q1 | 2020 market update · 2020-04-09 · $2 $4 $6 $8 $10 $12 $14 palm beach west palm beach...

Market UpdateQ2 | 2020

Palm Beach

PALM BEACHsothebysrealty.com/id/QS5978

Offered at $16,950,000

http://sothebyshomes.com/palmbeach

http://enchantingqueenslane.com/

PALM BEACHOffered at $7,895,000

sothebysrealty.com/id/2MQRF4

We invite you to explore our exclusive offerings atS OT H E BYS H O M E S.C O M / PA L M B E AC H

OnlyWith Us®

http://sothebyshomes.com/palmbeach

http://310edenroad.com/

a message from

Debra ReeceBrokerage Manager

As we continue to navigate these unprecedented times, the health and safety of our community is our top priority. We quickly adapted to conduct business and support our clients looking to buy, sell, or rent homes using video tours, Matterport tours, and virtual showings.

We invite you to review a summary of sales activity in the Palm Beach market area during the second quarter of 2020, based on closed production from April - June 2020. The Palm Beach Board of Realtors reports the following market data for this quarter, which is compared here for the same period of 2019.

Sold volume of single-family homes in Palm Beach more than doubled with over $412M in Q2 2020 from $205M for the same time period of 2019. The average sales price was up over 50%, from $6.6M in Q2 2019 to over $10M in Q2 2020. Sold volume for condo sales In-Town Palm Beach was down slightly, 5%, from just under $63M in Q2 2019 to $59.8M in Q2 2020. In addition, total active listings were up 17%, from 156 in Q2 2019 to 183 in Q2 2020.

As always, our goal in sharing market data with you is to create a better understanding of the trends affecting our unique housing market. We hope you find it to be a valuable resource and look forward to working with you to meet your real estate needs now and in the future. If you have any questions about the Palm Beach market, please do not hesitate to reach out to me or any of our independent sales associates at 561-659-3555.

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.

email

[email protected]

561 659 3555

Sothebys International Realty - Palm Beach - 340 Royal Poinciana Way, Suite M314, Palm Beach, FL 33480

Sothebys International Realty - Singer Island - 3800 North Ocean Drive, Singer Island, FL 33404

Palm Beach

West Palm Beach

Highlight: Closed Volume

MarketSnapshot

Total Volume

Average Selling Pricevs. Total Units Sold

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Highlight: ASP vs units

Average Selling Price

Total Units Sold

Palm Beach Single Family Homes

*Price in Millions

94 %

6 %

Palm Beach

West Palm Beach

$ 412.9m$ 26.2m*In Millions

West Palm Beach

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Palm

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Highlights: Median Sale Price

MedianSelling Price

Q2 Market Snapshot / Palm Beach Q2 Market Update

TotalUnits Sold

*Price in Millions

61%

39%

Palm Beach

West Palm Beach

4026

Palm Beach

West Palm Beach

$ 7.5m$ 0.7m

HighlightingSingle Family Homes

Palm Beach and West Palm Beach

Palm Beach

West Palm BeachHighlight: Units Sold

*In Millions

$413m Total Sales Volume

29 %

Change of Units Sold {2020 v 2019}

40 Units Sold

$10.3m Average Selling Price

at a glance

{Q2 | 2020}

palm beach

Single Family Homes

Q2Average Selling Price

Median Selling Price

SoldVolume

UnitsSold

{2020 v 2019}

Change 56% 50% 101% 29%

2020 $10,321,324 $7,488,500 $412,852,949 40

2019 $6,611,281 $5,000,000 $204,949,719 31

2018 $7,945,623 $5,100,000 $405,226,780 51

2017 $8,072,791 $4,200,000 $379,421,166 47

2016 $6,985,574 $4,500,000 $230,523,958 33

Average Selling Price Total Units Sold

Average Selling Price | Median Selling Price | Units Sold

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2016 2017 2018 2019 2020*Price in Millions


Palm BeachSINGLE FAMILY HOMES | Q2 2020

S OT H E BYS H O M E S.C O M / PA L M B E AC H

$26.2m Total Sales Volume

-50 %


26 Units Sold

$1m Average Selling Price

at a glance

{Q2 | 2020}

west palm beach

Single Family Homes


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$1.6


West Palm BeachSINGLE FAMILY HOMES | Q2 2020




SoldVolume

UnitsSold

{2020 v 2019}

Change -33% -13% -66% -50%

2020 $1,006,128 $740,000 $26,159,326 26

2019 $1,492,363 $850,000 $77,602,895 52

2018 $1,051,795 $692,500 $50,486,175 48

2017 $849,909 $561,500 $34,846,262 41

2016 $836,544 $453,000 $30,952,110 37

Average Selling Price Total Units SoldMedian Selling Price

Q2Market Snapshot / Palm Beach Q2 Market Update

Total Volume

Average Selling Pricevs. Total Units Sold

Average Selling Price

Total Units Sold

55 %

22 %

23 %

Palm Beach | In-Town

South End

West Palm Beach

$ 59.8m

$ 23.9m$ 24.3m

*In Millions

*Price in Millions

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2016

2017

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2020

Highlight: ASP vs units

Palm Beach | In-TownPalm Beach | South End

West Palm Beach Highlight: Closed Volume

MarketSnapshot

Condominiums

$-

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Palm

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Palm

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outh

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Wes

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Bea

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Highlights: Median Sale Price

MedianSelling Price

TotalUnits Sold

*Price in Thousands

44 %

35 %

21 %


South End

West Palm Beach

302414


South End

West Palm Beach

$ 1.18m$ .82m

$.546m*In Millions


Palm Beach | South End

West Palm BeachHighlight: Units Sold

Q2Market Snapshot / Palm Beach Q2 Market Update

Highlighting Condominiums

Palm Beach In-Town, Palm Beach South End, and West Palm Beach


-27 %


30 Units Sold


at a glance

{Q2 | 2020}

palm beach | in-town

Condominiums


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Palm Beach | In-TownCONDOMINIUMS | Q2 2020




SoldVolume

UnitsSold

{2020 v 2019}

Change 30% -2% -5% -27%

2020 $1,994,015 $1,180,000 $59,820,475 30

2019 $1,535,147 $1,200,000 $62,941,068 41

2018 $1,756,566 $1,175,000 $93,098,000 53

2017 $1,720,917 $1,312,500 $80,883,138 47

2016 $1,493,376 $850,000 $49,281,439 33



*Price in Thousands

South EndCONDOMINIUMS | Q2 2020




SoldVolume

UnitsSold

{2020 v 2019}

Change 17% 37% -55% -62%

2020 $995,816 $820,000 $23,899,594 24

2019 $852,087 $600,000 $53,681,500 63

2018 $725,986 $482,500 $45,011,155 62

2017 $693,416 $550,000 $43,685,261 63

2016 $607,458 $502,000 $40,092,250 66


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2016 2017 2018 2019 2020

Q2 Market Snapshot / Palm Beach Q2 Market Update

at a glance

{Q2 | 2020}

south end

Condominiums


-62 %


24 Units Sold

$.96m Average Selling Price


-63 %


14 Units Sold


at a glance

{Q2 | 2020}

west palm beach

Condominiums


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2016 2017 2018 2019 2020*Price in Thousands

West Palm BeachCONDOMINIUMS | Q2 2020




SoldVolume

UnitsSold

{2020 v 2019}

Change 73% 13% -36% -63%

2020 $1,737,285 $546,000 $24,322,000 14

2019 $1,005,994 $485,000 $38,227,790 38

2018 $714,047 $429,000 $34,274,301 48

2017 $441,250 $35,500 $15,002,500 34

2016 $718,879 $462,275 $22,285,275 31


Palm Beach Q2 Market Update / South End Condominiums

PALM BEACH251 Dunbar RoadLast Asking $13,750,000

Extraordinary ResultsWe celebrate the notable success of our associates and clients

http://www.sothebyshomes.com/palmbeach

Recent Extraordinary SalesPALM BEACH

101 Nightingale Trail Last asking $13,900,000

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255 Clarke AvenueLast asking $9,500,000

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169 Everglade Avenue Last asking $7,795,000

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q1 | 2020 market update · 2020-04-09 · $2 $4 $6 $8 $10 $12 $14 palm beach west palm beach...

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