Palm Beach Market Update | Q4 2017

Q4 | 2017

Palm Beach

Market Update

PALM BEACH

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a message from

Debra Reece Brokerage Manager

Significant strengthening was demonstrated in Palm Beach’s singlefamily home market during this period, as total dollar volume posted an impressive $184.5 million in the fourth quarter in 2017 as compared to $66.3 million in the fourth quarter of 2016, according to the Palm Beach Board of Realtors. This strong performance was driven by both a sharply higher median selling price, $6.75 million in 2017 compared to the previous year’s $2.98 million, as well as an increase in units sold, 21 units in 2017 compared to 16 units in the previous year. There was slightly less available inventory during this period, with 4% fewer active single-family listings.

The Palm Beach condominium market also ended the year with increased units sold over the fourth quarter of 2016, up by 28% in the South End and 8% in the in-town market, although lower median prices in both areas resulted in a total dollar volume that held steady for the South End and was 35% lower for in-town condominiums.

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. 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

Manalapan

West Palm Beach

Highlight: ASP vs units 80

$5.0 $4.5

70

$4.0

60

$3.5

50

$3.0

40

$2.5 $2.0

ght: olume

30

$1.5 Palm Beach

20

$1.0

10

$0.5

0

Total Volume 92 % 7% 2%

Palm Beach West Palm Beach Manalapan

Average Selling Price vs. Total Units Sold 184.5m $ 13.2m $ 3.7m $

*In Millions

Average Selling Price Total Units Sold

2017

2016

2015

2014

*Price in Millions

2013

$0.0

Highlighting Single Family Homes Palm Beach, West Palm Beach,

and Manalapan

Manalapan $4.0 $3.5 $3.0

Highlight: Units Sold

$2.5 $2.0

Palm Beach West Palm Beach Highlights: Median Sale Price

$1.5 $1.0 $0.5

Median Selling Price 6.8m $ 0.5m $ 3.7m

$

Palm Beach West Palm Beach Manalapan

Manalapan

West Palm Beach

*Price in Millions

Palm Beach

$-

Total Units Sold 46 % 52 % 2%

Palm Beach West Palm Beach Manalapan

21 24 1

*In Millions

Q4 Market Snapshot

/ Palm Beach Q4 Market Update

at a glance {Q4 | 2017}

palm beach

Single Family Homes

184m

$

Total Sales Volume

179

%

Change of Units Sold {2017 v 2016}

21 Units Sold

8.78m

$

Average Selling Price

SINGLE FAMILY HOMES | Q4 2017

Palm Beach Average Selling Price | Median Selling Price | Units Sold 30

$10 $9

25

$8 $7

20

$6

15

$5 $4

10

$3 $2

5

$1

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

112%

126%

179%

31%

2017

$8,786,930

$6,750,000

$184,525,536 21

2016

$4,140,702

$2,982,500

$66,251,232

16

2015

$7,467,896

$5,400,000

$134,422,131

18

2014

$4,996,696

$4,050,000

$114,924,000 23

2013

$4,049,993

$2,337,500

$113,399,800 28

Q4 {2017 v 2016}

Change

Palm Beach Single Family Homes

/ Palm Beach Q4 Market Update

SINGLE FAMILY HOMES | Q4 2017

Manalapan Average Selling Price | Median Selling Price | Units Sold 2.5

$4.0 $3.5

2

$3.0 $2.5

1.5

$2.0 1

$1.5 $1.0

0.5

$0.5 $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

110%

110%

110%

0%

2017

$3,675,000

$3,675,000

$3,675,000

1

2016

$1,750,000

$1,750,000

$1,750,000

1

2015

$0

$0

$0

0

2014

$1,471,002

$1,471,002

$2,942,005

2

2013

$0

$0

$0

0

Q4 {2017 v 2016}

Change

Palm Beach Q4 Market Update / Manalapan Single Family Homes

at a glance {Q4 | 2017}

manalapan

Single Family Homes

3.6m

$

Total Sales Volume

0

%

Change of Units Sold {2017 v 2016}

1

Units Sold

3.6m

$

Average Selling Price

at a glance {Q4 | 2017}

west palm beach Single Family Homes

13.2m

$

Total Sales Volume

-37

%

Change of Units Sold {2017 v 2016}

24 Units Sold

551k

$

Average Selling Price

SINGLE FAMILY HOMES | Q4 2017

West Palm Beach Average Selling Price | Median Selling Price | Units Sold $0.8

50

$0.7

45 40

$0.6

35

$0.5

30

$0.4

25

$0.3

20 15

$0.2

10

$0.1

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

0%

32%

-37%

-37%

2017

$551,105

$470,000

$13,226,510

24

2016

$549,570

$356,000

$20,883,650

38

2015

$651,423

$485,000

$22,799,800

35

2014

$726,885

$500,000

$28,348,500

39

2013

$591,274

$385,000

$25,424,800

43

Q4 {2017 v 2016}

Change

West Palm Beach Single Family Homes

/ Palm Beach Q4 Market Update

Market Snapshot Palm Beach

Highlight: ASP vs units

Condominiums

100

$0.80

90

$0.78

80

$0.76

70

$0.74 West Palm Beach

Palm Beach | In-Town

$0.72

Palm Beach | South End

$0.70

Highlight: Closed Volume

60 50 40 30

$0.68

20

$0.66

10 0

Total Volume 25 % 33 % 42 %

Palm Beach | In-Town South End West Palm Beach

Average Selling Price vs. Total Units Sold .9k $ .5k $ 1.2m $

*In Thousands

Average Selling Price Total Units Sold

2017

2016

2015

2014

*Price in Millions

2013

$0.64

Highlighting Condominiums

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

$900 $800 $700

Palm Beach | In-Town

$600

West Palm Beach

$500

Highlights: Median Sale Price

Highlig Units S

$400 Palm Beach | South End

$300 $200 $100

Median Selling Price 762k $ 335k $ 327k

$

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 21 % 51 % 29 %

Palm Beach | In-Town South End West Palm Beach

13 32 18

*In Thousands

Q4 Market Snapshot

/ Palm Beach Q4 Market Update

at a glance {Q4 | 2017}

palm beach | in-town Condominiums

12.3m

$

Total Sales Volume

8

%

Change of Units Sold {2017 v 2016}

13 Units Sold

948k

$

Average Selling Price

CONDOMINIUMS | Q4 2017

Palm Beach | In-Town Average Selling Price | Median Selling Price | Units Sold $1.8

35

$1.6

30

$1.4

25

$1.2 $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

-40%

-32%

-35%

8%

2017

$948,192

$762,000

$12,326,504

13

2016

$1,577,625

$1,126,250

$18,931,500

12

2015

$1,474,733

$712,500

$39,817,809

27

2014

$1,453,436

$999,625

$26,161,850

18

2013

$971,968

$667,500

$31,103,000

32

Q4 {2017 v 2016}

Change

Palm Beach In-Town Condominiums

/ Palm Beach Q4 Market Update

CONDOMINIUMS | Q4 2017

South End Average Selling Price | Median Selling Price | Units Sold $700

45

$600

40 35

$500

30

$400

25

$300

20 15

$200

10

$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

-22%

-16%

0%

28%

2017

$509,904

$335,000

$16,316,944

32

2016

$654,560

$400,000

$16,364,000

25

2015

$527,785

$350,000

$20,583,650

39

2014

$467,452

$322,000

$19,632,999

42

2013

$544,629

$350,000

$20,695,925

38

Q4 {2017 v 2016}

Change

Palm Beach Q4 Market Update / South End Condominiums

at a glance {Q4 | 2017}

south end

Condominiums

16.3m

$

Total Sales Volume

28

%

Change of Units Sold {2017 v 2016}

32 Units Sold

509k

$

Average Selling Price

at a glance {Q4 | 2017}

west palm beach Condominiums

20.7m

$

Total Sales Volume

-50

%

Change of Units Sold {2017 v 2016}

18 Units Sold

1.15m

$

Average Selling Price

CONDOMINIUMS | Q4 2017

West Palm Beach Average Selling Price | Median Selling Price | Units Sold $1,400

40

$1,200

35 30

$1,000

25

$800

20

$600

15

$400

10

$200

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

121%

-4%

11%

-50%

2017

$1,153,416

$327,500

$20,761,500

18

2016

$521,708

$341,000

$18,781,500

36

2015

$537,100

$420,000

$8,580,500

29

2014

$429,025

$357,500

$15,575,900

20

2013

$437,920

$295,275

$5,255,050

12

Q4 {2017 v 2016}

Change

West Palm Beach Condominiums

/ Palm Beach Q4 Market Update

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

PALM BEACH

Significant Waterfront Georgian Estate Last asking $28,000,000

Recent Extraordinary Sales PALM BEACH

Last asking $5,495,000 Web: 0076991 WEST PALM BEACH

Last asking $4,500,000 Web: 0077191 PALM BEACH

Last asking $2,600,000 Web: 0077181 PALM BEACH

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ARTIST NAME Title of Work, 19XX Estimate £XX,000–XX,000

Property from the Collection of Herb and Helen Gordon BIKASH BHATTACHARJEE Untitled (Rooftops), 1964 Estimate $ 70,000 – 90,000

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Auction 21 March

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Paintings & Calligraphy

The Richard R. and

Auction 22 March

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Magdalena Ernst

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Collection of Himalayan Art

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Auction 20 March

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