The Pohrer Report 2024

THE POHRER REPORT NOVEMBER 2023 — NOVEMBER 2024

Inside South Florida’s most exclusive real estate market.

Virtually Rendered

1300 S. Ocean Boulevard. Listed for $32,950,000. Listed by Gary Pohrer.

Featured Property Forte on 1309 S. Flagler Drive, Unit 2302 priced at $15.3M. An unparalleled opportunity to own one of the last three available residences at Forte on Flagler, a newly completed luxury tower on Flagler Drive. This expansive condo offers 4,440 square feet of living space and features 4 bedrooms, 4 full bathrooms, 1 half bathroom, and wraparound terraces with stunning eastern and southern exposures.

CONTENTS 3 4 12 15 17 19 23

Let te r f ro m Gar y Po hrer Si n g l e Family Ho mes: A ll Neighborhoods Si n g l e Family Ho mes: No r th End Si n g l e Family Ho mes: In-Town Si n g l e Family Ho mes: Estate Se ction C on d os & Townho mes: A ll Neighborhoods In C l os i n g

Broker Participation is welcomed and encouraged. ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING REPRESENTATIONS OF THE SELLER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA S TO BE FURNISHED BY A SELLER TO A BUYER OR LESSEE. This project has been filed in the state of Florida and no other state. This is not an offer to sell or solicitation of offers to buy the condominium units in states where such offer or solicitation cannot be made. Prices and availability are change at any time without notice.

All images and designs depicted herein are artist’s conceptual renderings, which are based upon preliminary development plans, and are subject to change without notice in the manner provided in the offering documents. All such materials are not to scale and are shown solely for illustrative purpose Renderings depict proposed views, which are not identical from each unit. No guarantees or representations whatsoever are made that existing or future views of the project and surrounding areas depicted by artist’s conceptual renderings or otherwise described herein, will be provided or, if provided, will b as depicted or described herein. Any view from a unit or from other portions of the property may in the future be limited or eliminated by future development or forces of nature and the developer in no manner guarantees the continuing existence of any view.

GARY POHRER | GARYPOHRER.COM | 2

STATUTES, e subject to

es. be

Letter from Gary Happy New Year from Palm Beach! I hope that you and your loved ones had a wonderful holiday season and look forward to a happy and healthy year ahead.

The 2024 year has officially come to a close, and it was busier than I had anticipated. Given the uncertainty of our economy, the unstable geopolitical climate, and it being an election year, it was a year of many unknowns.

As I dove into the key performance metrics from 2024, some trends emerged from both the data and the activity I’ve seen on the ground.

• It appears that we’re reaching a new normal baseline over the last two years as it relates to transaction volume. After the peak demand of 2020 to 2022, we seem to have leveled out at around 80 transactions for single family homes and 75 for In-Town condo and townhomes across the entire market.

• Palm Beach Island inventory reached new highs during the 2024 season, with anywhere from 90 to 100 active listings across single family home properties. I believe this led to an increase in price discovery, with buyers testing the waters by making offers well below the last asking price, and acceptance rates often coming in -20% to -25% below the original asking price.

$1B+

#1

In Sales Since 2020*

Douglas Elliman Palm Beach Realtor for Sales Volume Since 2017

#15

22

Ranked Nationwide 2022 REALTrends + Tom Ferry The Thousand***

Years Selling Real Estate in Florida

• We continue to see weakening in price per square foot (PPSF), specifically on non-waterfront properties. Waterfront trophy properties continue to grow in average sale price and PPSF given the scarce nature of the asset.

I hope you enjoy reading our annual report. As always, please don’t hesitate to reach out with any questions or if I can be of assistance to you in any way.

All the best,

Gary Pohrer Executive Director of Luxury Sales Douglas Elliman 340 Royal Poinciana Way M302 Palm Beach, FL 33480 M: 561.262.0856 gary.pohrer@elliman.com garypohrer.com

REPORT CONTRIBUTORS

Victoria Brewer

Broker Associate

Ted Cooney

Sales Associate

Beth Johnson

Realtor Associate

Elizabeth Tristan

Realtor Associate Market Insights Advisor

*AS DETERMINED BY 2020 DOUGLAS ELLIMAN REAL ESTATE SALES VOLUME AND GROSS COMMISSION INCOME. **AS RECOGNIZED BY THE DOUGLAS ELLIMAN ELLIE AWARDS FROM 2017 TO 2024. ***AS REPORTED BY DOUGLAS ELLIMAN REAL ESTATE FOR TOTAL PENDING AND CLOSED SALES VOLUME FROM 2020 TO 2022.

GARY POHRER | GARYPOHRER.COM | 3

SINGLE FAMILY HOMES ALL NEIGHBORHOODS

Single Family Homes: All Neighborhoods Transaction volume is up +9% overall, year over year* (YOY).

Non-waterfront transaction volume is up +15% YOY, whereas waterfront transactions are down -11%.

Total sales value* was up +5% YOY, driven largely by the +8% increase in non-waterfront sales. Sales activity seems to be leveling out at the volumes we saw in 2023 and 2024, at around $1.6B annually.

Price per square foot (PPSF)* across home size* (PPSF: Home Size) grew +13% on waterfront sales and declined -6.5% on non-waterfront sales. % CHANGE

2024

2023

TRANSACTIONS

76

70

9%

WATERFRONT

16

18

-11%

NON-WATERFRONT

60

52

15%

TOTAL SALES VALUE

$1,680,981,575

$1,606,679,476

5%

WATERFRONT

$940,944,000

$920,528,725

2%

NON-WATERFRONT

$740,037,575

$686,150,751

8%

AVERAGE SALES PRICE*

$22,118,179

$21,685,371

2%

WATERFRONT

$58,809,000

$51,140,485

15%

NON-WATERFRONT

$12,333,960

$12,848,838

-4%

AVERAGE PPSF: HOME SIZE*

$4,385

$4,313

2%

WATERFRONT

$6,453

$5,724

13%

NON-WATERFRONT

$3,115

$3,332

-6%

YEAR OVER YEAR

**Please note that the transaction numbers and the total sales value represents January to November of the respective years. Data for December 2024 was not complete at the time of writing this report, and will be reflected in the next report.

GARY POHRER | GARYPOHRER.COM | 5

Inventory: Active Listings The inventory trend is mirroring what we saw in 2023. During the summer months of 2024, inventory bottomed out at around 65 listings and then bounced back to roughly 90 to 100 listings during the peak season. This is a +150% increase over the inventory drought we saw during the height of the pandemic, from 2021 to 2022.

250

ACTIVE LISTINGS

200

194 172

150

150 137

107

100

100 60

50

84

60

72

62

90

41 40

36

NOV-24

AUG-24

MAY-24

FEB-24

NOV-23

AUG-23

MAY-23

FEB-23

NOV-22

AUG-22

MAY-22

FEB-22

NOV-21

AUG-21

MAY-21

FEB-21

NOV-20

AUG-20

MAY-20

FEB-20

NOV-19

AUG-19

MAY-19

FEB-19

NOV-18

0

Days on Market The rate at which homes sold was fairly flat YOY with the average days on market (DOM) in 2024 coming in right around 189 days. This was down slightly from 2023’s average DOM of 197.

189 DAYS 700

600

590

500

DAYS ON MARKET

424

400 357

333

310

300

279

271.5

284 253

231

200

268.3 250

209.8

196

169.5

154 148.5

100

131

102 99.3

73

39

GARY POHRER | GARYPOHRER.COM | 6

NOV-24

AUG-24

MAY-24

FEB-24

NOV-23

AUG-23

MAY-23

FEB-23

NOV-22

AUG-22

MAY-22

FEB-22

NOV-21

AUG-21

MAY-21

FEB-21

NOV-20

AUG-20

MAY-20

FEB-20

NOV-19

AUG-19

MAY-19

FEB-19

NOV-18

0

Sale to List Ratio* We continue to operate in a period of price discovery. Sellers’ asking prices suggest a growth in PPSF, but homes closed well below ask, as we’ve seen a decline in sale to list ratio, at numbers anywhere from -20% to -25% below the original list price.

105

105

100

97.9

98

SALE TO LIST RATIO

96

95

96 93.9

93

90

89

88

87.9

88 86

87

85

86.5

85.9

85.4

83 83 82

80.3

80

78

78

76.9

77.5

75

NOV-24

MAY-24

FEB-24

NOV-23

AUG-23

MAY-23

FEB-23

NOV-22

AUG-22

MAY-22

FEB-22

NOV-21

AUG-21

MAY-21

FEB-21

NOV-20

AUG-20

MAY-20

FEB-20

NOV-19

AUG-19

MAY-19

FEB-19

NOV-18

AUG-24

70.1

70

Year-over-year (YOY): A method of evaluating two or more measured events, comparing the results of one period with those of a comparable period on an annualized basis.

Total sales value: The sum of all sales during a period of time.

Price per square foot (PPSF): A calculation of the value of each square foot of area of a house, condo or any building. It is calculated by dividing the price by the square footage.

PPSF: Home Size: This is based on the current under air square footage.

PPSF: Lot Size: This is based on the PPSF of the total lot.

Sale to List Ratio: The ratio of the final sale price of a home to its list, or asking, price expressed as a percentage.

If the sale to list ratio is above 100%, the home sold for more than the list price. If it’s less than 100%, the home sold for less than the list price.

GARY POHRER | GARYPOHRER.COM | 7

Transactions Through November 2024 year-to-date, there have been a total of 76 single family home transactions. This was on par with 2023, but well below the record transaction years of 2021 and 2022. Overall, the market is not quite back up to pre-pandemic sales levels yet partly due to the lower inventory levels we’re still experiencing.

250

233

TRANSACTIONS

200

219

185

150

152

162

139

131

118 118

100

106

120

111 11

76

95

97

78

50

2024

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2010

2011

0

Total Sales Value Total sales value for single family homes in the Palm Beach market has hovered right around $1.6B for the last two years.

Total sales value for single family homes is down -45% from the peak of 2021, down $1B to $1.5B per year. $3.5M $3,066,242,429

TOTAL SALES VALUE ($)

$3M $2.5M $1,980,266,401

$2M

$1,691,458,976 $1,680,981,575

$1.5M $949,030,144

$1M $527,032,691

$500K

$928,590,589

$834,011,861

$794,286,008

GARY POHRER | GARYPOHRER.COM | 8

2024

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

$0

Price Per Square Foot (PPSF) PPSF: Home Size was up +1% YOY overall.

Waterfront PPSF: Home Size was up +13% YOY, however non-waterfront PPSF: Home Size lagged, dipping down -7% YOY.

$7,000

$6,453

$6,000

$4,385

$4,000 $3,115

$3,000 $2,000 $1,000

Average $ / Sq. Ft.

Average $ / Sq. Ft. Non-Waterfront

2024

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

$0 2010

PPSF($): HOME SIZE

$5,000

Average $ / Sq. Ft. Waterfront

GARY POHRER | GARYPOHRER.COM | 9

Compound Annual Growth Rate (CAGR) / Price Appreciation Price appreciation has slowed over the last two years, compared to the record growth we saw from 2020 to 2022.

Compound annual growth rate* (CAGR) for the Palm Beach single family home asset class has averaged 8.53% growth over the last 42 years.

14% 12.9%

12% 10.5%

10%

CAGR

8.53%

8% 6.60%

6% 4.5%

4%

2.5%

2% 0% ‘82 - 91

‘92 - ’01

‘02 - ’11

‘12 - ’21

‘82 - ’24

‘22 - ’24

59%

60% 50%

43%

40%

33%

30%

26%

20%

12%

10%

10% 0%

0%

-10%

-4%

-6%

17%

15%

12%

11%

10%

8%

-20%

6%

6%

6%

-4%

-7%

-10%

-13%

8%

-1%

-2%

2024

2023

2021

2019

2017

2015

2013

2011

2007

2005

2003

2001

1999

1997

1995

1993

1991

1989

1987

1985

1983

-18% 2009

ANNUAL % RETURN (+/-)

70%

Compound Annual Growth Rate (CAGR): A performance metric that provides insight into an investment’s growth rate over a specified period of time longer than one year.

GARY POHRER | GARYPOHRER.COM | 10

Currently Listed by Gary Pohrer

200 West Coconut Palm Road, listed for $32,000,000 This unprecedented 25-room mansion sits on over one acre with 300 feet of water frontage. This property has been said to be one of the most celebrated estates in the Royal Palm Yacht & Country Club. Luxurious living with over 18,000sf of expansive living areas, formal dining room, temperature-controlled wine cellar, movie theater, game rooms, stunning flagstone terraces, a resort-style pool, and grand entertainment loggia.

Perfectly situated on a triple lot complete with 6 car garage and dock for over 200’ yacht.

GARY POHRER | GARYPOHRER.COM | 11

Currently Listed by Gary Pohrer

100 Beverly Road, listed for $18,750,000

1300 S. Ocean Boulevard, listed for $32,950,000 Virtually Rendered

756 Harbour Isles Court, listed for $13,950,000

266 Southland Road, listed for $8,950,000

Currently Listed by Gary Pohrer

The Forte - 1309 S. Flagler Drive, unit 2302, listed for $15,300,000

The Forte - 1309 S. Flagler Drive, unit 2202, listed for $15,300,000

240 El Dorado Lane, listed for $7,750,000

2411 S. Olive Avenue, listed for $2,600,000

NORTH END SINGLE FAMILY HOMES Palm Beach’s North End, located north of Wells Road, is celebrated for quiet seclusion. Thanks to zoning laws that prohibit condos and commercial properties in this area, many residents enjoy private beachfront views.

2024 Summary: Single Family Homes, North End Transaction volume was up +23% YOY in 2024 compared to 2023.

Total sales value was down -4%, largely driven by a -17% decline in waterfront sales value.

PPSF: Home Size was up +24% on waterfront homes and down -16% on non-waterfront sales.

% CHANGE

2024

2023

TRANSACTIONS

38

31

23%

WATERFRONT

7

9

-22%

NON-WATERFRONT

31

22

41%

TOTAL SALES VALUE

$832,345,825

$863,654,713

-4%

WATERFRONT

$503,312,500

$610,045,600

-17%

NON-WATERFRONT

$329,033,325

$253,609,113

30%

AVERAGE SALES PRICE

$21,903,838

$25,346,784

-14%

WATERFRONT

$71,901,786

$67,782,844

6%

NON-WATERFRONT

$10,613,978

$11,201,430

-5%

AVERAGE PPSF: HOME SIZE

$4,437

$4,741

-6%

WATERFRONT

$7,733

$6,244

24%

NON-WATERFRONT

$2,685

$3,192

-16%

YEAR OVER YEAR

GARY POHRER | GARYPOHRER.COM | 17

Most Recent North End Sales SF HOME SIZE

PPSF ($)

YES

13,127

$11,274

-

-

YES

Lot Sale

Lot Sale

44,431

$1,913

YES

8,005

$10,119

-

-

YES

10,461

$7,098

-

-

940 N LAKE WAY

YES

Lot Sale

Lot Sale

34,848

$1,435

205 VIA TORTUGA

-

9,642

$4,540

-

-

305 INDIAN RD

YES

5,403

$7,033

-

-

1010 N LAKE WAY

YES

5,088

$5,319

-

-

250 PALMO WAY

-

8,940

$2,796

-

-

272 VIA MARILA

-

5,708

$2,435

-

-

$13,490,000

244 FAIRVIEW RD

-

4,162

$3,241

-

-

$12,500,000

257 W INDIES DR

-

3,557

$3,514

-

-

$12,100,000

232 SANDPIPER DR

-

4,231

$2,860

-

-

$12,000,000

216 TRADEWIND DR

-

Lot Sale

Lot Sale

20,038

$599

$11,000,000

755 N LAKE WAY

-

3,252

$3,383

-

-

$10,900,000

285 COLONIAL LN

-

5,544

$1,966

-

-

$10,800,000

249 W INDIES DR

-

4,871

$2,217

-

-

$10,250,000

620 N LAKE WAY

-

Lot Sale

Lot Sale

17,424

$588

$10,220,000

581 E WOODS RD

-

3,292

$3,104

-

-

$10,200,000

310 PLANTATION RD

-

4,180

$2,440

-

-

$10,125,525

232 SANDPIPER DR

-

4,231

$2,393

-

-

$8,900,000

256 MOCKINGBIRD TRL

-

2,909

$3,059

-

-

SALE PRICE

ADDRESS

WATERFRONT?

$148,000,000

455 N COUNTY RD

$85,000,000

108 EL MIRASOL

$81,000,000

1446 N OCEAN BLVD

$74,250,000

740 HI MOUNT RD

$50,000,000 $43,770,000 $38,000,000 $27,062,500 $25,000,000 $13,900,000

APPROX.

HOME SIZE

SF LOT SIZE APPROX.

PPSF ($) LOT SIZE

$8,747,800

1436 N OCEAN WAY

-

4,172

$2,097

-

-

$8,550,000

260 NIGHTINGALE TRL

-

Lot Sale

Lot Sale

12,600

$679

$8,500,000

220 ARABIAN RD

-

Lot Sale

Lot Sale

11,326

$751

$8,350,000

216 VIA MARILA

-

3,385

$2,467

-

-

$8,200,000

1554 N OCEAN WAY

-

3,113

$2,634

-

-

$7,895,000

291 JAMAICA LN

-

3,283

$2,405

-

-

$7,890,000

235 OCEAN TER

-

2,673

$2,952

-

-

$7,495,000

937 N LAKE WAY

-

3,533

$2,121

-

-

$6,800,000

200 BERMUDA LN

-

2,397

$2,837

-

-

$6,700,000

217 VIA LINDA

-

2,370

$2,827

-

-

$6,500,000

206 CARIBBEAN RD

-

Lot Sale

Lot Sale

9,583

$678

$6,350,000

250 BAHAMA LN

-

1,984

$3,201

-

-

$6,200,000

210 EL DORADO LN

-

2,994

$2,071

-

-

$6,000,000

201 BAHAMA LN

-

2,855

$2,102

-

-

$4,900,000

285 ORANGE GROVE RD

-

2,759

$1,776

-

-

$4,800,000

220 ONONDAGA AVE

-

1,970

$2,437

-

-

GARY POHRER | GARYPOHRER.COM | 18

\

IN-TOWN SINGLE FAMILY HOMES Nestled between Worth Avenue and Wells Road lies the energetic center of Palm Beach Island, In-Town. Packed with shops, secluded beaches, and five-star restaurants, this hub of culture and leisure lures residents with a flair for cosmopolitan life.

2024 Summary: Single Family Homes, In-Town In 2024, In-Town showed unchanged performance across single family homes on Palm Beach Island, with small growth across transactions and PPSF. In-Town transaction volume was up +4% YOY. Total sales value was down -1% YOY. in

In-Town PPSF: Home Size was up +1% YOY. % CHANGE

2024

2023

24

23

4%

TOTAL SALES VALUE

$242,714,250

$245,752,463

-1%

AVERAGE SALES PRICE

$10,113,094

$10,610,099

-5%

$3,072

$3,047

1%

TRANSACTIONS

AVERAGE PPSF: HOME SIZE

YEAR OVER YEAR

Note: Reporting in this table reflects only non-waterfront properties, as there are limited waterfront sales in this area. In most years, zero waterfront homes sold. This year featured several waterfront sales that are listed in the recent sales, but not reflected in the table comparing YOY sales data.

Most Recent In-Town Sales SALE PRICE

ADDRESS

WATERFRONT?

SF HOME SIZE

PPSF ($)

SF LOT SIZE

$51,250,000 $49,600,000 $36,900,000 $28,000,000 $17,090,000 $16,850,000 $15,900,000 $13,500,000 $13,375,000 $13,075,000 $12,400,000 $12,000,000 $11,700,000 $11,252,500 $11,200,000 $10,750,000 $10,400,000 $9,280,000 $9,229,250 $8,200,000 $8,000,000 $7,650,000 $6,600,000 $6,112,500 $5,750,000 $5,100,000 $3,900,000 $3,400,000

200 S OCEAN BLVD 315 CHAPEL HILL RD 300 N OCEAN BLVD 313 DUNBAR RD 201 DUNBAR RD 130 COCOANUT ROW 449 AUSTRALIAN AVE 230 ATLANTIC AVE 345 PENDLETON LN 154 ATLANTIC AVE 218 EVERGLADE AVE 164 SEASPRAY AVE 170 EVERGLADE AVE 310 AUSTRALIAN AVE 264 DUNBAR RD 160 CHILEAN AVE 215 SEASPRAY AVE 123 AUSTRALIAN AVE 272 WELLS RD 347 CHILEAN AVE 117 DOLPHIN RD 130 SEASPRAY AVE 252 ATLANTIC AVE 138 ROOT TRAIL 141 ATLANTIC AVE 225 S COUNTY RD 251 ATLANTIC AVE 256 PARK AVE

YES YES YES YES NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO

5,819 7,636 5,359 4,963 6,190 5,786 3,597 3,972 4,332 3,701 3,524 2,728 3,229 3,431 4,348 2,083 2,596 3,696 3,375 3,422 3,289 2,615 2,925 1,673 2,585 2,941 1,104 1,872

$8,807 $6,496 $6,886 $5,642 $2,761 $2,912 $4,420 $3,399 $3,087 $3,533 $3,519 $4,399 $3,623 $3,280 $2,576 $5,161 $4,006 $2,511 $2,735 $2,396 $2,432 $2,925 $2,256 $3,654 $2,224 $1,734 $3,533 $1,816

-

GARY POHRER | GARYPOHRER.COM | 20

APPROX.

HOME SIZE

APPROX.

PPSF ($) LOT SIZE

- - -

ESTATE SECTION SINGLE FAMILY HOMES The Estate Section comprises all residences south of Worth Avenue to Sloans Curve.

It is renowned for its opulent residencies and exclusive social clubs including The Everglades Club, Bath & Tennis Club, and Mar-a-Lago.

2024 Summary: Single Family Homes, Estate Section Transactions were down -47% in 2024 compared to 2023.

In 2024, total sales value was only down -5% YOY when compared to 2023. This was driven entirely by non-waterfront sales value being down -40% YOY. PPSF: Home Size was up +4% YOY, with a -1% decline in waterfront PPSF and +3% increase in non-waterfront.

% CHANGE

2024

2023

TRANSACTIONS

8

15

-47%

WATERFRONT

5

8

-38%

NON-WATERFRONT

3

7

-57%

TOTAL SALES VALUE

$440,171,500

$464,612,300

-5%

WATERFRONT

$312,001,500

$277,823,125

12%

NON-WATERFRONT

$111,420,000

$186,789,175

-40%

AVERAGE SALES PRICE

$62,400,300

$30,066,394

108%

WATERFRONT

$46,964,500

$34,727,891

35%

NON-WATERFRONT

$37,140,000

$28,677,739

30%

AVERAGE PPSF: HOME SIZE

$5,070

$4,886

4%

WATERFRONT

$5,365

$5,433

-1%

NON-WATERFRONT

$4,395

$4,249

3%

YEAR OVER YEAR

Most Recent Estate Section Sales SALE PRICE

ADDRESS

WATERFRONT?

SF HOME SIZE

PPSF ($)

APPROX.

HOME SIZE

$150,000,000 $60,370,000 $51,631,500 $42,500,000 $39,000,000 $29,250,000 $28,870,000 $21,800,000

10 TARPON ISLE 130 BANYAN RD 200 VIA PALMA 101 JUNGLE RD 10 VIA VIZCAYA 120 VIA DEL LAGO 584 ISLAND DR 1080 S OCEAN BLVD

YES YES YES YES YES -

23,693 9,653 10,126 10,033 8,627 9,984 5,681 5,713

$6,331 $6,254 $5,099 $4,236 $4,521 $2,930 $5,082 $3,816

GARY POHRER | GARYPOHRER.COM | 22

CONDOS & TOWNHOMES ALL NEIGHBORHOODS Whether you seek a large building with resort-style amenities or the boutique elegance of a small, full-service site, Palm Beach Island offers an expansive range of options just steps from shorelines, shops, restaurants and more. Palm Beach townhomes are ideal for those who seek the convenience of a condo but crave the spaciousness of a house.

2024 Summary: Condominiums and Townhomes Transaction volume was down -14% YOY, due to a -8% decline in In-Town transactions and a -16% decline in South End transactions. While this is still a decrease YOY, the pace of the decline is slowing when one compares 2022 and 2023 to the present.

Total sales value was down -18% YOY. PPSF has stabilized over the last two years. We saw a decline of -1% YOY in PPSF for In-Town transactions and a decline of -4% for South End transactions. % CHANGE

2024

2023

TRANSACTIONS

267

311

-14%

IN-TOWN

65

71

-8%

SOUTH END

202

240

-16%

TOTAL SALES VALUE

$434,062,224

$527,917,660

-18%

IN-TOWN

$209,213,615

$259,923,797

-20%

SOUTH END

$224,848,609

$267,993,863

-16%

AVERAGE SALES PRICE

1,625,701

1,749,408

-7

IN-TOWN

$3,218,617

$3,875,082

-17%

SOUTH END

1,113,112

$1,099,896

1%

AVERAGE PPSF: HOME

$1,073

$1,122

-4%

IN-TOWN

$2,343

$2,375

-1%

SOUTH END

$713

$743

-4%

YEAR OVER YEAR

Inventory: Active Listings Inventory is up +30% YOY. The same period in 2023 averaged 125 active listings per month, whereas 2024 averaged 163 active listings per month. Additionally, in both 2023 and 2024, we saw a return of the pre-pandemic seasonality trend in which inventory decreased during the off-season and increased during the peak season.

350

323

322

ACTIVE LISTINGS

300 276

265

250

250

236

200

197

199

188

146

150

118

108

100

99

75

94

GARY POHRER | GARYPOHRER.COM | 24

NOV-24

AUG-24

MAY-24

FEB-24

NOV-23

AUG-23

MAY-23

FEB-23

NOV-22

AUG-22

MAY-22

FEB-22

NOV-21

AUG-21

MAY-21

FEB-21

NOV-20

AUG-20

MAY-20

FEB-20

NOV-19

AUG-19

MAY-19

FEB-19

NOV-18

50

Days On Market The number of days on market was up +11% compared to the same period last year. In 2023, condos and townhomes took an average of 141 days to sell. In 2024, condos and townhomes took an average of 157 days to sell.

157 DAYS 350 305

254

177

148

134

149

152

115

100

108 91

AUG-23

MAY-23

FEB-23

NOV-22

FEB-22

NOV-21

AUG-21

MAY-21

FEB-21

NOV-20

AUG-20

MAY-20

FEB-20

NOV-19

AUG-19

MAY-19

FEB-19

AUG-22

80

50 NOV-18

124

101

MAY-24

141

150

162

155

FEB-24

168

NOV-23

200

212

201

195

NOV-24

229

AUG-24

250

209

300

MAY-22

DAYS ON MARKET

300

Sale to List Ratio

86%

The sale to list ratio for condos and townhomes hovered right around 86% in 2024. This was down -2% compared to the same period last year.

120 96

80

96

96

92

88

86

83

97

91

85

92 85

85

88 81

60 40 20

NOV-24

AUG-24

MAY-24

FEB-24

NOV-23

AUG-23

MAY-23

FEB-23

NOV-22

AUG-22

MAY-22

FEB-22

NOV-21

AUG-21

MAY-21

FEB-21

NOV-20

AUG-20

MAY-20

FEB-20

NOV-19

AUG-19

MAY-19

FEB-19

0 NOV-18

SALE TO LIST RATIO

100 93

GARY POHRER | GARYPOHRER.COM | 25

Most Recent Condominium and Townhome Sales ADDRESS

SF UNIT SIZE

PPSF ($)

$15,700,000

101 WORTH AVE 0061

4,130

$3,801

$12,500,000

2 N BREAKERS ROW N42

3,020

$4,139

$6,565,000

300 S OCEAN BLVD 3D

1,857

$3,535

$6,500,000

1100 WORTH AVE 309

2,128

$3,055

$6,500,000

425 WORTH AVE 5C

2,536

$2,563

$6,250,000

300 S OCEAN BLVD 3A

1,857

$3,366

$6,250,000

300 S OCEAN BLVD 3B

1,857

$3,366

SALE PRICE

APPROX.

UNIT SIZE

$5,939,125

100 SUNRISE AVE 201

1,780

$3,337

$5,750,000

130 SUNRISE AVE 2070

1,983

$2,900

$5,688,000

100 SUNRISE AVE 322

1,972

$2,884

$5,600,000

100 ROYAL PALM WAY C-3

2,071

$2,704

$5,167,000

300 S OCEAN BLVD 2D

1,857

$2,782

$4,910,000

150 BRADLEY PL 0904

1,915

$2,564

$4,500,000

100 ROYAL PALM WAY D-1

2,107

$2,136

$4,450,000

315 S LAKE DR 2D

2,064

$2,156

$4,250,000

369 S LAKE DR 3C

1,940

$2,191

$4,000,000

150 BRADLEY PL 0301

2,260

$1,770

$3,975,000

315 S LAKE DR 2F

1,816

$2,189

$3,950,000

130 SUNRISE AVE 6090

1,673

$2,361

$3,900,000

100 SUNRISE AVE 414

1,673

$2,331

$3,850,000

350 S OCEAN BLVD 2030

1,186

$3,246

$3,375,000

354 CHILEAN AVE 0066

1,193

$2,829

$3,300,000

330 COCOANUT ROW 0031

1,540

$2,143

$3,300,000

330 S OCEAN BLVD 0045

1,996

$1,653

$3,250,000

44 COCOANUT ROW 212A

1,215

$2,675

$3,250,000

127 PERUVIAN AVE 3010

1,440

$2,257

$3,100,000

150 BRADLEY PL 0306

1,438

$2,156

$3,075,000

130 SUNRISE AVE 6030

1,673

$1,838

$3,050,000

354 CHILEAN AVE 0061

1,193

$2,557

$3,000,000

354 CHILEAN AVE 0053

1,225

$2,449

$3,000,000

389 S LAKE DR 1D

1,464

$2,049

$2,995,000

350 COCOANUT ROW 3A

1,706

$1,756

$2,875,000

130 SUNRISE AVE 6110

1,580

$1,820

$2,875,000

227 AUSTRALIAN AVE 0053

1,287

$2,234

$2,797,500

44 COCOANUT ROW 418B

1,226

$2,282

$2,550,000

44 COCOANUT ROW 318B

1,226

$2,080

$2,545,000

44 COCOANUT ROW 113B

1,215

$2,095

$2,500,000

100 SUNRISE AVE 225

1,154

$2,166

$2,350,000

330 S OCEAN BLVD 0017

1,250

$1,880

$2,050,000

100 SUNRISE AVE 418

1,360

$1,507

$1,978,000

201 EVERGLADE AVE 205

1,503

$1,316

$1,825,000

44 COCOANUT ROW 122B

1,272

$1,435

$1,800,000

44 COCOANUT ROW 321A

1,272

$1,415

$1,800,000

44 COCOANUT ROW 121B

1,272

$1,415

GARY POHRER | GARYPOHRER.COM | 26

Most Recent Condo and Townhome Sales ADDRESS

SF UNIT SIZE

PPSF ($)

$1,700,000

315 S LAKE DR 1D

776

$2,191

$1,650,000

44 COCOANUT ROW 508A

900

$1,833

$1,650,000

44 COCOANUT ROW 509A

580

$2,845

$1,600,000

139 SUNRISE AVE 1040

990

$1,616

$1,600,000

170 CHILEAN AVE 6B

1,201

$1,332

$1,500,000

44 COCOANUT ROW 124B

1,272

$1,179

$1,499,990

226 BRAZILIAN AVE 0040

1,317

$1,139

SALE PRICE

APPROX.

UNIT SIZE

$1,400,000

250 BRADLEY PL 503

871

$1,607

$1,300,000

226 BRAZILIAN AVE 0040

1,317

$987

$1,275,000

44 COCOANUT ROW 606A

900

$1,417

$995,000

401 PERUVIAN AVE 3050

595

$1,672

In Closing We appreciate you taking the time to read our report, and hope you found our insights on the 2024 Palm Beach Island market interesting.

In summary, we believe we’re reaching a new normal around activity for both single family homes and the condominium and townhome category. We still have an active list of people willing to buy, but buyers seem much less willing to continue to pay initial asking price (and in some cases above asking price) for properties in the same way we saw during the 2020, 2021, and 2022 seasons.

As we kick off 2025, we look forward to another wonderful season on Palm Beach. As always please don’t hesitate to reach out if we can assist you with any of your real estate needs.

Warmest wishes,

Gary Pohrer Executive Director of Luxury Sales Douglas Elliman 340 Royal Poinciana Way M302 Palm Beach, FL 33480 M: 561.262.0856 gary.pohrer@elliman.com garypohrer.com

Source: Above data is pulled from Palm Beach MLS, The Beaches MLS and the Palm Beach Property Appraisers (PAPA). Specifically, we are only looking at transactions located in the 33480 zip code.

340 ROYAL POINCIANA WAY, M302, PALM BEACH, FL 33480. 561.655.8600 © 2023 DOUGLAS ELLIMAN REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT OR ZONING EXPERT. EQUAL HOUSING OPPORTUNITY.

GARY POHRER | GARYPOHRER.COM | 27