South Florida Real Estate Market Quarterly Report – Q4 2017

Sales of single-family properties increased 19% compared to a year ago and the average closed sale price more than doubled (102%) to $8.4 million as all properties sold at or above $2.4 million. Five of the 19 closed sales were over $10 million, including the $29 million sale at 901 North Ocean Boulevard.

The North End had the highest number of single-family residence sales and the South End had the highest number of condominium and co-op sales.

While single-family residence closed sales and prices climbed upward, condominium and co-op closed sales decreased 7% and the average sale priced declined 18% to $607,483 compared to last year.

Palm Beach townhouse sales were unchanged from a year ago. Sale prices – both average and median – declined this quarter, as there were fewer sales above $1 million compared to last year.

In the Barrier Islands, closed -sales declined for both single-family residences and condominium and co-ops compared to year ago.

Closed sales declined 19% in the Jupiter Island to Singer Island market vs. last year and 18% fewer condominiums and co-ops sold this quarter.

However, the single-family residence average sale price for Jupiter to Singer Island soared up 79% vs. last year as high-priced properties – two sales over $10 million, one a $16.5 million sale – drove this quarter’s average price dramatically upward. 4th Qtr. condominium and co-op sales also saw a substantial increase in average sale price, rising 29% vs. a year ago.

In the Hypoluxo Island to Highland area, closed sales declined for single-family residences and condominium and co-ops properties for the seventh consecutive quarter. The average sale price increased for single-family residences 19% but declined 22% for condominiums and co-ops.

Download the full Palm Beach real estate market report here.