In the Town of Palm Beach, single-family home sales increased 6 percent compared with the Q1 2019 and jumped 113 percent against Q4 2019.
In the North End, single-family home sales activity improved 6% compared to last year, up by one sale, and increased by 113% compared to Fourth Quarter 2019. Average sale price displayed an increase of 6%, mostly due to a waterfront sale at 1284 North Lake Way closing for over $10M. Days on market increased by 87% and were influenced by 60% of sales during First Quarter 2020 staying on the market for over six months before finding a buyer.
In Town, sales activity varied by product type during First Quarter 2020, with single-family closings rising 29% compared to last year but condo/co-op sales decreasing by 4% during the same period. The average price of single-family home sales rose 24% and condo/ co-op average price also increased, up 2% year-over-year. The rise in single-family average price was driven by the sale of 1742 South Ocean Boulevard which closed for $10M. There were zero sales over $10M during this same time period last year. Days on market expanded 5% for single-family homes and 28% for condos/co-ops versus First Quarter 2019.
The Estate Section experienced six more single-family closings compared to First Quarter 2019. During First Quarter 2020, 530 South Ocean Boulevard sold for over $37M. There were six additional closed sales over $10M during First Quarter 2020 compared to two sales over $10M last year. As a result, price metrics were skewed versus last year and the average sale price expanded 52% year-over-year while median price jumped by 32%.
Condo/co-op sales in The South End fell 12% versus last year. Average price and median price both increased by double digits up 34% and 64% year-over-year. The rise in pricing statistics in the South End was due to the reduced share of sales under $500K during First Quarter 2020 compared to last year. Days on market expanded by 30% annually to 158 days on average.