palm beach 3q market update
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Sotheby's International Realty Palm Beach 3rd Quarter Market UpdateTRANSCRIPT
Palm Beach Market UpdateThird Quarter 2014
PALM BEACH BROKERAGE340 Royal Poinciana WayPalm Beach, FL 33480+1.561.6593555BROKER MANAGER: Carol Hickman sothebyshomes.com
Palm Beach, FL | web: 0076451
SIGNIFICANT SALES | Q3 2014
A MESSAGE FROM OUR MANAGER: Carol HickmanAccording to the Palm Beach Multiple Listing Service, the real estate market in the town of Palm Beach was as hot as the temperature this summer. During what is usually our slowest period, the total volume of single family home sales was up by over 40 percent, with the median sales price increasing by over 100 percent (Q3 2014 over Q3 2013). The median sales price rose dramatically because nearly half of all single family home sales in Q3 of 2013 sold below the $2M mark. Due to very limited inventory, there were only 3 homes that sold under $2M during the same quarter this year. Both the inventory of homes for sale and the average days on the market for sold homes fell.
For condominiums, the numbers were similarly impressive. The Palm Beach Multiple Listing Service maintains separate records for “in-town” and “south-end” condominiums. In the former category, the number sold was up almost 30 percent, with the total sold volume increasing by over 40 percent. The average sales price was also up slightly and the days on market was down slightly. In the latter category, the inventory of condominiums for sale decreased by over 25 percent, with average days on the market down 22 percent and average sales price up over 60 percent. Regarding condominium sales in West Palm Beach, the number sold was down, but the average sales price was up almost ten percent and the average days on the market was down by almost 25 percent (Q3 2014 over Q3 2013).
For more information on Palm Beach real estate, we invite you to visit our website at Sothebyshomes.com/palmbeach.
NORTH LAKE WAY BEAUTYWeb ID: 0075965 | Listed $15,500,000
STUNNING CLARKE AVENUEWeb ID: 0076410 | Listed $15,000,000
PHIPPS ESTATEWeb ID: 0076242 | Listed $9,495,000
ENCHANTING OCEANFRONT ESTATEWeb ID: 0075087 | Listed $8,750,000
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 & Exhibition Calendar 2014
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NEW YORK OCTOBER / NOVEMBER18 Kentshire: A Legendary Collection22 Important English and European Decorative Arts23 Important Silver, Vertu & Russian Works of Art29 Property from the Estate of Rochelle Sepenuk, Part II29 19th Century Furniture and Decorative Art30 Printsnov. 4 Impressionist & Modern Art Evening Sale5 Impressionist & Modern Art Day Sale6 19th Century European Art10 Property from the Collection of Mrs. Paul Mellon:
Masterworks11 In Pursuit of Beauty: The Myron Kunin Collection of
African Art11 Contemporary Art Evening Auction12 Contemporary Art Day Auction20 American Art20-21 Property from the Collection of Mrs. Paul Mellon: Jewels
& Objects of Vertu21-23 Property from the Collection of Mrs. Paul Mellon: Interiors25 Mexico Contemporary25-26 Latin American Art Modern & Contemporary
LONDON OCTOBER / NOVEMBER17 The Italian Sale17 Contemporary Art Evening Auction18 Contemporary Art Day Auction22 Finest and Rarest Wines28 Collections29 Old Mastersnov. 4 Travel, Atlases, Maps and Natural History5 Fine Chinese Ceramics and Works of Art6 Arts of Europe12 20th Century Art – A Different Perspective12 Czech Avant-Garde Art from the Roy and Mary Cullen
Collection18 Modern & Post-War British Art19 Finest and Rarest Wines20 Music, Continental and Russian Books and Manuscripts24 Contemporary East24 Important Russian Art25 Russian Art Day Sale25 Russian Works of Art, Fabergé and Icons
PARIS OCTOBER / NOVEMBER23 Regards sur l’Orient – Tableaux et Sculptures –
Orientalistes et Art Islamiquenov. 5 Classique / Moderne : Arts Décoratifs du XVIe au XIXe
siècle5 L’œil d’un collectionneur Important Mobilier, Objets d’Art
et Tableaux du XVIIIe sièclee6 Bibliothèque Carlo de Poortere 14 Photographies 15 Man Ray25 Arts Décoratifs du XXe siècle & Design
GENEVA NOVEMBER11 Important Watches12 Magnificent Jewels and Noble Jewels
We invite you to explore our real estate listings at sothebyshomes.com
and view the worldwide auction schedule at sothebys.com.
Shown Above Left:THE HENRY GRAVES SUPERCOMPLICATIONPATEK PHILIPPE & CO., GENEVA, 1932ESTIMATE ON REQUEST
IMPORTANT WATCHESGENEVA NOV. 11TH, 2014
sothebyshomes.com/palmbeach
SALES SINGLE FAMILY HOME
ACTIVELISTINGS
NUMBERSOLD
SOLDVOLUME
AVG. SALEPRICE
MEDIAN SALESPRICE DOM *
2014 THIRD QUARTER 131 27 $174,260,491 $6,454,092 $4,500,000 250
2013 THIRD QUARTER 159 33 $123,711,350 $3,748,829 $2,210,000 287
2014 QUARTERS 1-3 268 106 $640,469,501 $6,042,165 $3,450,000 212
2013 QUARTERS 1-3 326 129 $533,171,906 $4,133,116 $2,450,000 288
PALM BEACH
ACTIVELISTINGS
NUMBERSOLD
SOLDVOLUME
AVG. SALEPRICE
MEDIAN SALESPRICE DOM *
2014 THIRD QUARTER 203 44 $34,248,400 $778,373 $505,000 178
2013 THIRD QUARTER 187 35 $23,191,900 $662,626 $410,000 173
2014 QUARTERS 1-3 367 124 $102,572,675 $827,199 $565,000 185
2013 QUARTERS 1-3 337 131 $77,661,912 $592,839 $410,000 155
WEST PALM BEACH
*Days On Market
ACTIVELISTINGS
NUMBERSOLD
SOLDVOLUME
AVG. SALEPRICE
MEDIAN SALESPRICE DOM *
2014 THIRD QUARTER 25 5 $14,156,000 $2,831,200 $1,940,000 242
2013 THIRD QUARTER 23 2 $6,564,000 $3,282,000 $3,282,000 177
2014 QUARTERS 1-3 37 12 $59,971,470 $4,997,622 $3,025,000 246
2013 QUARTERS 1-3 43 11 $49,711,100 $4,519,191 $1,800,000 255
MANALAPAN
SALESCONDOMINIUM
ACTIVELISTINGS
NUMBERSOLD
SOLDVOLUME
AVG. SALEPRICE
MEDIAN SALESPRICE DOM *
2014 THIRD QUARTER 147 27 $31,740,300 $1,175,566 $633,075 215
2013 THIRD QUARTER 163 21 $22,160,500 $1,055,261 $650,000 220
2014 QUARTERS 1-3 278 99 $123,224,910 $1,244,696 $800,000 236
2013 QUARTERS 1-3 312 90 $102,414,295 $1,137,936 $687,500 236
PALM BEACH - IN TOWN
ACTIVELISTINGS
NUMBERSOLD
SOLDVOLUME
AVG. SALEPRICE
MEDIAN SALESPRICE DOM *
2014 THIRD QUARTER 271 31 $20,786,375 $670,528 $330,000 166
2013 THIRD QUARTER 367 52 $21,615,000 $415,673 $367,500 213
2014 QUARTERS 1-3 546 155 $84,252,475 $543,564 $308,620 201
2013 QUARTERS 1-3 666 181 $84,595,212 $467,376 $350,000 199
PALM BEACH - SOUTH END
*Days On Market
ACTIVELISTINGS
NUMBERSOLD
SOLDVOLUME
AVG. SALEPRICE
MEDIAN SALESPRICE DOM *
2014 THIRD QUARTER 149 19 $13,502,500 $710,657 $450,000 193
2013 THIRD QUARTER 142 30 $19,505,968 $650,198 $542,984 255
2014 QUARTERS 1-3 287 82 $47,976,250 $585,076 $399,750 174
2013 QUARTERS 1-3 255 102 $53,118,244 $520,767 $347,500 242
WEST PALM BEACH
SOPHISTICATED REGENCY ESTATEEstate Section, Palm BeachWeb ID: 0076347 | $10,900,000
CLARKE AVENUE CHARMIn-Town, Palm BeachWeb ID: 0075947 | $7,495,000
BEAUTIFUL BRITISH WEST INDIESNorthend, Palm BeachWeb ID: 0076381 | $6,250,000
FEATURED LISTINGS
THE VILLASIn-Town, Palm Beach
Web ID: 0076419 | $4,500,000
TRUMP PLAZAWest Palm Beach
Web ID: 0076317 | $1,560,000
WATERVIEW TOWERSWest Palm Beach
Web ID: 0076458 | $1,500,000
FEATURED LISTINGS
left to right from top to bottom:
METROPOLITAN MARKETS
NEW YORK, NY | Web: 0137370 | $2,895,000
HOUSTON, TX | Web: 1231558 | $3,649,000
SAN FRANCISCO, CA | Web: 0086965 | $3,995,000
RESORT MARKETS
MALIBU, CA | Web: 1300004 | $2,495,000
WEST PALM BEACH, FL | Web: 0074827 | $3,795,000
SUMMERLAND, CA | Web: 0632268 | $3,750,000
FOREIGN MARKETS
HONG KONG | Web: DDH648 | $2,838,234
ITALY | Web: ZV27TP | $3,165,375
FRANCE | Web: BMWKQP | Price Upon Request
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ON THE MARKET