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Q4 | 2019

Palm Beach

Market Update

PALM BEACH

Tarpon-Cove.com Offered at $37,500,000


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PALM BEACH

Offered at $5,200,000 sothebyshomes.com/0078295


a message from

Debra Reece Brokerage Manager

We invite you to review a summary of sales activity in the Palm Beach area during the fourth 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: Increasing by 31% during this quarter, the number of single-family home sales in Palm Beach generated a strong 66% gain in total dollar volume, from $79.1 million for Q4 2018 to $131.3 million in Q4 2019. Inventory levels held steady, and average sales prices increased by 27% to $7.7 million compared to $6.1 million in Q4 2018. Posting a sharp 52% increase in Q4 2019, the average sale price for an In-Town Palm Beach condominium now stands at $1.9 million, from $1.2 million in Q4 2018, and drove total dollar volume up by 17%, even though 23% fewer units were sold. In Palm Beach’s South End condominium market, total dollar volume was up by 29% although there were 5% fewer sales. West Palm Beach’s new luxury condominium market continued to show dramatic across-the-board growth during this period, with an 81% increase in the number of units sold, a 484% surge in total dollar volume, and a 223% jump in the average sale price, now at $4.1 million. 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

$4.5

West Palm Beach

60

$4.0 50 $3.5

West Palm Beach

$3.0

40

$2.5 30 $2.0

ght: Volume

$1.5

Palm Beach

20

$1.0 10 $0.5 $0.0

Total Volume 87 % 13 %

Palm Beach West Palm Beach

Average Selling Price vs. Total Units Sold 131.3m $ 19.1m $

*In Millions

Average Selling Price Total Units Sold

2019

2018

2017

2016

*Price in Millions

2015

0


Highlighting Single Family Homes Palm Beach and West Palm Beach

$14 $12 $10

Highlight: Units Sold

$8

Palm Beach

Highlights: Median Sale Price West Palm Beach

$6 $4 $2

Median Selling Price 3.9m $ 0.6m $

Palm Beach West Palm Beach

West Palm Beach

*Price in Millions

Palm Beach

$-

Total Units Sold 39 % 61 %

Palm Beach West Palm Beach

17 27

*In Millions

Q4 Market Snapshot

/ Palm Beach Q3 Market Update


at a glance {Q4 | 2019}

palm beach

Single Family Homes

131.3m

$

Total Sales Volume

31

%

Change of Units Sold {2019 v 2018}

17 Units Sold

7.7m

$

Average Selling Price


SINGLE FAMILY HOMES | Q4 2019

Palm Beach Average Selling Price | Median Selling Price | Units Sold $10

25

$9 $8

20

$7 $6

15

$5 $4

10

$3 $2

5

$1 $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

27%

-14%

66%

31%

2019

$7,726,058

$3,850,000

$131,342,979

17

2018

$6,086,808

$4,480,000

$79,128,500

13

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

Q4 {2019 v 2018}

Change

Palm Beach Single Family Homes

/ Palm Beach Q4 Market Update


at a glance {Q4 | 2019}

west palm beach Single Family Homes

19.1m

$

Total Sales Volume

-31

%

Change of Units Sold {2019 v 2018}

27 Units Sold

0.7m

$

Average Selling Price


SINGLE FAMILY HOMES | Q4 2019

West Palm Beach Average Selling Price | Median Selling Price | Units Sold $1.2

45 40

$1.0

35

$0.8

30 25

$0.6

20

$0.4

15 10

$0.2

5

$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

-29%

4%

-51%

-31%

2019

$706,565

$570,000

$19,077,250

27

2018

$993,012

$550,000

$38,727,450

39

2017

$539,285

$470,000

$14,021,410

26

2016

$549,570

$356,000

$20,883,650

38

2015

$651,423

$485,000

$22,799,800

35

Q4 {2019 v 2018}

Change

West Palm Beach Single Family Homes

/ Palm Beach Q4Market Update


Market Snapshot Palm Beach

Highlight: ASP vs units

Condominiums

$3.00

100

Palm Beach | South End Palm Beach | InTown

Palm Beach South End

90

$2.50

80

Highlight: Closed Volume

$2.00

70 60

$1.50

West Palm Beach

50 40

$1.00

30 20

$0.50

10 $0.00

Total Volume 14 % 15 % 70 %

Palm Beach | In-Town South End West Palm Beach

Average Selling Price vs. Total Units Sold 1.9m $ .9m $ 4.1m $

*In Millions

Average Selling Price Total Units Sold

2019

2018

2017

2016

2015

*Price in Millions

0


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

$1,800 $1,600

Palm Beach | In-Town

$1,400

Highlig Units S

$1,200

West Palm Beach

$1,000

Highlights: Median Sale Price

$800 $600

Palm Beach | South End

$400 $200

Median Selling Price 1.6m $ .63m $ 1.1m

$

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 % 40 % 41 %

Palm Beach | In-Town South End West Palm Beach

17 37 38

*In Millions

Q4Market Snapshot

/ Palm Beach Q4 Market Update


at a glance {Q4 | 2019}

palm beach | in-town Condominiums

31.7m

$

Total Sales Volume

-23

%

Change of Units Sold {2019 v 2018}

17 Units Sold

1.8m

$

Average Selling Price


CONDOMINIUMS | Q4 2019

Palm Beach | In-Town Average Selling Price | Median Selling Price | Units Sold $2.0

30

$1.8 25

$1.6 $1.4

20

$1.2 $1.0

15

$0.8 10

$0.6 $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

52%

88%

17%

-23%

2019

$1,862,555

$1,600,000

$31,663,450

17

2018

$1,226,332

$850,000

$26,979,325

22

2017

$1,362,607

$793,500

$19,076,504

14

2016

$1,577,625

$1,126,250

$18,931,500

12

2015

$1,474,733

$712,500

$39,817,809

27

Q4 {2019 v 2018}

Change

Palm Beach In-Town Condominiums

/ Palm Beach Q4 Market Update


CONDOMINIUMS | Q4 2019

South End Average Selling Price | Median Selling Price | Units Sold $1,000

45

$900

40

$800

35

$700

30

$600

25

$500 20

$400

15

$300 $200

10

$100

5

$0

0

*Price in Thousands

2015

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

36%

-2%

29%

-5%

2019

$924,778

$625,000

$34,216,795

37

2018

$677,878

$635,000

$26,437,280

39

2017

$508,543

$340,000

$16,781,944

33

2016

$654,560

$400,000

$16,364,000

25

2015

$527,785

$350,000

$20,583,650

39

Q4 {2019 v 2018}

Change

Palm Beach Q4 Market Update / South End Condominiums


at a glance {Q4 | 2019}

south end

Condominiums

34.2m

$

Total Sales Volume

-23

%

Change of Units Sold {2019 v 2018}

37 Units Sold

925k

$

Average Selling Price


at a glance {Q4 | 2019}

west palm beach Condominiums

159m

$

Total Sales Volume

81

%

Change of Units Sold {2019 v 2018}

38 Units Sold

4.1m

$

Average Selling Price


CONDOMINIUMS | Q4 2019

West Palm Beach Average Selling Price | Median Selling Price | Units Sold $4,500

40

$4,000

35

$3,500

30

$3,000

25

$2,500 20 $2,000 15

$1,500

10

$1,000 $500

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

223%

201%

484%

81%

2019

$4,098,998

$1,112,500

$155,761,925

38

2018

$1,269,376

$370,000

$26,656,900

21

2017

$1,110,342

$335,000

$21,096,500

19

2016

$521,708

$341,000

$18,781,500

36

2015

$537,100

$420,000

$15,575,900

29

Q4 {2019 v 2018}

Change

West Palm Beach Condominiums

/ Palm Beach Q4 Market Update


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

PALM BEACH

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Recent Extraordinary Sales PALM BEACH

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