Q1: January - March 2017
Table of Contents Coastal SIR Q1 Report....................3
Market Update............................................4
Sale Price Analysis.......................................5
Single Family Homes...................................6
Condominiums and Townhomes..............10
Coastal Sotheby’s International Realty & The Bear’s Club Sotheby’s International Realty First Quarter Report: January - March 2017 With the highest level of service and quality, we focus on providing extraordinary results. Comprised of a carefully selected team of professionals, our boutique real estate firm impresses with results that rival those of our biggest competitors in Palm Beach and Martin Counties.
SIGNIFICANT SALES
103 W Bear’s Club | The Bear’s Club $8,300,000
7014 SE Harbor Circle | Sailfish Point $6,500,000
12220 Tillinghast Circle | Old Palm $6,350,000
11777 Calleta | Old Palm $3,772,500
Market Update
1st Quarter of 2017
Nationally, the first quarter of 2017 showed a slight decrease in the number of transactions. Part of the reason for this decline is that the supply of available homes continues to dwindle. As supply decreases, the median prices have continued to increase as they have for the past five years. Nationally, the investors are the real winners in this national real estate market as they outbid first time home buyers and move-up buyers with cash offers. Sellers still prefer cash offers over financed offers as they are more likely to close. Mortgage rates fell slightly, consumer confidence is up and the stock market is still strong. These are typically indicators of a steady market. 2017 is still a year to watch as there will likely be many changes made to the lending regulations that have bogged down financing in recent years. The Florida housing market overall is very strong. Miami has seen a cool down in the condo sector, but the rest of the markets seem to be holding steady. Investors continue to purchase from South America, but there is an uptick in sales from investors from Europe and Canada. Since the is a favorable unemployment rate is low and incomes have risen in the area, the average price of homes has increased. Previous Coastal Quarterly reports indicated a cooling of the local Northern Palm Beach County and Martin County markets was in the works. However, the first quarter of 2017 changed direction entirely from the previous quarter and showed a major improvement in the number of transactions which had been falling steadily for 5 previous quarters. The pattern was disrupted and now shows signs of volatility. Average sales prices in the local market were on the rise for many years until the 4th quarter of 2016 where they started to level off. That appeared to be the turning point in the market. However, quarter 1 results of 2017 shifted back to the increases. Inventory levels increased by 3% compared to the same quarter last year and the pending sales increased by just 0.05%. These positive changes in the market are exciting; however it is too soon to determine if it will continue or if this is a temporary seasonal adjustment. We invite you to preview our quarterly report for further analysis of how various areas in our markets performed compared to the same time last year. Please feel free to contact one of our professionals for any assistance as you evaluate your own real estate plans this year.
Coastal Sotheby’s International Realty
Q1 2016 vs. Q1 2017 Sale Price Analysis $10M+
Price Range
$5M-$10M $3M-$5M
Q1 2017 Q1 2016
$1M-$3M $500K-$1M 0
200
400
600
800
1000
Number of Closed Homes, Condos, Townhomes
1st Quarter Sales Price and Inventory Analysis The number of sales increased in all price points for Palm Beach and Martin Counties as a whole in the 1st quarter of 2017 compared to the 1st quarter of 2016 for single family homes, condos and townhomes. The number of active listings increased by 3% and pending listings increased by 0.54% in Northern Palm Beach County.
2500
Active and Pending Inventory in Northern Palm Beach County
Number of Listings
2000
1500
Active Listings 1000
500
0
Pending Listings Closed Listings
Source: JTHS MLS 5
Source : FLEX MLS
Coastal Sotheby’s International Realty
Single Family Homes The number of transactions decreased by .5% in Palm Beach County and decreased by 6% in Martin County for single family homes in the first quarter of 2017 compared to the first quarter of 2016. The change in average sales prices increased in all of the communities except for Jupiter. Buyers continue to pay above market value for turnkey single family homes that are completely renovated when sales are not contingent upon appraisals.
Total Sales 1st Quarter 2016 vs. 1st Quarter 2017 Palm Beach County Martin County Singer Island Palm Beach Gardens North Palm Beach Jupiter Juno Beach Jupiter Inlet Colony Tequesta West Palm Beach Wellington Hobe Sound Jupiter Island
Total # of Sales Q1:2016 3,587 644 13 242 39 241 4 2 47 523 237 80 3
Total # of Sales Q1:2017 3,569 602 23 243 51 240 9 0 36 523 244 84 5
% change -0.50% -6.52% 76.92% 0.41% 30.77% -0.41% 125.00% -100.00% -23.40% 0.00% 2.95% 5.00% 66.67%
Avg. Sales Price Q1:2016 $499,601 $475,516 $681,962 $597,139 $740,863 $687,342 $733,644 $1,342,500 $650,165 $307,113 $559,062 $503,790 $1,933,333
Avg. Sales Price Q1:2017 $559,147 $534,306 $892,890 $746,320 $964,063 $633,967 $985,822 $0 $794,047 $324,161 $608,529 $619,667 $4,052,000
% change 11.92% 12.36% 30.93% 24.98% 30.13% -7.77% 34.37% -100.00% 22.13% 5.55% 8.85% 23.00% 109.59%
Avg. Price Per SF Q1:2016 $186.56 $179.30 $345.74 $211.62 $277.48 $244.39 $281.20 $491.75 $251.23 $154.48 $185.35 $192.92 $637.01
Avg. Price Per SF Q1:2017 $206.88 $196.45 $369.13 $246.34 $326.63 $247.47 $355.39 $0.00 $239.58 $164.11 $210.88 $227.11 $972.83
% change 10.89% 9.56% 6.77% 16.41% 17.71% 1.26% 26.38% -100.00% -4.64% 6.23% 13.77% 17.72% 52.72%
Average Sales Price 1st Quarter 2016 vs. 1st Quarter 2017 Palm Beach County Martin County Singer Island Palm Beach Gardens North Palm Beach Jupiter Juno Beach Jupiter Inlet Colony Tequesta West Palm Beach Wellington Hobe Sound Jupiter Island
Average Price Per Square Foot 1st Quarter 2016 vs. 1st Quarter 2017 Palm Beach County Martin County Singer Island Palm Beach Gardens North Palm Beach Jupiter Juno Beach Jupiter Inlet Colony Tequesta West Palm Beach Wellington Hobe Sound Coastal Sotheby’s International Realty Jupiter Island Coastal Sotheby’s International Realty
Source : FLEX MLS
Single Family Homes Community Spotlight Old Palm Golf Club Palm Beach Gardens, FL
Experience first class concierge service and resort style living in this 650 acre guard gated community. The 18-hole Raymond Floyd designed championship golf course is surrounded by lush greenery & Interlaced with waterways. The Club House offers a full spa, pool & fitness center. Club Casitas are available with overnight accommodations for family & guests.
Average Days on Market Comparison Average Days on Market Palm Beach County Martin County Singer Island Palm Beach Gardens North Palm Beach Jupiter Juno Beach Jupiter Inlet Colony Tequesta West Palm Beach Wellington Hobe Sound Jupiter Island
Q1:2016 69 82 75 78 76 74 194 55 53 62 73 70 247
Q1:2017 74 88 85 91 73 72 44 0 88 67 72 96 91
% change 7.25% 7.32% 13.33% 16.67% -3.95% -2.70% -77.32% -100.00% 66.04% 8.06% -1.37% 37.14% -63.16%
Key Observations
Number of transactions increased in most of the Northern Palm Beach County community despite the overall county reporting a relatively flat change in transactions. Palm Beach County reported a 12% increase in average sales price. This took a sharp turn from last quarter where it decreased for the first time in several years. Tequesta saw a large decrease in the number of transactions but a moderate increase in the average sales prices. Juno Beach and Jupiter Island reported very substantial increases in number of transactions, average sales price and average price per square foot. Days on market increased in about half of the reported markets. 7 Coastal Sotheby’s International Realty
Condominiums & Townhomes The number of transactions increased by 2% in Palm Beach County and increased by 12% in Martin County for condos and townhomes in the first quarter of 2017 compared to the first quarter of 2016. Palm Beach County saw an increase of 8% in the average sales prices while Martin decreased by 5% compared to the same quarter of 2016. During the 1st quarter, days on market decreased in about half of the communities.
Total Sales 1st Quarter 2016 vs. 1st Quarter 2017 Palm Beach County Martin County Singer Island Palm Beach Gardens North Palm Beach Jupiter Juno Beach Jupiter Inlet Colony Tequesta West Palm Beach Wellington Hobe Sound Jupiter Island
Total # of Sales Q1:2016 3,616 352
Total # of Sales Q1:2017 3,684 395
% change 1.88% 12.22% 4.17% -12.08% 8.20% 4.41% 50.00%
48 207 61 204 18 0 34 603 69 39 7
50 182 66 213 27 0 56 631 52 32 9
Avg. Sales Price Q1:2016 $215,429 $196,055 $621,439 $238,656 $296,516 $297,495 $644,519 $0 $167,413 $138,939 $225,156 $242,568 $1,443,571
Avg. Sales Price Q1:2017 $231,843 $186,462 $502,338 $260,187 $258,496 $330,698 $541,741 $0 $258,826 $163,874 $230,587 $201,281 $1,197,667
% change 7.62% -4.89% -19.17% 9.02% -12.82% 11.16% -15.95%
Avg. Price Per SF Q1:2016 $143.90 $129.42 $331.51 $155.04 $186.69 $192.71 $333.26 $0.00 $116.95 $108.97 $136.30 $136.27 $563.12
Avg. Price Per SF Q1:2017 $182.93 $130.46 $294.54 $166.03 $182.34 $211.77 $328.42 $0.00 $172.83 $123.24 $158.53 $137.61 $504.97
% change 27.12% 0.80% -11.15% 7.09% -2.33% 9.89% -1.45%
64.71% 4.64% -24.64% -17.95% 28.57%
Average Sales Price 1st Quarter 2016 vs. 1st Quarter 2017 Palm Beach County Martin County Singer Island Palm Beach Gardens North Palm Beach Jupiter Juno Beach Jupiter Inlet Colony Tequesta West Palm Beach Wellington Hobe Sound Jupiter Island
54.60% 17.95% 2.41% -17.02% -17.03%
Average Price Per Square Foot 1st Quarter 2016 vs. 1st Quarter 2017 Palm Beach County Martin County Singer Island Palm Beach Gardens North Palm Beach Jupiter Juno Beach Jupiter Inlet Colony Tequesta West Palm Beach Wellington Hobe Sound Jupiter Island Coastal Sotheby’s International Realty
47.78% 13.10% 16.31% 0.98% -10.33% Source : FLEX MLS
Condominiums & Townhomes Community Spotlight Bay Colony Juno Beach, FL
Live the private waterfront lifestyle you've always dreamed in the unspoiled beauty of Juno Beach. The 14 acres of lush, landscaped gardens and Intracoastal views can be enjoyed throughout the entire property, with the ocean just steps from your door. Bay Colony offers first-class amenities including a state-of-the-art fitness center, social room, tennis courts, resort style pool and spa.
Average Days on Market Comparison Average Days on Market Palm Beach County Martin County Singer Island Palm Beach Gardens North Palm Beach Jupiter Juno Beach Jupiter Inlet Colony Tequesta West Palm Beach Wellington Hobe Sound Jupiter Island
Q1:2016 65 68 101 59 109 55 18 0 104 64 65 70 171
Q1:2017 69 63 107 58 70 59 27 0 74 67 90 54 134
% change 6.15% -7.35% 5.94% -1.69% -35.78% 7.27% 50.00% -28.85% 4.69% 38.46% -22.86% -21.64%
Key Observations
The number of transactions increased (4%-50%) in all of the communities reported except Palm Beach Gardens, Wellington and Hobe Sound. Average sales prices decreased in over half of the communities in the Northern Palm Beach markets. However the entire county of Palm Beach reported an 8% increase in Average price per square foot. This suggests that the lower priced properties saw more activity this year. Hobe Sound condos reported the largest decrease (18%) in number of transactions. The average sales price also decreased by 17%. Tequesta condos reported the largest increases in number of transactions, average sales price and average price per square foot. Despite a 12% decrease in the number of sales, Palm Beach Gardens saw a 9% increase in average sales prices. 9 Days on market decreased in about half of the markets.
Coastal Sotheby’s International Realty
Palm Beach Gardens Office 11601 Kew Gardens Ave., Ste. 101 Palm Beach Gardens, FL 33410 t. 561.694.0058 I f. 561.694.0106 Jupiter Office 2159 S US Highway One Jupiter, FL 33477 t. 561.932.1832 I f. 561.427.0058
Stuart Office 451 SE Riverside Drive Stuart, FL 34994 t. 772.337.8250 I f. 772.678.7868
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