1Q18 TOWN OF PALM BEACH & BARRIER ISLANDS The Corcoran Report
353 El Brillo Way web# 5339190 on corcoran.com Town of Palm Beach $6.425M $4.075M 46 +31% -1% +8% $1.018M 125-15% +18% $540K +46%
1Q18 Corcoran Report Palm Beach & Barrier Islands Corcoran Report 1Q 2018 PALM BEACH In the Town of Palm Beach sales rose for single-family homes but fell for condos and co-ops year-over-year. Changes in pricing metrics were varied, with average and median price increasing for condos and co-ops, while for single-family homes median price rose but average price was nearly flat. Days on market stayed relatively flat year-over-year, with single-family homes seeing a slight rise and condos and co-ops seeing a small dip. Average price for single-family homes was nearly unchanged, down just 1%, while median price rose by 8%. The increase in median price was driven largely by a jump in sales occurring in the Estate section of Palm Beach, the area with the highest average and median sale price. Condo and co-op sales activity fell as sales In Town and The South End fell by double digits as compared to last year. However, a rise in average and median sale price across all areas shifted overall pricing metrics higher. In the North End, single-family home sales stayed rather stable, with only one sale more than a year ago. Average and median sale price experienced a bump compared to last year, with sales at $22M and $40M pushing those figures higher. Days on market fell by 11% as compared to last year, as homes spent almost a month less time on market, on In Town, the number of condo and co-op sales fell annually, while single-family home sales experienced significant quarterly and annual increases. The First Quarter registered 14 single-family home sales, a 40% increase from last year, with two sales occurring over $10M, pushing average and median sale price up 19% and 15%, respectively. Condos and co-ops also saw gains in pricing metrics, as 26 sales occurred over $1M, compared to 23 sales last year. This increase in high-priced sales was despite a 19% drop in sales overall. The Estate section saw the largest percentage gain in contract activity, with more than double the sales of last year. However, despite five sales occurring over $5M this TOWN OF PALM BEACH 1Q18 4Q17 % CHG (QTR) 1Q17 % CHG (YR) ALL SINGLE-FAMILY CLOSED SALES 46 32 44% 35 31% AVERAGE PRICE $6.425M $8.222M -22% $6.510M -1% MEDIAN PRICE $4.075M $5.312M -23% $3.780M 8% AVG DAYS ON MARKET 215 254-15% 210 2% ALL - CLOSED SALES 125 88 42% 147-15% AVERAGE PRICE $1.018M $819K 24% $859K 18% MEDIAN PRICE $540K $369K 47% $370K 46% AVG DAYS ON MARKET 136 176-23% 141-4% NORTH END - SINGLE-FAMILY CLOSED SALES 22 18 22% 21 5% AVERAGE PRICE $7.064M $6.802M 4% $6.653M 6% MEDIAN PRICE $4.181M $4.625M -10% $3.780M 11% AVG DAYS ON MARKET 227 203 12% 256-11% IN TOWN - SINGLE-FAMILY CLOSED SALES 14 3 367% 10 40% AVERAGE PRICE $4.199M $10.776M -61% $3.516M 19% MEDIAN PRICE $3.374M $7.228M -53% $2.944M 15% AVG DAYS ON MARKET 203 289-30% $149 37% ESTATE SECTION - SINGLE-FAMILY CLOSED SALES 10 11-9% 4 150% AVERAGE PRICE $8.134M $9.851M -17% $13.243M -39% MEDIAN PRICE $6.550M $8.750M -25% $7.850M -17% AVG DAYS ON MARKET 205 313-34% 34 504% IN TOWN - CLOSED SALES 48 30 60% 59-19% AVERAGE PRICE $1.600M $1.490M 7% $1.448M 11% MEDIAN PRICE $1.063M $731K 45% $801K 33% AVG DAYS ON MARKET 127 177-28% 153-17% SOUTH END CLOSED SALES 77 58 33% 88-13% AVERAGE PRICE $655K $471K 39% $465K 41% MEDIAN PRICE $370K $272K 36% $265K 40% AVG DAYS ON MARKET 141 175-20% 134 5% year, average and median price fell, due to all of last year s sales occurring over that price. Days on market rose sharply, as one home registered 791 days on market, skewing the South End condo and co-op sales were 13% lower than the year prior. Average price and median sale price rose around 40% annually, as 18% of sales occurred over $1M during the First Quarter of 2018, double the 9% of last year.
65 Curlew Road web# 5351919 on corcoran.com Jupiter Island to Singer Island $1.136M 61-29% +1% $775K +16% 152 +9% $551K +15% $362K +11% Hypoluxo Island to Highland $4.575M $2.574M 44 +19% 0% +54% 117 +77% $651K -23% $515K +35%
1Q18 Corcoran Report Palm Beach & Barrier Islands Corcoran Report 1Q 2018 JUPITER ISLAND TO SINGER ISLAND North of Palm Beach, on the barrier islands from Jupiter to Singer Island, there was a gain in contract activity for condos and co-ops, while single-family homes declined. Median sale price of single-family homes rose 16% compared to last year, while average sale price rose a more modest 1%. Condos and co-ops, alternatively, saw rises in both contract activity and pricing, with two sales at the Ritz Carlton marking the highestpriced sales of the quarter. Days on market rose by nearly a quarter for single-family homes, while condos and co-ops saw a nine day decline. HYPOLUXO ISLAND TO HIGHLAND The area south of Palm Beach, from Hypoluxo to Highland broke a seven quarter streak of declines, with both product types seeing a rise in activity. Condos and co-ops experienced the greatest rise in activity, with 77% more sales than last year. The rise in activity led to an unsurprising decline in days on market, as that metric fell 42% for condos and co-ops. Single-family homes experienced a more modest 19% rise in activity, with seven more sales than last year. Average price stayed almost level, while median price increased more than 50%. This dramatic shift was mostly due to fewer sales at the low end, as only one sale occurred below $500K, compared to five last year. TOWNHOUSES Townhouse sales activity was slightly higher than a year ago, but pricing metrics were down quarterly and annually. Average price dropped 21% versus last year while median sale price decline 10%, due mostly to an abundance of sales at the low end. Days on market dropped significantly, down 38%, to under three months spent on market on JUPITER TO SINGER 1Q18 4Q17 % CHG (QTR) 1Q17 % CHG (YR) SINGLE-FAMILY CLOSED SALES 61 47 30% 86-29% AVERAGE PRICE $1.136M $1.704M -33% $1.128M 1% MEDIAN PRICE $775K $925K -16% $667K 16% AVG DAYS ON MARKET 97 115-16% 79 24% CLOSED SALES 152 121 26% 139 9% AVERAGE PRICE $551K $508K 8% $477K 15% MEDIAN PRICE $362K $350K 3% $325K 11% AVG DAYS ON MARKET 80 111-28% 89-11% HYPOLUXO TO HIGHLAND 1Q18 4Q17 % CHG (QTR) 1Q17 % CHG (YR) SINGLE-FAMILY CLOSED SALES 44 11 300% 37 19% AVERAGE PRICE $4.575M $2.852M 60% $4.580M 0% MEDIAN PRICE $2.574M $1.550M 66% $1.675M 54% AVG DAYS ON MARKET 158 327-52% 122 30% CLOSED SALES 117 49 139% 66 77% AVERAGE PRICE $651K $572K 14% $846K -23% MEDIAN PRICE $515K $415K 24% $381K 35% AVG DAYS ON MARKET 76 108-30% 132-42% ALL AREAS 1Q18 4Q17 % CHG (QTR) 1Q17 % CHG (YR) TOWNHOUSES CLOSED SALES 48 32 50% 45 7% AVERAGE PRICE $598K $641K -7% $762K -21% MEDIAN PRICE $385K $411K -6% $430K -10% AVG DAYS ON MARKET 80 114-30% 128-38% METHODOLOGY Figures are based on closings reported in the Palm Beach PBB and Beaches Multiple Listing Services, in addition to sales recorded by the Palm Beach County Property Appraiser s office within the Town of Palm Beach at the time the report is prepared. Median Price is the middle or midpoint price where half of sales fall below & half fall above this number. Days on Market averages how long a unit takes to sell and is calculated by subtracting contract date from list date. Units on the market longer than three years and shorter than one day are considered outliers and removed from the data to prevent significant skewing The following members of The Corcoran Group made significant contributions to this report: Bill Yahn Victoria Creamer Ryan Schleis Connor Reisenbigler The Corcoran Group is a licensed real estate broker located at 340 Royal Poinciana Way, Ste 302, Palm Beach, FL 33480.