In the Town of Palm Beach overall sales rose 16% year-over-year and 43% compared to last quarter. The significant quarterly gain is typical of the spring selling season. Changes in pricing metrics were varied, with average and median price decreasing for condos and co-ops, while for single-family homes the median price increased and average price decreased. Overall days on market rose slightly year-over-year, with condos and co-ops increasing significantly but single-family homes seeing a moderate decrease.
Average price for single-family homes declined 18% while median price rose 15%. The year-over-year drop in average price was driven by fewer sales above $10MM and a $77M transaction in April 2017. Despite the increase in median price, days on market fell by 18 days or 9%.
All pricing metrics for condos and co-ops fell year-over-year with average price and median price declining 3% and 6%, respectively. The decline in pricing was driven by more sales under 500K as compared to last year. Days on market rose significantly by 26 days or 19% as the amount of listings on the market for over a year nearly doubled.
In the North End, single-family home sales increased by 19% or six more sales than a year ago. Average price experienced a significant 20% decrease driven by only one sale above $20M compared to three a year ago. However, median price increased 11% as more sales over $4M pushed that figure higher. Days on market experienced an increase of 7% as homes spent about 11 more days on market, on average. In Town, single-family home sales experienced a drop of 8% annually, while condos and co-ops increased 12%. Average price of single-family home sales was down 42% this quarter, off an unusually high figure last year that occurred due to two high-priced closings of $27M and $18.7M.
Condos and co-ops, meanwhile, had just a 4% drop in average price, but a 27% drop in median sale price. Days on market was stable for condos and co-ops but down a notable 64% for single-family homes, as three sales were made in under 40 days on market, compared to none last year. The Estate Section saw four more sales than last year, translating into a 57% annual gain. Average sale price fell 27%, off an unusually high Second Quarter 2017 figure when a $77M transaction occurred. Median sale price declined 10% this year, with nearly 60% of sales this quarter were below $20M.
South End condo and co-op sales rose significantly year-overyear, with an 18% increase. Average sale price and median sale price were nearly level, just up slightly as compared to last year. Days on market increased by 32%, driven up by twelve sales on the market for over a year compared to only five last year.
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