South Florida Real Estate Market Report – Q1 2018

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 in the South Florida real estate market, with average and median prices 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, according to the South Florida real estate market report, 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 average

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 of the South Florida real estate market report 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 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 average.

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.