Download - Palm Beach Market Update 4Q 2014
Palm Beach Market UpdateFourth Quarter 2014
PALM BEACH BROKERAGE340 Royal Poinciana WayPalm Beach, FL 33480+1.561.6593555BROKER MANAGER: Carol Hickman sothebyshomes.com
Palm Beach, FL | web: 0075774
SIGNIFICANT SALES | Q4 2014
A MESSAGE FROM OUR MANAGER: Carol HickmanWe 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-on-market 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.
MAGNIFICENT JOHN VOLK RESIDENCEWeb ID: 0076309 | Listed $14,500,000
STUNNING TOWNHOUSEWeb ID: 0076466 | Listed $3,950,000
CHARMING BERMUDAWeb ID: 0076350 | Listed $2,800,000
DIRECT OCEANFRONT IN TOWNWeb 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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SALES SINGLE FAMILY HOME
ACTIVELISTINGS
NUMBERSOLD
SOLDVOLUME
AVG. SALEPRICE
MEDIAN SALESPRICE 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
PALM BEACH
ACTIVELISTINGS
NUMBERSOLD
SOLDVOLUME
AVG. SALEPRICE
MEDIAN SALESPRICE 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
WEST PALM BEACH
*Days On Market
ACTIVELISTINGS
NUMBERSOLD
SOLDVOLUME
AVG. SALEPRICE
MEDIAN SALESPRICE 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
MANALAPAN
SALESCONDOMINIUM
ACTIVELISTINGS
NUMBERSOLD
SOLDVOLUME
AVG. SALEPRICE
MEDIAN SALESPRICE 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
PALM BEACH - IN TOWN
ACTIVELISTINGS
NUMBERSOLD
SOLDVOLUME
AVG. SALEPRICE
MEDIAN SALESPRICE 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
PALM BEACH - SOUTH END
*Days On Market
ACTIVELISTINGS
NUMBERSOLD
SOLDVOLUME
AVG. SALEPRICE
MEDIAN SALESPRICE 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
WEST PALM BEACH
EVERGLADES ISLAND LANDEstate Section, Palm BeachWeb ID: 0076477 | $22,000,000
STUNNING LANDMARKED ESTATEIn-Town, Palm BeachWeb ID: 0076498 | $11,200,000
CLASSIC MEDITERRANEANNorthend, Palm BeachWeb ID: 0076372 | $6,500,000
FEATURED LISTINGS
EXQUISITE NEW CONSTRUCTIONPalm Beach Gardens
Web ID: 0076510 | $6,450,000
RARE BEINESTAR GEMIn-Town, Palm Beach
Web ID: 0076478 | $2,300,000
BEAUTIFUL EL CID HOUSEWest Palm Beach
Web ID: 0076508 | $950,000
FEATURED LISTINGS
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
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