Q3 2019 Market Update | Palm Beach

Q3 | 2019

Palm Beach

Market Update

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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 third 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: Jumping 48% in a year-over-year comparison, the median sale price of a single-family home in Palm Beach now stands at $5.9 million – a steep increase which drove total dollar volume up 49%, offsetting the impact of a 14% decrease in the total number of units sold during this period, which also saw 13% more inventory.

Especially notable during this quarter was the dramatic growth of the new luxury condominium market in West Palm Beach, where strong demand propelled the 89% increase in the number of units sold, the 416% increase in total dollar volume, and the 903% increase in the median sale price, now at $4.96 million.

In Palm Beach’s condominium market, the strongest activity was concentrated In-Town, where the total number of units sold was up 13%, combining with a 37% rise in the median sale price to drive total dollar volume 60% higher. Condominium sales in Palm Beach’s South End pulled back during this quarter, although the median sale price posted a modest 4% gain.

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

$5.0

West Palm Beach

120

$4.5 100

$4.0

West Palm Beach

$3.5

80

$3.0 $2.5

60

$2.0

e

Palm Beach

40

$1.5 $1.0

20

$0.5 $0.0

Total Volume 87 % 13 %

Palm Beach West Palm Beach

2019

2018

2017

2016

*Price in Millions

2015

0

Average Selling Price vs. Total Units Sold 218.9m $ 34.1m $

*In Millions

Average Selling Price Total Units Sold

Highlighting Single Family Homes Palm Beach and West Palm Beach

$14 $12 $10 $8

Highlight: Units Sold

$6 $4

Palm Beach Highlights: Median Sale Price

West Palm Beach

$2

Median Selling Price 5.9m $ 0.7m $

Palm Beach West Palm Beach

West Palm Beach

*Price in Millions

Palm Beach

$-

Total Units Sold 35 % 65 %

Palm Beach West Palm Beach

19 36

*In Millions

Q3 Market Snapshot

/ Palm Beach Q3 Market Update

at a glance {Q3 | 2019}

palm beach

Single Family Homes

219m

$

Total Sales Volume

-14

%

Change of Units Sold {2019 v 2018}

19 Units Sold

11.5m

$

Average Selling Price

SINGLE FAMILY HOMES | Q3 2019

Palm Beach Average Selling Price | Median Selling Price | Units Sold $14

45

$12

40 35

$10

30

$8

25

$6

20 15

$4

10

$2

5

$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

73%

48%

49%

-14%

2019

$11,522,115

$5,900,000

$218,920,191

19

2018

$6,677,383

$3,975,000

$146,902,425 22

2017

$6,320,640

$3,775,000

$246,504,942 39

2016

$5,910,909

$4,275,000

$224,614,525

38

2015

$5,223,068

$4,185,000

$114,907,496

22

Q3 {2019 v 2018}

Change

Palm Beach Single Family Homes

/ Palm Beach Q3 Market Update

at a glance {Q3 | 2019}

west palm beach Single Family Homes

34.1m

$

Total Sales Volume

44

%

Change of Units Sold {2019 v 2018}

36 Units Sold

0.9m

$

Average Selling Price

SINGLE FAMILY HOMES | Q3 2019

West Palm Beach Average Selling Price | Median Selling Price | Units Sold $1.0

70

$0.9

60

$0.8 $0.7

50

$0.6

40

$0.5 $0.4

30

$0.3

20

$0.2

10

$0.1 $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%

34%

62%

44%

2019

$946,866

$738,750

$34,087,175

36

2018

$839,700

$550,000

$20,992,500

25

2017

$828,096

$578,000

$38,920,512

47

2016

$592,971

$417,500

$38,543,110

65

2015

$724,002

$462,002

$31,856,066

44

Q3 {2019 v 2018}

Change

West Palm Beach Single Family Homes

/ Palm Beach Q3Market Update

Market Snapshot Palm Beach

Highlight: ASP vs units

Condominiums

Palm Beach | South End Palm Beach | In-Town

Palm Beach In-Town Palm Beach South End

$3.00

120

$2.50

100

Highlight: Closed Volume

$2.00

80

$1.50

60

$1.00

40

$0.50

20

$0.00

0

Total Volume 9% 9% 82 %

Palm Beach | In-Town South End West Palm Beach

Average Selling Price vs. Total Units Sold 1.3m $ .7m $ 4.9m $

*In Millions

Average Selling Price Total Units Sold

2019

2018

2017

2016

*Price in Millions

2015

West Palm Beach

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

$6,000

Palm Beach | In-Town

$5,000

Highlig Units S

$4,000

Highlights:West Median Sale Price Palm Beach

$3,000

Palm Beach | South End

$2,000 $1,000

Median Selling Price 1.1m $ .44m $ 4.9m $

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 17 % 32 % 51 %

Palm Beach | In-Town South End West Palm Beach

17 33 53

*In Millions

Q3Market Snapshot

/ Palm Beach Q3 Market Update

at a glance {Q3 | 2019}

palm beach | in-town Condominiums

22.8m

$

Total Sales Volume

13

%

Change of Units Sold {2019 v 2018}

17 Units Sold

1.3m

$

Average Selling Price

CONDOMINIUMS | Q3 2019

Palm Beach | In-Town Average Selling Price | Median Selling Price | Units 30 Sold $1.6 $1.4

25

$1.2 20

$1.0 $0.8

15

$0.6

10

$0.4 5

$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

42%

37%

60%

13%

2019

$1,343,823

$1,060,000

$22,845,000

17

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

26

Q3 {2019 v 2018}

Change

Palm Beach In-Town Condominiums

/ Palm Beach Q3 Market Update

CONDOMINIUMS | Q3 2019

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

2015

*Price in Thousands

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

-2%

4%

-27%

-25%

2019

$713,191

$435,000

$23,535,315

33

2018

$730,929

$420,000

$32,160,880

44

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

Q3 {2019 v 2018}

Change

Palm Beach Q3 Market Update / South End Condominiums

at a glance {Q3 | 2019}

south end

Condominiums

23.5m

$

Total Sales Volume

-25

%

Change of Units Sold {2019 v 2018}

33 Units Sold

713k

$

Average Selling Price

at a glance {Q3 | 2019}

west palm beach Condominiums

216m

$

Total Sales Volume

89

%

Change of Units Sold {2019 v 2018}

53 Units Sold

4.08m

$

Average Selling Price

CONDOMINIUMS | Q3 2019

West Palm Beach 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

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

173%

903%

416%

89%

2019

$4,085,039

$4,964,140

$216,507,048

53

2018

$1,498,040

$495,000

$41,945,117

28

2017

$503,968

$402,500

$12,095,225

24

2016

$465,200

$357,500

$13,956,000

30

2015

$522,621

$430,000

$14,633,400

28

Q3 {2019 v 2018}

Change

West Palm Beach Condominiums

/ Palm Beach Q3 Market Update

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

PALM BEACH

1960 South Ocean Blvd Last Asking $56,000,000

Recent Extraordinary Sales WEST PALM BEACH

525 South Flagler Drive, GPH-1 Last asking $4,900,000 PALM BEACH

100 Sunrise Avenue, 502 Last asking $3,795,000 PALM BEACH

248 Colonial Lane Last asking $2,295,000 WEST PALM BEACH

525 South Flagler Drive, PH-1G Last asking $1,750,000 *in order from left to right, top to bottom

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