South Florida Real Estate Market Report – Q3 2018

In the Town of Palm Beach sales were up 40% for single-family homes and 37% for condos and co-ops. Average price increased 35% for both product types combined, while median price declined 7% year-over-year. Days on market decreased for both product types year-over-year and quarter-over-quarter, with a 43% drop annually.

Average price increased 47% for single-family homes, and median price rose by 34%. The increase in average price was driven by three sales over $20M compared to none last year. The median price also increased year-over-year due to more sales above $5M compared to last year. Days on market fell 40%, due to fewer sales on the market for over a year and no properties on the market for over 1,000 days compared to one last year.

Condo and co-op sales activity increased 37%, as sales In Town and The South End rose by 106% and 19%, respectively. Pricing metrics increased as well with average price and median price increasing 3% and 19%, respectively. The increase in pricing was due to the majority of sales being over $500K compared to last year. Days on market decreased significantly by 60 days, or 36%, due the majority of properties staying on the market for less than 100 days.

In the North End, single-family home sales remained level yearover-year. Average sale price increased 49% mostly due to a $35M sale at 100 Casa Bendita. Days on market decreased by 59% because no properties were on the market for over 200 days.

In Town, sales increased amongst both product types, with single-family homes and condos/coops increasing 125% and 106%, respectively. Average price of single-family home sales decreased 19% as no sales were over $10M. Condos and co-ops experienced a 42% decrease in average price due to last year’s average skewing high from a $4.5M sale at 330 South Ocean Boulevard. Days on market decreased for both product types with single-family homes being the most notable at 51%. The significant drop is due to last year being unusually high because of one property being on the market for over three years.

The Estate Section saw three more sales than last year, translating into a 75% annual gain. Average sale price increased significantly by 89% due to two sales above $20M compared to last year’s highest sale of only $13M. Median sale price increased 33% as six of the seven sales were over $5M.

South End condo and co-op sales increased 19% year-over-year. Pricing metrics increased as well, with average sale price and median sale price rising 33% and 18%, respectively. Days on market decreased 40% due the majority of properties staying on the market for less than 100 days.