South Florida Real Estate Market Quarterly Report – Q3 2017

Sales in the Town of Palm Beach dipped versus a year ago for single-family homes, with a drop in sales “in town” being the sole reason for the decline. Condos on the other hand, saw a slight uptick in sales activity with three more sales occurring than last year. Quarter-over-quarter sale declines were significant, however this is due to the typical market seasonality experienced in Palm Beach. Days on market increased across the board, with condo/co-ops seeing the largest increase.

Along with a decline in sales activity, single-family homes saw average and median sale price drop by double-digits versus last year. A $37 million sale at 6 Ocean Lane last year skewed up average price. Furthermore, only ten sales occurred over $3 million this year, compared to fifteen last year, which skewed down average and median sale price this quarter. Days on market saw a significant uptick, as it increased 29% over the last year, and 41% over the last quarter, as 75% of sales took over 100 days to sell.

In the North End, single-family sales stayed nearly level compared to a year ago, with twelve sales, two more than last year. The neighborhood saw a significant decrease in average price of 38%, and a less significant decrease in median price of 6%. The sole reason for this decline was a $37 million sale last year at 6 Ocean Lane, which pushed average and median price above this year’s figures. Single-family homes in the North End experienced the lowest rise in days on market of all three submarkets, with an average of 209 days before selling.

The number of condo and co-op sales “In Town” stayed virtually the same, as two more sales occurred than last year. However, in the same period only four single-family home sales occurred, resulting in a drop in sales activity of 56% versus last quarter and last year. Pricing metrics improved for condos and co-ops, with average and median sale price increasing 8% and 14%, respectively. Single-family homes on the other hand, saw average price grow 18% due to a sale at 124 Via Bethesda for $15 million, though median sale price fell 37%.

South End condo and co-op sales were also virtually identical versus last year, with one more sale occurring. Average price dropped 7%, while median sale price stayed nearly the same. Days on market increased a substantial 39%, with 15 sales taking over 200 days to sell, almost double the eight units that took that long to sell last year.

Download the full Palm Beach real estate market report here.