Shifting the trend of the last three quarters, sales in the Town of Palm Beach for single-family homes had a considerable rise versus last year. This increase in sales was solely due to a large boost in North End closings, as sales “In Town” and in the Estate section both declined. Condos and co-ops had a 9% drop in sales, though all pricing metrics increased by double digits, as nearly half of sales eclipsed $1 million.
Single-family homes saw a significant 26% increase in average price over Second Quarter 2016. There were six sales in excess of $20M which helped keep the median sales price steady at 2016 levels. Pricing was partially driven by sales in the Estate section of town, which had an average and median sale price of around $20 million. This increase in pricing was met by a 13% increase in sales activity, as 43 sales were recorded in the area, 29 of which were in the North End.
North End single-family sales saw by far the highest increase in activity this quarter out of all regions and residence types. The neighborhood saw an annual increase of 81%, and quarterly increase of 123%. However, these gains came with a reduction in median and average sales price, as well as an increase in average days on market. Those declines were primarily tied to a large number of lower priced sales, though there were also sales at the high end, including a $34 million sale at 100 Casa Bendita.
The number of condo and co-op sales “In Town” increased by double digits. There were six fewer sales of single-family homes in the area due to dwindling inventory, resulting in a decline of 40% compared to last year. Pricing metrics across the board were positive, as condos, co-ops and single family homes saw double and even triple digit gains. The sale of high-priced residences that took longer to sell drove up days on market, especially for single-family homes, where days on market increased 169%.
South End condo and co-op sales dropped 19% versus last year. However, with 11 sales over $1 million, the average and median price were both up. Though median price saw a more modest increase than the average, as the 4% rise was driven down by 46 sales that occurred below $400,000. Days on market rose over the last year, but dropped 11 days from last quarter.