The Corcoran Report: South Florida Q4 2019
View the full 11-page report for a comprehensive list of stats, market trends, and analysis
In the Town of Palm Beach, sales fell 21% compared to Fourth Quarter 2018. A 28% decrease in condos/co-op sales fueled the decline; single-family home sales actually increased 29% year over-year during Fourth Quarter 2019.
Average sale price across all product types rose 116% and median price increased 4%, driven by the sale of 1415 South Ocean Boulevard that closed for over $100M. In addition, the sale of 1610 North Ocean Boulevard for over $25M skewed pricing higher during Fourth Quarter 2019. Excluding the sale of 1415 South Ocean Boulevard, average sale price would have increased by 36% annually, still a very significant increase. Days on market increased by 5% for single-family sales yet declined by 16% for condos/co-ops year-over-year, bringing down the overall figure to 103 days, a 12% overall annual decline.
Extreme prices have less of an impact on the median sale figure yet it still rose 4% compared to Fourth Quarter 2018 due to the year over-year increase in single family home sales which are two-and-a half times more expensive than the overall average.
Jupiter to Singer Island
North of Palm Beach, on the barrier islands from Jupiter to Singer Island, there was an increase in single-family home sales but a decline in condos/co-ops closings. Price statistics diverged by product type. Single-family average price and median price each increased by 33%, driven by a larger share of sales above $3M and the decline in market share of sales under $500K during Fourth Quarter 2019. For condos/coops, average price remained level year-over-year and median sale price rose 18% annually, caused by the decline in the market of sales below $1M compared to last year. Days on market rose a minimal 2% for single-family homes while condos/co-ops increased 6% compared to last year.
Hypoluxo to Highland
The area south of Palm Beach, from Hypoluxo to Highland, had diminished sales activity for both single-family homes and condos/co-ops. Pricing metrics varied by product type. Single family homes experienced a 74% increase in average price year over-year and median price also increased by a significant 92%; a rise in sales over $5M including one sale over $9M versus none last year drove the overall gains. Pricing metrics for condos/ co-ops were mixed with average price up 20% and median price down 11%. Days on market for single family homes and condos/co-ops increased by double digits, rising 19% and 16%, respectively. Days on market increases were due to the majority of homes staying on the market for over six months compared to less than six months last year before finding a buyer.