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Q3 | 2018

Palm Beach

Market Update

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207CommodoreDrive.com Offered at $13,900,000


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PALM BEACH

Offered at $8,750,000 sothebyshomes.com/0077823


a message from

Debra Reece Brokerage Manager

We invite you to review a summary of sales activity in the Palm Beach area during the third 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: The Palm Beach single-family home market strengthened during Q3 in 2018 as total dollar volume sold increased from $108M in Q3 2017 to $147M in Q3 2018, a substantial 36% gain. Market performance in this sector was boosted by a 6% rise in the median sale price, which now stands at $3.975M compared to $3.75M in Q3 2017. Impacted by inventory levels that tightened by 10%, 152 in Q3 2018 compared to 169 in Q3 2017, sales were achieved more quickly with the average days on the market down by 120 days from 336 days in 2017 to 216 days in 2018. Condominiums sold more quickly in both the In-Town and South End markets, where available inventory was significantly lower than the previous year’s corresponding period. In the South End market, total sold dollar volume jumped from $20.5M to $31.6M, an increase of 54%. The increase in total dollar volume was driven by a 24% increase in the median sale price, $465k in 2018 compared to $376k in 2017, although the number of sales held steady at 42. In contrast, the In-Town market pulled back across the board in the number of sales, median sale price, and total dollar volume. 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 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

$3.0

60

$2.5

50

$2.0

40

$1.5

30

$1.0

20

$0.5

10

$0.0

0

*Price in Millions

Total Volume 88 % 12 %

Palm Beach West Palm Beach

Average Selling Price vs. Total Units Sold 146.9m $ 20.6m $

*In Millions

Average Selling Price Total Units Sold

2018

70

2017

$3.5

2016

Palm Beach

80

2015

e

$4.0

2014

West Palm Beach


Highlighting Single Family Homes Palm Beach and West Palm Beach

$14 $12 $10

Highlight: Units Sold

$8

Palm Beach

Highlights: West Palm Beach Median Sale Price

$6 $4 $2

Median Selling Price 4.0m $ 0.6m

$

West Palm Beach

*Price in Millions

Palm Beach

$-

Palm Beach West Palm Beach

Total Units Sold 47 % 53 %

Palm Beach West Palm Beach

22 25

*In Millions

Q3 Market Snapshot

/ Palm Beach Q3 Market Update


at a glance {Q3 | 2018}

palm beach

Single Family Homes

147m

$

Total Sales Volume

5

%

Change of Units Sold {2018 v 2017}

22 Units Sold

6.7m

$

Average Selling Price


SINGLE FAMILY HOMES | Q3 2018

Palm Beach Average Selling Price | Median Selling Price | Units Sold $8

30

$7

25

$6 20

$5 $4

15

$3

10

$2 5

$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

29%

6%

36%

5%

2018

$6,677,383

$3,975,000

$146,902,425 22

2017

$5,157,902

$3,750,000

$108,315,941

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

Q3 {2018 v 2017}

Change

21

Palm Beach Single Family Homes

/ Palm Beach Q3 Market Update


at a glance {Q3 | 2018}

west palm beach Single Family Homes

20.6m

$

Total Sales Volume

-19

%

Change of Units Sold {2018 v 2017}

25 Units Sold

824k

$

Average Selling Price


SINGLE FAMILY HOMES | Q3 2018

West Palm Beach Average Selling Price | Median Selling Price | Units Sold $0.9

60

$0.8

50

$0.7 $0.6

40

$0.5

30

$0.4 $0.3

20

$0.2

10

$0.1 $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

11%

-5%

-10%

-19%

2018

$824,240

$550,000

$20,606,000

25

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

Q3 {2018 v 2017}

Change

West Palm Beach Single Family Homes

/ Palm Beach Q3 Market Update


Market Snapshot

Highlight: ASP vs units

Condominiums

120

$1.00

100

$0.80

West Palm Beach

40

$0.20

20

$0.00

0

16 % 36 % 48 %

Palm Beach | In-Town South End West Palm Beach

Average Selling Price vs. Total Units Sold 9m $ .8m $ 1.5m $.

*In Millions

Average Selling Price Total Units Sold

2018

$0.40

2017

60

*Price in Millions

Total Volume

80

$0.60

2016

Palm Beach | South End

Highlight: Closed Volume

2015

Palm Beach | InTown

$1.20

2014

Palm Beach


Highlighting Condominiums

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

$900 $800

Palm Beach | In-Town

$700 $600

Highlig Units S

West Palm Beach

$500

Highlights: Median Sale Price

$400

Palm Beach | South End

$300 $200 $100

Median Selling Price 775k $ 465k $ 540k

$

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 18 % 50 % 32 %

Palm Beach | In-Town South End West Palm Beach

15 42 27

*In Thousands

Q3Market Snapshot

/ Palm Beach Q3 Market Update


at a glance {Q3 | 2018}

palm beach | in-town Condominiums

14.2m

$

Total Sales Volume

-21

%

Change of Units Sold {2018 v 2017}

15 Units Sold

949k

$

Average Selling Price


CONDOMINIUMS | Q3 2018

Palm Beach | In-Town Average Selling Price | Median Selling Price | Units Sold $1.4 35 $1.2

30

$1.0

25

$0.8

20

$0.6

15

$0.4

10

$0.2

5

$0.0

0

*Price in Millions 2014

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

-25%

-18%

-41%

-21%

2018

$949,633

$775,000

$14,244,500

15

2017

$1,269,973

$940,000

$24,129,500

19

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

$32,683,399

29

Q3 {2018 v 2017}

Change

Palm Beach In-Town Condominiums

/ Palm Beach Q3 Market Update


CONDOMINIUMS | Q3 2018

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

50 45

$700

40

$600

35

$500

30

$400

25 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

54%

24%

54%

0%

2018

$752,782

$465,000

$31,616,880

42

2017

$488,221

$376,250

$20,505,300

42

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

Q3 {2018 v 2017}

Change

Palm Beach Q3 Market Update / South End Condominiums


at a glance {Q3 | 2018}

south end

Condominiums

31.6m

$

Total Sales Volume

0

%

Change of Units Sold {2018 v 2017}

42 Units Sold

752k

$

Average Selling Price


at a glance {Q3 | 2018}

west palm beach Condominiums

41.6m

$

Total Sales Volume

13

%

Change of Units Sold {2018 v 2017}

27 Units Sold

1.5m

$

Average Selling Price


CONDOMINIUMS | Q3 2018

West Palm Beach Average Selling Price | Median Selling Price | Units Sold 35

$1,800 $1,600

30

$1,400 25

$1,200 $1,000

20

$800

15

$600

10

$400 5

$200

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

206%

34%

244%

13%

2018

$1,541,674

$540,000

$41,625,217

27

2017

$503,967

$402,500

$12,095,225

24

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

Q3 {2018 v 2017}

Change

West Palm Beach Condominiums

/ Palm Beach Q3 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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244 Nightingale Trail Last asking $3,495,000 PALM BEACH

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Palm Beach Market Update | Q3  
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