In the Town of Palm Beach, total sales were down 21% compared to Second Quarter 2018. The decrease in single-family home sales was more pronounced, at 42%, than the 14% decrease in condo and co-op sales activity during Second Quarter 2019. One reason why there was a significant year-over-year decline in sales was due to the spike in transactions in early 2018 following federal tax reform.
Overall average sale price fell 7% and median price fell 17% given that condos/co-ops and lower-priced residences comprised a greater share of sales during Second Quarter 2019. Days on market decreased for both product types year-over year, dropping 32% annually overall.
There was a significant increase in average price for single family homes due to the record-setting sale at 1295 South Ocean Boulevard, which closed for over $110M. Median sale price, which is less skewed by individual transactions, rose 1% compared to Second Quarter 2018. Days on market fell 5%, as the majority of single-family homes sold within a year and only two properties were on the market for over one year.
Palm Beach condo and co-op closed sales activity was solid, improving 34% versus First Quarter 2019, although this was down 14% year-over-year. However, condo and co-op price metrics varied versus Second Quarter 2018. Average sale price declined 10% as there were no condo sales above $5M compared to four sales last year. The median sale price slightly increased 2% driven by fewer sales below $1.5M compared to Second Quarter 2018. Homes were on the market for a shorter period of time during Second Quarter 2019, down 37% year-over-year to 100 days.
In the North End, single-family home sales experienced a significant 62% decline in sales compared to Second Quarter 2018, when sales were anomalously high following the early 2018 federal tax reform. Average sale price increased 37% mostly due to an oceanfront sale at 980 North Ocean Boulevard over $28M during Second Quarter 2019 compared to no sales above $22M during Second Quarter 2018. Days on market increased by 17% because half of the sales were on the market for over six months during Second Quarter 2019.
In Town, sales showed varied activity by product type during Second Quarter 2019, with single-family sales increasing by one sale and condo/co-op sales decreasing 27%. Average price of single family home sales increased 25%. Condo and co-op median price decreased 8% year-over-year during Second Quarter 2019 while the average sale price declined 15%. The decline in average price was driven by a shift of market share toward sales below $3M compared to last year. Days on market increased 68% for single-family homes but decreased 22% for condos/co-ops versus Second Quarter 2018. The Estate Section experienced three fewer single-family sales than Second Quarter 2018. Due to the record setting sale of 1295 South Ocean Boulevard which closed for over $110M price metrics were skewed versus last year. Average price increased 6% year-over-year while median price declined 61% due to only one sale over $20M during Second Quarter 2019.
Condo and co-op sales in The South End fell 7% versus last year. The average price increased 9% year-over-year due to a greater amount of sales above $3M during Second Quarter 2019. Median price decreased 3% for The South End as the number of sales under $400K increased this quarter. The majority of homes sold in fewer than three months, driving days on market down 32% year-over-year.