Palm Beach Market Update 4Q 2014

Palm Beach, FL | web: 0075774

Palm Beach Market Update Fourth Quarter 2014 PALM BEACH BROKERAGE 340 Royal Poinciana Way Palm Beach, FL 33480 +1.561.6593555 BROKER MANAGER: Carol Hickman sothebyshomes.com

A MESSAGE FROM OUR MANAGER: Carol Hickman We are pleased to provide a summary of sales activity in the Palm Beach area during the fourth quarter of 2014. The Palm Beach Multiple Listing Service reports the following statistics, comparing the fourth quarter with the fourth quarter of 2013. In Palm Beach, although the number of single family homes sold fell 21 percent, the median sales price rose 77 percent, resulting in an aggregate sold volume (total value of all sales combined) that was almost unchanged quarter over quarter. With respect to the In-Town condominium market, the number of condos sold fell 47 percent, the median sale price increased 57 percent, with the sold volume off 17 percent. The number of condos sold in the South End fell just 3 percent, but both sold volume and median sales price also declined. One reason for the decreased number of sales could be the decrease in inventories in both the single-family and condo markets. This conclusion would be supported by the facts that the average days-onmarket for Palm Beach single-family homes decreased by 30 percent in the quarter and buyers looking for a single-family home under $2 million will find that there are only 6 homes available currently.

In West Palm Beach, both sold volume and the median sales price of single-family homes rose during the fourth quarter, while the number of homes sold fell 11 percent and the average days-on-market increased slightly. Condominium sales were very strong with the number sold, median sales price and sold volume all increasing. West Palm Beach was the only area where the inventory of available homes and condos increased, which would be consistent with a large “shadow” inventory and positive market conditions. Manalapan saw an increase in both sold volume and median sales price, largely because there were no reported sales in this small community during the final quarter of 2013. The inventory of available homes fell 4 percent by one home this quarter.

SIGNIFICANT SALES | Q4 2014

MAGNIFICENT JOHN VOLK RESIDENCE Web ID: 0076309 | Listed $14,500,000

STUNNING TOWNHOUSE Web ID: 0076466 | Listed $3,950,000

CHARMING BERMUDA Web ID: 0076350 | Listed $2,800,000

DIRECT OCEANFRONT IN TOWN Web ID: 0076469 | Listed $2,695,000

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.

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SINGLE FAMILY HOME

SALES PALM BEACH ACTIVE LISTINGS

NUMBER SOLD

SOLD VOLUME

AVG. SALE PRICE

MEDIAN SALES PRICE

DOM *

2014 FOURTH QUARTER

143

22

$110,874,000

$5,039,727

$4,147,500

180

2013 FOURTH QUARTER

164

28

$113,399,800

$4,049,993

$2,337,500

258

2014 QUARTERS 1-4

319

129

$753,843,501

$5,843,748

$3,450,000

206

2013 QUARTERS 1-4

381

157

$646,571,706

$4,118,291

$2,400,000

283

ACTIVE LISTINGS

NUMBER SOLD

SOLD VOLUME

AVG. SALE PRICE

MEDIAN SALES PRICE

DOM *

2014 FOURTH QUARTER

197

38

$28,168,500

$741,276

$503,000

159

2013 FOURTH QUARTER

187

43

$25,424,800

$591,274

$385,000

141

2014 QUARTERS 1-4

435

165

$133,093,050

$806,625

$557,500

179

2013 QUARTERS 1-4

398

174

$103,086,712

$592,452

$410,000

151

ACTIVE LISTINGS

NUMBER SOLD

SOLD VOLUME

AVG. SALE PRICE

MEDIAN SALES PRICE

DOM *

2014 FOURTH QUARTER

24

2

$2,942,005

$1,471,002

$1,471,002

63

2013 FOURTH QUARTER

25

0

$0

$0

$0

0

2014 QUARTERS 1-4

45

14

$62,913,475

$4,493,820

$2,564,752

220

2013 QUARTERS 1-4

53

11

$49,711,100

$4,519,191

$1,800,000

255

WEST PALM BEACH

MANALAPAN

*Days On Market

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SALES

CONDOMINIUM

PALM BEACH - IN TOWN ACTIVE LISTINGS

NUMBER SOLD

SOLD VOLUME

AVG. SALE PRICE

MEDIAN SALES PRICE

DOM *

2014 FOURTH QUARTER

168

17

$25,926,850

$1,525,108

$1,050,000

185

2013 FOURTH QUARTER

186

32

$31,103,000

$971,968

$667,500

319

2014 QUARTERS 1-4

342

118

$150,094,760

$1,271,989

$850,000

230

2013 QUARTERS 1-4

375

122

$133,517,295

$1,094,404

$680,000

258

ACTIVE LISTINGS

NUMBER SOLD

SOLD VOLUME

AVG. SALE PRICE

MEDIAN SALES PRICE

DOM *

2014 FOURTH QUARTER

303

37

$16,308,000

$440,756

$329,000

304

2013 FOURTH QUARTER

397

38

$20,695,925

$544,629

$350,000

171

2014 QUARTERS 1-4

652

192

$100,560,475

$523,752

$312,500

221

2013 QUARTERS 1-4

799

219

$105,291,137

$480,781

$350,000

194

ACTIVE LISTINGS

NUMBER SOLD

SOLD VOLUME

AVG. SALE PRICE

MEDIAN SALES PRICE

DOM *

2014 FOURTH QUARTER

175

16

$7,607,500

$475,468

$418,000

213

2013 FOURTH QUARTER

163

12

$5,255,050

$437,920

$295,275

147

2014 QUARTERS 1-4

357

98

$55,583,750

$567,181

$399,750

180

2013 QUARTERS 1-4

313

114

$58,373,294

$512,046

$342,500

232

PALM BEACH - SOUTH END

WEST PALM BEACH

*Days On Market

FEATURED LISTINGS

EVERGLADES ISLAND LAND Estate Section, Palm Beach Web ID: 0076477 | $22,000,000

STUNNING LANDMARKED ESTATE In-Town, Palm Beach Web ID: 0076498 | $11,200,000

CLASSIC MEDITERRANEAN Northend, Palm Beach Web ID: 0076372 | $6,500,000

FEATURED LISTINGS

EXQUISITE NEW CONSTRUCTION Palm Beach Gardens Web ID: 0076510 | $6,450,000

RARE BEINESTAR GEM In-Town, Palm Beach Web ID: 0076478 | $2,300,000

BEAUTIFUL EL CID HOUSE West Palm Beach Web ID: 0076508 | $950,000

ON THE MARKET

left to right from top to bottom:

METROPOLITAN MARKETS BROOKLYN, NY | Web: 0137448 | $5,214,773 SAN FRANCISCO, CA | Web: 0086944 | $4,499,000 HOUSTON, TX | Web: 1231131 | $5,750,000 RESORT MARKETS MALIBU, CA | Web: 0172718 | $4,479,000 PALM BEACH, FL | Web: 0076523 | $5,250,000 MONTECITO, CA | Web: 0113874 | $5,000,000 FOREIGN MARKETS SOUTH AFRICA | Web: E37YLR | $5,961,020 ITALY | Web: YZXMX7 | $5,622,785 THAILAND | Web: SN59KW | $5,225,000 sothebysrealty.com