Palm Beach Market Update Q1 2016
-
Upload
sothebys-international-realty-inc -
Category
Documents
-
view
214 -
download
0
description
Transcript of Palm Beach Market Update Q1 2016
Palm Beach Market UpdateFirst Quarter 2016
PALM BEACH BROKERAGE340 Royal Poinciana WayPalm Beach, FL 33480+1.561.659.3555
DEBRA REECE, Brokerage Manager sothebyshomes.com/palmbeach
Palm Beach Classic Estate | $11,000,000 | Web: 0076876
SIGNIFICANT SALES | Q1 2016
A MESSAGE FROM OUR MANAGER: Debra Reece
I invite you to review a summary of sales activity in the Palm Beach area during the
first quarter of 2016. The Palm Beach Multiple Listing Service reports the following
statistics for this quarter, in comparison with the first quarter of 2015:
Single-family homes in Palm Beach represented the strongest sector, where total
dollar volume in Q1 2016 exceeded the same quarter of the prior year, driven by higher
average sales prices which more than offset the 14% decrease in the number of
homes sold. Also notable during this quarter, homes sold more quickly, averaging 133 days on the market, down from 248 days in
last year’s first quarter. The inventory of single-family homes on the market increased by 16%. In the Palm Beach condominium
market, sales activity pulled back from the previous year, with the total number of In-Town condominiums sold down 36% and
total dollar volume down 52%. Inventory decreased by 21%, and the number of days on the market was 8% shorter. Median
prices of In-Town condominiums fell by 9%, but rose a significant 43% in the South End.
NORTH END NEW CONSTRUCTIONWeb ID: 0076444 | Listed $5,595,000
POLMER PARK GEMWeb ID: 0076735 | Listed $6,950,000
ELEGANT NORTH END BERMUDA Web ID: 0076820 | Listed $3,995,000
CLASSIC PALM BEACH BERMUDA-STYLE HOMEWeb ID: 0076745 | Listed $2,648,000
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.
sothebyshomes.com/palmbeach
PALM BEACHSINGLE FAMILY HOMESIn the heart of Palm Beach, Midtown has a signature
blend of metropolitan sophistication, barrier island
beauty, and gracious small-town charm. Stretching
from Wells Road to Worth Avenue, an internationally
renowned shopping and dining destination.
PALM BEACH - IN TOWNCONDOMINIUMS Offering a gracious lifestyle of relaxed sophistication,
exclusive shopping and dining on iconic Worth
Avenue, cultural events at the historic Flagler Museum
and Society of the Four Arts and the magnificent
Breakers Resort.
SINGLE FAMILY HOMES | Q1 2012 2013 2014 2015 2016%
CHANGE VS PY
ACTIVE LISTINGS 234 235 195 172 200 16%
NUMBER SOLD 18 33 30 28 24 -14%
SOLD VOLUME $57,574,200 $135,827,156 $193,502,776 $130,996,785 $190,152,500 45%
AVERAGE SALE PRICE $3,198,567 $4,115,974 $6,450,093 $4,678,457 $7,923,021 69%
MEDIAN SALE PRICE $1,975,000 $2,800,000 $3,100,000 $4,275,000 $4,712,500 10%
DOM 257 310 222 248 133 -46%
CONDOMINIUMS | Q1 2012 2013 2014 2015 2016%
CHANGE VS PY
ACTIVE LISTINGS 276 222 196 200 158 -21%
NUMBER SOLD 19 20 30 33 21 -36%
SOLD VOLUME $21,146,687 $16,964,120 $34,099,800 $46,589,000 $22,292,500 -52%
AVERAGE SALE PRICE $1,112,983 $848,206 $1,136,660 $1,411,787 $1,061,547 -25%
MEDIAN SALE PRICE $850,000 $637,500 $787,500 $900,000 $820,000 -9%
DOM 335 229 219 180 165 -8%
MEDIAN SALES PRICE | AVERAGE SALES PRICE | TOTAL SFH SOLD
MEDIAN SALES PRICE | AVERAGE SALES PRICE | TOTAL CONDOS SOLD
Number Sold
Number Sold
Median Sales Price
Median Sales Price
Average Sales Price
Average Sales Price
0 5 10 15 20 25 30 35
$-
$500,000
$1,000,000
$1,500,000
2012 2013 2014 2015 2016
0 5 10 15 20 25 30 35
$-
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
2012 2013 2014 2015 2016
MANALAPANSINGLE FAMILY HOMESJust south of Palm Beach on the barrier island,
Manalapan is a small oceanfront community offering
an unsurpassed quality of life in serene Old Florida
beauty. The town was incorporated in 1931 by Harold
Stirling Vanderbilt.
SOUTH ENDCONDOMINIUMSSouth of Sloane’s Curve is an area known for its
beautiful condominiums in newer buildings providing
spacious floor-plans and numerous amenities which
can include pools, tennis courts, and fitness centers.
SINGLE FAMILY HOMES | Q1 2012 2013 2014 2015 2016%
CHANGE VS PY
ACTIVE LISTINGS 28 35 22 24 17 -29%
NUMBER SOLD 1 5 4 4 0 -100%
SOLD VOLUME $3,700,000 $30,062,100 $18,951,470 $30,648,226 $0 -100%
AVERAGE SALE PRICE $3,700,000 $6,012,420 $4,737,868 $7,662,056 $0 -100%
MEDIAN SALE PRICE $3,700,000 $1,482,100 $2,750,000 $3,957,813 $0 -100%
DOM 297 297 201 185 223 21%
CONDOMINIUMS | Q1 2012 2013 2014 2015 2016%
CHANGE VS PY
ACTIVE LISTINGS 456 443 395 349 278 -20%
NUMBER SOLD 40 45 49 66 34 -48%
SOLD VOLUME $15,967,650 $14,865,262 $24,544,000 $48,693,350 $24,283,500 -50%
AVERAGE SALE PRICE $399,191 $330,339 $500,897 $737,778 $714,220 -3%
MEDIAN SALE PRICE $300,000 $232,500 $245,000 $367,500 $526,250 43%
DOM 230 177 201 167 155 -7%
MEDIAN SALES PRICE | AVERAGE SALES PRICE | TOTAL SFH SOLD
MEDIAN SALES PRICE | AVERAGE SALES PRICE | TOTAL CONDOS SOLD
Number Sold
Number Sold
Median Sales Price
Median Sales Price
Average Sales Price
Average Sales Price
0 10 20 30 40 50 60 70
$-
$200,000
$400,000
$600,000
$800,000
2012 2013 2014 2015 2016
0
1
2
3
4
5
6
$-
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
2012 2013 2014 2015 2016
sothebyshomes.com/palmbeach
WEST PALM BEACHSINGLE FAMILY HOMESOn the western shore of the Intracoastal Waterway,
the city of West Palm Beach has recently experienced
a dynamic renaissance centered on the $30-million
redevelopment of the downtown waterfront.
WEST PALM BEACHCONDOMINIUMSAlong Flagler Drive at the foot of Clematis Street,
the city’s new world-class waterfront park features
an amphitheater and beautiful tropical gardens
in addition to three piers and a promenade that
extends a mile along the waterfront.
SINGLE FAMILY HOMES | Q1 2012 2013 2014 2015 2016%
CHANGE VS PY
ACTIVE LISTINGS 175 197 217 229 221 -3%
NUMBER SOLD 25 40 36 37 30 -19%
SOLD VOLUME $12,409,000 $26,146,512 $34,812,025 $26,576,625 $25,770,750 -3%
AVERAGE SALE PRICE $496,360 $653,663 $967,001 $718,287 $859,025 20%
MEDIAN SALE PRICE $395,000 $500,000 $715,000 $392,500 $439,500 12%
DOM 222 153 169 137 108 -21%
CONDOMINIUMS | Q1 2012 2013 2014 2015 2016%
CHANGE VS PY
ACTIVE LISTINGS 210 171 193 207 214 3%
NUMBER SOLD 22 30 27 31 28 -10%
SOLD VOLUME $6,782,525 $14,401,766 $11,703,000 $22,948,800 $16,214,763 -29%
AVERAGE SALE PRICE $308,296 $408,058 $433,444 $740,283 $579,098 -22%
MEDIAN SALE PRICE $176,650 $316,000 $315,000 $523,000 $412,000 -21%
DOM 179 226 178 145 182 26%
MEDIAN SALES PRICE | AVERAGE SALES PRICE | TOTAL SFH SOLD
MEDIAN SALES PRICE | AVERAGE SALES PRICE | TOTAL CONDOS SOLD
Number Sold
Number Sold
Median Sales Price
Median Sales Price
Average Sales Price
Average Sales Price
0 5 10 15 20 25 30 35
$-
$200,000
$400,000
$600,000
$800,000
2012 2013 2014 2015 2016
0
10
20
30
40
50
$-
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
2012 2013 2014 2015 2016
Palm Beach Life Style
On the barrier island between the Atlantic Ocean and Intracoastal Waterway, Palm Beach has a rare beauty, legendary character, and rich heritage that make it one of the most sought-after communities in the world. Home to Palm Beach landmarks including The Breakers, The Society of the Four Arts, the Flagler Museum and iconic Worth Avenue. Palm Beach offers a signature blend of metropolitan sophistication, beauty and gracious small-town charm
AUCTION CALENDAR MAY 2016
Orfèvrerie, Boîtes en Or et Objets de VitrineParis 3 May
MALCOLM Part One: New YorkNew York 7 May Impressionist & Modern Art Evening SaleNew York 9 May
Impressionist & Modern Art Day SaleNew York 10 May
Contemporary Art Evening AuctionNew York 11 May
Finest and Rarest WinesLondon 11 May
Contemporary Art Day AuctionNew York 12 May
Important Chinese ArtLondon 13 May
RM Sotheby’s: MonacoMonte Carlo 14 May
© 2016 Calder Foundation, New York / Artists Rights Society (ARS), New York
Property Formerly in the Collection of Alfred H. Barr, Jr.Alexander Calder
Untitled, circa 1942Estimate $2,500,000-3,500,000
We invite you to explore our real estate listings at sothebyshomes.com and view the worldwide auction schedule at sothebys.com Enquiries +1 212 606 7000. Sotheby’s 72 & York Register now at sothebys.com SOTHEBY’S, INC. LICENSE NO. 1216058. © SOTHEBY’S, INC. 2016
AUCTION CALENDAR MAY 2016
Orfèvrerie, Boîtes en Or et Objets de VitrineParis 3 May
MALCOLM Part One: New YorkNew York 7 May Impressionist & Modern Art Evening SaleNew York 9 May
Impressionist & Modern Art Day SaleNew York 10 May
Contemporary Art Evening AuctionNew York 11 May
Finest and Rarest WinesLondon 11 May
Contemporary Art Day AuctionNew York 12 May
Important Chinese ArtLondon 13 May
RM Sotheby’s: MonacoMonte Carlo 14 May
© 2016 Calder Foundation, New York / Artists Rights Society (ARS), New York
Property Formerly in the Collection of Alfred H. Barr, Jr.Alexander Calder
Untitled, circa 1942Estimate $2,500,000-3,500,000
We invite you to explore our real estate listings at sothebyshomes.com and view the worldwide auction schedule at sothebys.com Enquiries +1 212 606 7000. Sotheby’s 72 & York Register now at sothebys.com SOTHEBY’S, INC. LICENSE NO. 1216058. © SOTHEBY’S, INC. 2016
left to right from top to bottom:
METROPOLITAN MARKETS
NEW YORK, NY | Web: 00110660 | $3,000,000
SAN FRANCISCO, CA | Web: 0087754 | $3,298,000
LOS ANGELES, CA | Web: 0308615 | $3,195,000
RESORT MARKETS
SAINT HELENA, CA | Web: 0243934 | $3,550,000
EAST HAMPTON, NY | Web: 0043063 | $3,500,000
MONTECITO, CA | Web: 0632458 | $3,195,000
FOREIGN MARKETS
GERMANY | Web: VHZHL2 | $3,853,027
CANADA | Web: X3PBBL | $3,727,410
THAILAND | Web: SMRD4M | $3,828,158
sothebysrealty.com
ON THE MARKET