palm beach market update | q2 2014
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Palm Beach Market UpdateSecond Quarter 2014
PALM BEACH BROKERAGE340 Royal Poinciana WayPalm Beach, FL 33480+1.561.6593555BROKER MANAGER: Carol Hickman sothebyshomes.com
Palm Beach, FL | web: 0076381
SIGNIFICANT SALES | Q2 2014
A MESSAGE FROM OUR MANAGER: Carol HickmanWe invite you to review a summary of sales activity in the Palm Beach area during the second quarter of 2014. The Palm Beach Multiple Listing Service reports the following statistics year (2Q14) over year (2Q13) in Palm Beach:
Although the number of single family homes sold fell 22 percent, the median sales price rose 36 percent resulting in sold volume (total value of all sales combined) that was almost unchanged quarter over quarter. A similar trend occurred with the in town condominium market. The number of condos sold fell 16 percent and the median sale price increased 30 percent while sold volume was off only 10 percent.
The south end condominium market had weaker results, with both sold volume and median sales price falling. However, inventory continues to be absorbed, with the number of available properties decreasing in both the single family and condo markets.
West Palm Beach: Both sold volume and the median sales price of single family homes rose during the second quarter, despite the number of homes sold decreasing 19 percent. Condominium sales followed the same trend. West Palm was the only area where inventory levels increased.
Manalapan: Although the total number of single family homes sold in Manalapan was down, sold volume increased an impressive 84 percent. The median sales price also increased dramatically, while inventory of available homes fell 20 percent.
EVERGLADE ISLANDWeb ID: 0076250 | Listed $15,750,000
OCEANFRONT MEDITERRANEAN VILLA Web ID: 0076023 | Listed $7,950,000
OCEANFRONT BEAUTYWeb ID: 0076055 | Listed $5,300,000
EL CID LAKEFRONTWeb ID: 0076330 | Listed $4,200,000
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 SECOND QUARTER 182 49 $272,706,234 $5,565,433 $3,275,000 186
2013 SECOND QUARTER 212 63 $273,633,400 $4,343,387 $2,400,000 277
2014 QUARTERS 1-2 242 79 $466,209,010 $5,901,380 $3,150,000 199
2013 QUARTERS 1-2 284 96 $409,460,556 $4,265,214 $2,525,000 288
PALM BEACH
ACTIVELISTINGS
NUMBERSOLD
SOLDVOLUME
AVG. SALEPRICE
MEDIAN SALESPRICE DOM *
2014 SECOND QUARTER 211 43 $33,382,250 $776,331 $565,000 206
2013 SECOND QUARTER 198 55 $26,723,500 $485,882 $400,000 145
2014 QUARTERS 1-2 289 79 $68,194,275 $863,219 $625,000 189
2013 QUARTERS 1-2 263 95 $52,870,012 $556,526 $410,000 149
WEST PALM BEACH
*Days On Market
ACTIVELISTINGS
NUMBERSOLD
SOLDVOLUME
AVG. SALEPRICE
MEDIAN SALESPRICE DOM *
2014 SECOND QUARTER 23 2 $24,114,000 $12,057,000 $12,057,000 464
2013 SECOND QUARTER 29 4 $13,085,000 $3,271,250 $2,050,000 361
2014 QUARTERS 1-2 27 6 $43,065,470 $7,177,578 $5,607,000 278
2013 QUARTERS 1-2 40 9 $43,147,100 $4,794,122 $1,800,000 272
MANALAPAN
SALESCONDOMINIUM
ACTIVELISTINGS
NUMBERSOLD
SOLDVOLUME
AVG. SALEPRICE
MEDIAN SALESPRICE DOM *
2014 SECOND QUARTER 178 41 $56,811,310 $1,385,641 $1,050,000 263
2013 SECOND QUARTER 214 49 $63,289,675 $1,291,626 $805,000 246
2014 QUARTERS 1-2 241 71 $90,911,110 $1,280,438 $955,000 244
2013 QUARTERS 1-2 276 69 $80,253,795 $1,163,098 $700,000 241
PALM BEACH - IN TOWN
ACTIVELISTINGS
NUMBERSOLD
SOLDVOLUME
AVG. SALEPRICE
MEDIAN SALESPRICE DOM *
2014 SECOND QUARTER 344 72 $35,512,100 $493,223 $350,000 222
2013 SECOND QUARTER 439 84 $48,114,950 $572,797 $412,500 202
2014 QUARTERS 1-2 475 120 $59,976,100 $499,800 $293,000 214
2013 QUARTERS 1-2 563 129 $62,980,212 $488,218 $350,000 193
PALM BEACH - SOUTH END
*Days On Market
ACTIVELISTINGS
NUMBERSOLD
SOLDVOLUME
AVG. SALEPRICE
MEDIAN SALESPRICE DOM *
2014 SECOND QUARTER 182 34 $20,938,250 $615,830 $380,000 161
2013 SECOND QUARTER 163 42 $19,210,510 $457,393 $327,500 243
2014 QUARTERS 1-2 242 61 $32,641,250 $535,102 $360,000 168
2013 QUARTERS 1-2 211 72 $33,612,276 $466,837 $325,000 236
WEST PALM BEACH
WINDANSEA - DIRECT OCEANFRONT ESTATENorthend, Palm BeachWeb ID: 0076348 | $45,000,000
UNSURPASSED ELEGANCEEstate Section, Palm BeachWeb ID: 0076240 | $12,495,000
PALATIAL BILTMORE PENTHOUSE In-Town, Palm BeachWeb ID: 0076371 | $8,900,000
FEATURED LISTINGS
EXPANSIVE DIRECT OCEAN FRONT VIEWSSinger Island
Web ID: 0076291 | $2,925,000
BEAUTIFUL BRITISH WEST INDIESWest Palm Beach
Web ID: 0076373 | $2,150,000
SPACIOUS GARDEN PATIO APARTMENT In-Town, Palm Beach
Web ID: 0076369 | $1,750,000
FEATURED LISTINGS
left to right from top to bottom:
METROPOLITAN MARKETS
HOUSTON, TX | Web: 1231048 | $5,895,000
NEW YORK, NY | Web: 0019491 | $5,750,000
LOS ANGELES, CA | Web: 0027025 | $5,450,000
RESORT MARKETS
WATER MILL, NY | Web: 0037482 | $4,475,000
FALMOUTH, MA | Web: 0840716 | $5,600,000
LAS CAMPANAS, NM | Web: 0564064 | $5,190,000
FOREIGN MARKETS
TURKS & CAICOS | Web: SJFK3E | $4,950,000
SPAIN | Web: P2334R | $4,989,139
CANADA | Web: 37TFKW | $5,392,202
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