

2013

$415,673

$367,500

$21,615,000

52

Q3 {2017 v 2016}

Change

Palm Beach Q3 Market Update / South End Condominiums

at a glance {Q3 | 2017}

south end

Condominiums

$20.2m Total Sales Volume

17

%

Change of Units Sold {2017 v 2016}

41 Units Sold

492k

$

Average Selling Price

at a glance {Q3 | 2017}

west palm beach Condominiums

$8.1m Total Sales Volume

-4.7

%

Change of Units Sold {2017 v 2016}

16 Units Sold

506k

$

Average Selling Price

CONDOMINIUMS - Q3 | 2017

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

35

$700

30

$600

25

$500

20

$400

15

$300

10

$200 $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

9%

10%

-42%

-47%

2017

$505,951

$392,500

$8,095,225

16

2016

$465,200

$357,500

$13,956,000

30

2015

$522,621

$430,000

$14,633,400

28

2014

$710,657

$450,000

$13,502,500

19

2013

$650,198

$542,984

$19,505,968

30

Q3 {2017 v 2016}

Change

West Palm Beach Condominiums

/ Palm Beach Q3 Market Update

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