Post on 16-Mar-2016
description
Q1: January - March 2013
Photo Courtesy of Jim Mandeville
Market Update
Single family home, condominium and town home sales in Northern Palm
Beach County and Martin County displayed a healthy and clearly
strengthening residential real estate market, continuing the positive upward
trends from 2012. Compared to the 1st quarter of 2012, it is apparent that
the low levels of inventory and decreased days on market of the first
quarter of 2013 have continued to push prices up in most of the
communities in South Florida.
According to data obtained from the Regional MLS, buyers in the key
communities of our market perceived good value in the stability of pricing.
Sellers were in a better position to negotiate and many found multiple offers
and bidding wars occurring on properly priced listings.
Buyers and sellers are finding a renewed energy in the home sale process
because of the increase in consumer confidence, record low mortgage
interest rates and positive real estate reports in the media. As this is an
optimal time for buyers to find a home, most are finding that the shrinking
inventory is working more in favor of sellers.
Our predictions are that this improvement in the market will continue
throughout the second quarter of 2013, considering the strong first quarter
numbers and the many buyers who are now ready to purchase. We invite
you to review our quarterly report for further analysis of how various areas in
our market performed. Please feel free to contact one of our professionals
for any assistance as you evaluate your own real estate plans this year.
Coastal Sotheby’s International Realty
Lost Tree Village, North Palm Beach
0 50 100 150 200 250 300 350 400 450 500
$500K-$1M
$1M-$3M
$3M-$5M
$5M-$10M
$10M+
Number or Homes, Condos, Townhomes
Pri
ce
Ra
ng
e
Q1 2012
Q1 2013
1 ST QUARTER SALE PRICE SUMMARY
The sale of $1 Million homes, condos and townhomes in Palm Beach and Martin Counties
represented 3.5% of the transactions in the first quarter of 2013. Sales in each price point
increased considerably in the first quarter of 2013 compared to the first quarter of 2012.
Source : Regional MLS
90%
6%3%
<1%
<1%
<1%
$0 - $500K
$500K-$1M
$1M-$3M
$3M-$5M
$5M-$10M
$10M+
Coastal Sotheby’s International Realty
Lost Tree Village, North Palm Beach
1st Quarter 2013
Sale Price Analysis
Q1: 2012 vs. Q1: 2013
Sale Price Analysis
Single Family Homes
Source : Regional MLS
When compared to quarter one of 2012, the first quarter of 2013 exhibited a
significant and steady improvement in sales for single family homes throughout
Palm Beach County and Martin County. Growing optimism and confidence
continues to increase among potential sellers and most are more willing to put their
homes on the market as list prices increase. Although increasing, local Realtors
continue to report the shortage of marketable single family inventory on the market.
The single family home market in Palm Beach County increased approximately 11%
in total number of sales and improved over 28% in average sales price. Days on the
market decreased considerably in the county as well. Cities showing the largest
increase in the number of sales included Singer Island, North Palm Beach and
Jupiter Inlet Colony.
Martin County showed a more modest increase of 4% in the number of sales but
decreased 6% in average sales price. Jupiter Island showed a significant
improvement in 2013 with nine transactions in the first quarter of 2013 compared to
just one in the first quarter of 2012.
Coastal Sotheby’s International Realty
Lost Tree Village, North Palm Beach
Source : Regional MLS Coastal Sotheby’s International Realty
Lost Tree Village, North Palm Beach
1st Quarter 2012 vs. 1st Quarter 2013 Total # of Sales
Q1: 2012
Total # of Sales
Q1: 2013 % change
Palm Beach County 3064 3395 +11%
Martin County 417 435 +4%
Singer Island 5 15 +200%
Palm Beach Gardens 183 235 +28%
North Palm Beach 20 41 +105%
Jupiter 178 236 +33%
Juno Beach 3 2 -33%
Jupiter Inlet Colony 3 4 +33%
Tequesta 41 37 -10%
West Palm Beach 511 485 -5%
Wellington 160 207 +29%
Hobe Sound 59 72 +22%
Jupiter Island 1 9 +800%
1st Quarter 2012 vs. 1st Quarter 2013 Avg. Sales Price
Q1: 2012
Avg. Sales Price
Q1: 2013 % change
Palm Beach County $302,286 $387,691 +28%
Martin County $332,268 $310,970 -6%
Singer Island $743,400 $442,780 -40%
Palm Beach Gardens $443,571 $546,653 +23%
North Palm Beach $972,744 $1,118,097 +15%
Jupiter $428,416 $522,952 +22%
Juno Beach $545,500 $462,500 -15%
Jupiter Inlet Colony $1,408,667 $1,281,250 -9%
Tequesta $696,428 $655,055 -6%
West Palm Beach $161,986 $204,743 +26%
Wellington $434,722 $557,723 +28%
Hobe Sound $598,330 $1,050,677 +76%
Jupiter Island $14,000,000 $5,830,556 -58%
1st Quarter 2012 vs. 1st Quarter 2013 Avg. Price Per SF
Q1: 2012
Avg. Price Per SF
Q1: 2013 % change
Palm Beach County $117.16 $144.65 +23%
Martin County $128.98 $126.58 -2%
Singer Island $229.47 $223.24 -3%
Palm Beach Gardens $151.70 $179.14 +18%
North Palm Beach $209.31 $297.67 +42%
Jupiter $168.77 $191.47 +13%
Juno Beach $222.05 $213.63 -4%
Jupiter Inlet Colony $506.94 $533.50 +5%
Tequesta $215.32 $202.18 -6%
West Palm Beach $82.28 $99.17 +21%
Wellington $134.81 $173.46 +29%
Hobe Sound $169.90 $246.63 +45%
Jupiter Island $1,985.25 $926.47 -53%
Average Price Per Square Foot
Average Sales Price
Total Sales
Source : Regional MLS Coastal Sotheby’s International Realty Source : Regional MLS
Average Days on Market Q1: 2012 Q1: 2013
Palm Beach County 164 152
Martin County 208 173
Singer Island 365 229
Palm Beach Gardens 171 165
North Palm Beach 266 196
Jupiter 164 171
Juno Beach 72 164
Jupiter Inlet Colony 507 522
Tequesta 202 208
West Palm Beach 165 157
Wellington 177 140
Jupiter Island 355 406
Key Observations
Jupiter Island sales dramatically increased from just 1 single family
home sale in Q1 2012 to 9 in Q1 2013.
Singer Island, North Palm Beach, and Jupiter Island saw tremendous
gains in the number of transactions
Days on the market decreased in half of the markets
North Palm Beach saw a substantial increase in the average price per
square foot from $209 to $297.
Wellington consistently strengthened with increases in number of sales,
average sales price, and average price per square foot.
Single Family Homes
Most Active Luxury Communities in Sales for 1st Quarter 2013
Source : Regional MLS Coastal Sotheby’s International Realty
BallenIsles, Palm Beach Gardens
Mirasol, Palm Beach Gardens
Abacoa, Jupiter Old Palm Golf Club, Palm Beach Gardens
Admirals Cove, Jupiter
Condominiums
& Townhomes
Northern Palm Beach County and Martin County condominium and town home
sales displayed consistent progress when comparing the 1st quarter of 2012 to the 1st
quarter of 2013. In almost every community, the average sales price and average
price per square foot increased considerably.
Palm Beach County showed a 2% increase in the number of sales, a 21% increase in
the average sales price and a 10% increase in the average price per square foot.
Days on the market decreased from 162 to 143 as well. Cities showing the largest
increase in the number of sales included North Palm Beach and Wellington.
Martin County reported an even higher increase of 21% in the number of sales and
a 35% increase in average sales price. Days on market decreased from 165 days to
146 days.
Coastal Sotheby’s International Realty
The Ritz-Carlton Residences, Singer Island
Source : Regional MLS Coastal Sotheby’s International Realty
The Ritz-Carlton Residences, Singer Island
1st Quarter 2012 vs. 1st Quarter 2013 Total # of Sales
Q1: 2012
Total # of Sales
Q1: 2013 % change
Palm Beach County 3510 3581 +2%
Martin County 287 348 +21%
Singer Island 52 60 +15%
Palm Beach Gardens 150 175 +17%
North Palm Beach 58 73 +26%
Jupiter 203 200 -1%
Juno Beach 21 22 +5%
Tequesta 44 34 -23%
West Palm Beach 732 625 -15%
Wellington 62 69 +11%
Hobe Sound 26 48 +85%
1st Quarter 2012 vs. 1st Quarter 2013 Avg. Sales Price
Q1: 2012
Avg. Sales Price
Q1: 2013 % change
Palm Beach County $138,296 $168,003 +21%
Martin County $113,386 $153,406 +35%
Singer Island $602,180 $609,567 +1%
Palm Beach Gardens $158,851 $191,612 +21%
North Palm Beach $144,957 $203,956 +41%
Jupiter $218,424 $221,967 +2%
Juno Beach $444,500 $494,500 +11%
Tequesta $224,371 $208,438 -7%
West Palm Beach $86,057 $108,084 +26%
Wellington $145,006 $183,889 +27%
Hobe Sound $121,438 $149,174 +23%
1st Quarter 2012 vs. 1st Quarter 2013 Avg. Price Per SF
Q1: 2012
Avg. Price Per SF
Q1: 2013 % change
Palm Beach County $96.00 $105.50 +10%
Martin County $80.42 $100.50 25%
Singer Island $257.54 $282.28 +10%
Palm Beach Gardens $104.41 $120.46 +15%
North Palm Beach $100.42 $126.13 +26%
Jupiter $135.42 $147.15 +9%
Juno Beach $235.82 $234.20 -1%
Tequesta $128.48 $132.89 +3%
West Palm Beach $66.00 $78.08 +18%
Wellington $91.24 $109.05 +20%
Hobe Sound $83.83 $96.66 +15%
Average Price Per Square Foot
Average Sales Price
Total Sales
Source : Regional MLS Coastal Sotheby’s International Realty Source : Regional MLS
Average Days on Market Q1: 2012 Q1: 2013
Palm Beach County 162 143
Martin County 165 146
Singer Island 238 255
Palm Beach Gardens 160 134
North Palm Beach 263 165
Jupiter 181 164
Juno Beach 193 146
Tequesta 282 207
West Palm Beach 144 134
Wellington 200 253
Key Observations
Singer Island saw an increase in average price per square foot to $282
and average sales price to $609,000.
75% of the Palm Beach County and Martin County areas reported
lower days on market, with Palm Beach Gardens at the lowest of 134.
Although 3 of the cities showed a decrease in the number of sales; the
average sales price and/or average price per square foot went up
significantly.
Inventory decreased and prices increased in most of the markets.
Overall, Wellington, North Palm Beach and Hobe Sound showed the
most improvement in the Condominium Market.
Condominiums & Townhomes
Source : Regional MLS Coastal Sotheby’s International Realty
Two City Plaza, West Palm Beach
Most Active Condominiums in Sales for 1st Quarter 2013
The Ritz-Carlton Residences, Singer Island
Ocean Royale, Juno Beach Ocean Isles Condo Sailfish Point, Stuart
The Resort at Singer Island, Singer Island
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If your property is presently listed with another brokerage, please consider this advertisement a source of information and not a solicitation. All information is deemed reliable but not guaranteed. Each office is Independently Owned and Operated.
CoastalSIR.com
Kelly Martin, Managing Broker
11601 Kew Gardens Avenue, Suite 101
Palm Beach Gardens, FL 33410
t. 561.694.0058 I f. 561.694.0106 I info@coastalsir.com
© 2013 Coastal Sotheby’s International Realty