The Corcoran Report: South Florida Q4 2019
View the full 11-page report for a comprehensive list of stats, market trends, and analysis
Market Summary
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Palm Beach
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.
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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.
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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.
