Post on 14-Jul-2020
Market UpdateQ2 | 2020
Palm Beach
PALM BEACHsothebysrealty.com/id/QS5978
Offered at $16,950,000
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®
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.
debra.reece@sothebyshomes.comphone
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
0
20
40
60
80
100
120
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
2016
2017
2018
2019
2020
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
$-
$2
$4
$6
$8
$10
$12
$14
Palm
Bea
ch
Wes
t Palm
Bea
ch
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
0
10
20
30
40
50
60
$0
$2
$4
$6
$8
$10
$12
2016 2017 2018 2019 2020*Price in Millions
Median Selling Price
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 %
Change of Units Sold {2020 v 2019}
26 Units Sold
$1m Average Selling Price
at a glance
{Q2 | 2020}
west palm beach
Single Family Homes
Average Selling Price | Median Selling Price | Units Sold
0
10
20
30
40
50
60
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
2016 2017 2018 2019 2020*Price in Millions
West 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
Q2Average Selling Price
Median Selling Price
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
0
20
40
60
80
100
120
140
160
180
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
$1.80
2016
2017
2018
2019
2020
Highlight: ASP vs units
Palm Beach | In-TownPalm Beach | South End
West Palm Beach Highlight: Closed Volume
MarketSnapshot
Condominiums
$-
$200
$400
$600
$800
$1,000
$1,200
$1,400
Palm
Bea
ch | I
n-T
own
Palm
Bea
ch | S
outh
End
Wes
t Palm
Bea
ch
Highlights: Median Sale Price
MedianSelling Price
TotalUnits Sold
*Price in Thousands
44 %
35 %
21 %
Palm Beach | In-Town
South End
West Palm Beach
302414
Palm Beach | In-Town
South End
West Palm Beach
$ 1.18m$ .82m
$.546m*In Millions
Palm Beach | In-Town
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
$59.8m Total Sales Volume
-27 %
Change of Units Sold {2020 v 2019}
30 Units Sold
$1.99m Average Selling Price
at a glance
{Q2 | 2020}
palm beach | in-town
Condominiums
Average Selling Price | Median Selling Price | Units Sold
0
10
20
30
40
50
60
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
2016 2017 2018 2019 2020*Price in Millions
Palm Beach | In-TownCONDOMINIUMS | Q2 2020
S OT H E BYS H O M E S.C O M / PA L M B E AC H
Q2Average Selling Price
Median Selling Price
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
Average Selling Price Total Units SoldMedian Selling Price
Average Selling Price | Median Selling Price | Units Sold
*Price in Thousands
South EndCONDOMINIUMS | Q2 2020
S OT H E BYS H O M E S.C O M / PA L M B E AC H
Q2Average Selling Price
Median Selling Price
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
Average Selling Price Total Units SoldMedian Selling Price
0
10
20
30
40
50
60
70
$0
$200
$400
$600
$800
$1,000
$1,200
2016 2017 2018 2019 2020
Q2 Market Snapshot / Palm Beach Q2 Market Update
at a glance
{Q2 | 2020}
south end
Condominiums
$23.9m Total Sales Volume
-62 %
Change of Units Sold {2020 v 2019}
24 Units Sold
$.96m Average Selling Price
$24.3m Total Sales Volume
-63 %
Change of Units Sold {2020 v 2019}
14 Units Sold
$1.7m Average Selling Price
at a glance
{Q2 | 2020}
west palm beach
Condominiums
Average Selling Price | Median Selling Price | Units Sold
0
10
20
30
40
50
60
70
$0
$200
$400
$600
$800
$1,000
$1,200
2016 2017 2018 2019 2020*Price in Thousands
West Palm BeachCONDOMINIUMS | Q2 2020
S OT H E BYS H O M E S.C O M / PA L M B E AC H
Q2Average Selling Price
Median Selling Price
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
Average Selling Price Total Units SoldMedian Selling Price
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
Recent Extraordinary SalesPALM BEACH
101 Nightingale Trail Last asking $13,900,000
PALM BEACH
255 Clarke AvenueLast asking $9,500,000
PALM BEACH
169 Everglade Avenue Last asking $7,795,000
PALM BEACH
311 Pendleton Lane Last asking $4,995,000
sothebyshomes.com/palmbeach
*in order from left to right, top to bottom
AUCTION • RETAIL • ADVISORY
New York Hong Kong London
w i n e i s a n e v e r- e n d i n g j o u r n e y.s o t h e b y s w i n e . c o m
PH
OTO
BY
GIA
MM
AR
CO
BO
SC
AR
O O
N U
NS
PLA
SH
AUCTION • RETAIL • ADVISORY
New York Hong Kong London