Palm Beach Market Update | Q3 2015

Palm Beach, FL | web: 0076748

Palm Beach Market Update Third Quarter 2015 PALM BEACH BROKERAGE 340 Royal Poinciana Way Palm Beach, FL 33480 +1.561.659.3555 VICE PRESIDENT/BROKER MANAGER: Carol Hickman sothebyshomes.com/palmbeach

A MESSAGE FROM OUR MANAGER: Carol Hickman We invite you to review a summary of sales activity in the Palm Beach area during the third quarter of 2015.

The Palm Beach Multiple Listing Service reports the following statistics, quarter (Q3 15) over quarter (Q3 14): In Palm Beach, the condominium market was the strongest sector for this quarter. The average sales price of In Town condominiums rose 46%, sold volume (total value of all sales combined) increased 30%, while the number of units sold fell 11%. The South End condominium market also had robust results, with the number of units sold rising 42% and sales volume increasing 25%, while average sales price declined 12%.

Overall condominium inventory continues to be absorbed as the total number of available condominiums decreased, with In Town sales leading the pack in price increases. For single-family homes, the number sold fell 21%, sold volume declined 35%, and inventory increased slightly. The average sales price of single-family homes fell 17%, but the median sales price was unchanged, which is primarily a reflection of the price ranges which were most active this quarter.

In West Palm Beach, similar to Palm Beach, the condominium market was also the strongest sector, with increases in both the number of units sold and sales volume, although there was a dip in the average sales price of 27%. For single-family homes, the number of sales fell 13%, sold volume declined by 16% and the average sales price declined slightly (4%). The number of available homes was reduced by 19%.

However, in the small market of Manalapan, while the total number of single-family homes sold was down, sold volume increased an impressive 204% percent.

The average sales price also increased dramatically (407%). The dramatic change quarter over quarter is primarily due to the sale of a $33M home through Sotheby’s International Realty – Palm Beach.

SIGNIFICANT SALES | Q3 2015

VILLA ISOLA Web ID: 0075774 | Listed $14,550,000

BEAUTIFUL BRITISH WEST INDIES Web ID: 0076381 | Listed $5,995,000

HISTORIC SEABREEZE COTTAGES Web ID: 0076609 | Listed $2,795,000

STUNNING TURNKEY OCEAN TO LAKE Web ID: 0076476 | Listed $1,395,000

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.

AUCTION CALENDAR OCTOBER | NOVEMBER 2015 American Paintings, Drawings and Sculpture New York 02 Oct Modern and Contemporary Asian Art Evening Sale Hong Kong 04 Oct Photographs New York 07 Oct RM Sotheby’s: Hershey Hershey 08 – 09 Oct Property from a Distinguished Private Asian Collection New York 15 Oct Château Margaux 1900–2010 Direct From The Cellars: A Celebration of the Mentzelopoulos Era New York 17 Oct Collections: European Decorative Arts New York 17 Oct The Creative Genius of Sam Simon: A Lifetime of Memorabilia New York 22 Oct Impressionist & Modern Art Evening Sale New York 05 Nov Contemporary Art Evening Auction New York 11 Nov

American Art New York 18 Nov Latin America: Modern Art Latin America: Contemporary Art New York 19 – 20 Nov Prints & Multiples New York 23 – 24 Nov

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SINGLE FAMILY HOME

SALES PALM BEACH ACTIVE LISTINGS

NUMBER SOLD

SOLD VOLUME

AVG. SALE PRICE

MEDIAN SALES PRICE

DOM *

2015 THIRD QUARTER

147

22

$114,907,496

$5,223,068

$4,185,000

224

2014 THIRD QUARTER

138

28

$176,760,491

$6,312,875

$4,150,000

245

2015 QUARTERS 1-3

258

83

$413,240,456

$4,978,801

$3,900,000

252

2014 QUARTERS 1-3

275

107

$642,969,501

$6,009,061

$3,450,000

211

ACTIVE LISTINGS

NUMBER SOLD

SOLD VOLUME

AVG. SALE PRICE

MEDIAN SALES PRICE

DOM *

2015 THIRD QUARTER

173

42

$31,367,066

$746,835

$520,000

152

2014 THIRD QUARTER

214

48

$37,465,275

$780,527

$512,500

177

2015 QUARTERS 1-3

340

123

$92,228,183

$749,823

$459,000

151

2014 QUARTERS 1-3

375

128

$105,789,550

$826,481

$570,000

184

ACTIVE LISTINGS

NUMBER SOLD

SOLD VOLUME

AVG. SALE PRICE

MEDIAN SALES PRICE

DOM *

2015 THIRD QUARTER

12

3

$43,085,000

$14,361,667

$5,900,000

310

2014 THIRD QUARTER

26

5

$14,156,000

$2,831,200

$1,940,000

242

2015 QUARTERS 1-3

28

12

$107,178,226

$8,931,519

$4,150,313

253

2014 QUARTERS 1-3

38

12

$59,971,470

$4,997,662

$3,025,000

246

WEST PALM BEACH

MANALAPAN

*Days On Market

sothebyshomes.com/palmbeach

SALES

CONDOMINIUM

PALM BEACH - IN TOWN ACTIVE LISTINGS

NUMBER SOLD

SOLD VOLUME

AVG. SALE PRICE

MEDIAN SALES PRICE

DOM *

2015 THIRD QUARTER

123

25

$32,588,000

$1,303,520

$890,000

225

2014 THIRD QUARTER

150

28

$25,033,300

$894,046

$626,537

225

2015 QUARTERS 1-3

276

117

$158,028,181

$1,350,668

$1,067,000

197

2014 QUARTERS 1-3

280

100

$116,517,910

$1,165,179

$791,250

239

ACTIVE LISTINGS

NUMBER SOLD

SOLD VOLUME

AVG. SALE PRICE

MEDIAN SALES PRICE

DOM *

2015 THIRD QUARTER

239

44

$26,018,500

$591,329

$274,500

203

2014 THIRD QUARTER

281

31

$20,786,375

$670,528

$330,000

166

2015 QUARTERS 1-3

489

193

$127,760,733

$661,972

$400,000

185

2014 QUARTERS 1-3

552

155

$84,252,475

$543,564

$308,620

201

ACTIVE LISTINGS

NUMBER SOLD

SOLD VOLUME

AVG. SALE PRICE

MEDIAN SALES PRICE

DOM *

2015 THIRD QUARTER

177

27

$14,043,400

$520,125

$425,000

164

2014 THIRD QUARTER

153

19

$13,502,500

$710,657

$450,000

193

2015 QUARTERS 1-3

343

99

$62,050,212

$626,769

$440,000

173

2014 QUARTERS 1-3

291

82

$47,976,250

$585,076

$399,750

174

PALM BEACH - SOUTH END

WEST PALM BEACH

*Days On Market

FEATURED LISTINGS

STUNNING PALM BEACH TOWNHOUSE In-Town, Palm Beach Web ID: 0076585 | $6,300,000

CLASSIC PALM BEACH BERMUDA-STYLE HOME Northend, Palm Beach Web ID: 0076714 | $2,895,000

ONONDAGA AVENUE Northend, Palm Beach Web ID: 0076593 | $2,650,000

FEATURED LISTINGS

TRUMP PLAZA TROPHY West Palm Beach Web ID: 0076744 | $4,275,000

PALM BEACH BILTMORE In-Town, Palm Beach Web ID: 0076717 | $2,500,000

CARLTON PLACE CONDO South of Sloan’s Curve, Palm Beach Web ID: 0076646 | $499,900

ON THE MARKET

left to right from top to bottom:

METROPOLITAN MARKETS NEW YORK, NY | Web: 00110341 | $1,700,000 SAN FRANCISCO, CA | Web: 0087579 | $1,525,000 HOUSTON, TX | Web: 1233394 | $1,595,000 RESORT MARKETS PALM BEACH, FL | Web: 0076755 | $1,700,000 CAPE COD, MA | Web: 0403249 | $1,695,000 SANTA BARBARA, CA | Web: 0113946 | $1,800,000 FOREIGN MARKETS COSTA RICA | Web: S349HB | $1,350,000 ITALY | Web: JM3MBW | $1,792,115 GREECE | Web: DNJSXS | $1,792,115 sothebysrealty.com