Q1: January - March 2016
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 Year-to-Date Report: January - March 2016
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Sales Volume
Transactions
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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.
Highest Sale
SIGNIFICANT SALES Boca Raton - $4,625,000
The Bears Club - $2,575,000
Jupiter Island - $3,500,000
Trump National - $2,300,000
Coastal Sotheby’s International Realty
Market Update
1st Quarter of 2016
Nationally, the first quarter of 2016 proved positive with average home price gains nearing 6%. Locally, however, the market may be indicating a slight slowdown. Housing starts and a firming labor market improved through the quarter. While the Federal Reserve increased the interest rate in the fourth quarter of last year, it does not appear that it is confident enough in the economy to continue the increases throughout 2016 as previously indicated. Many investors are speculating that an interest rate increase is not likely until 2017 due to a volatile stock market and the upcoming election. Florida has seen some unique market characteristics that are different from the national trends. A strong dollar combined with global unrest has created a slowdown in the Miami market. Palm Beach and Martin Counties typically lag the trends of Miami. Less of the buyers in Palm Beach and Martin Counties are international so any slowdown should not be as dramatic as one in Miami. Locally, the number of transactions dropped significantly in both single family home and condominium sales, but most achieved higher prices than in years past in the local Northern Palm Beach County and Martin County markets. Any softness in the market has been perceived more on the number of transactions rather than on price. Inventory levels in Northern Palm Beach County and Martin County are the highest they have been in two years. Unfortunately, many buyers perceive that the current inventory is priced too high and thus they are holding back on making offers. A glance at the Juno Beach condo market shows that the number of transactions decreased almost 50% from the same time last year, but the average sales price increased by over 50% and the days on market increased by over 50%. Sellers that price properly are seeing quick sales, but it appears that many sellers are getting ahead of themselves on pricing and thus the longer days on market and more price reductions. 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
1st Quarter Sales Price and Inventory Analysis The number of sales increased under $3M and decreased over $3M in the 1st quarter of 2016 compared to the 1st quarter of 2015 for homes, condos and townhomes in Palm Beach and Martin Counties. The number of active listings increased by 9% and pending listings decreased by 13% in Northern Palm Beach County from the same time last year.
5 Source : FLEX MLS
Coastal Sotheby’s International Realty
Single Family Homes The number of transactions decreased by 12% in Palm Beach County and decreased by 6% in Martin County for single family homes in the first quarter of 2016 compared to the first quarter of 2015. The change in average sales prices and price per square foot varied throughout the communities; however, North Palm Beach, Jupiter and Jupiter Inlet Colony reported the largest increases. As has been the case for the past year, single family homes that are newly built or renovated are seeing the shortest market time. Click here to view single family homes for sale.
Total Sales 1 Quarter 2015 vs. 1 Quarter 2016 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 st
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Total # of Sales Q1:2015 3725 657 22 244 27 263 3 2 47 581 214 93 7
Total # of Sales Q1:2016 3252 613 12 231 39 221 4 2 42 475 219 75 3
% change -12.70% -6.70% -45.45% -5.33% 44.44% -15.97% 33.33% 0.00% -10.64% -18.24% 2.34% -19.35% -57.14%
Avg. Sales Price Q1:2015 $457,098 $443,380 $733,768 $564,778 $449,352 $529,765 $726,667 $993,750 $547,552 $263,334 $594,967 $692,795 $4,789,957
Avg. Sales Price Q1:2016 $505,515 $550,187 $701,292 $609,521 $740,863 $685,685 $733,644 $1,342,500 $649,161 $314,866 $516,319 $505,386 $1,933,333
% change 10.59% 24.09% -4.43% 7.92% 64.87% 29.43% 0.96% 35.09% 18.56% 19.57% -13.22% -27.05% -59.64%
Avg. Price Per SF Q1:2015 $226.03 $161.71 $334.96 $199.32 $204.39 $210.35 $422.24 $512.52 $211.37 $129.90 $200.72 $214.21 $711.22
Avg. Price Per SF Q1:2016 $189.26 $187.09 $355.86 $213.67 $277.48 $245.42 $281.20 $491.75 $241.75 $157.62 $175.20 $192.67 $637.01
% change -16.27% 15.69% 6.24% 7.20% 35.76% 16.67% -33.40% -4.05% 14.37% 21.34% -12.71% -10.06% -10.43%
Average Sales Price 1stQuarter 2015 vs. 1st Quarter 2016 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 1stQuarter 2015 vs. 1st Quarter 2016 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
Single Family Homes Community Spotlight Ranch Colony Jupiter, FL Located just 4 miles west of I-95 in Jupiter and comprised of 5 unique neighborhoods, the gated equestrian community of Ranch Colony is an excellent option for those who enjoy spending time with their horses and the outdoors. The community offers unique offerings not available anywhere else in the region. The homes are laid in a natural and serene setting. Amenities include golf courses, horse trails and a landing strip that is suitable for small planes and jets. A 10 minute drive provides immediate needs in the small town charm and convenience of Jupiter—including ocean access, shopping in Palm Beach and the Palm Beach International Airport. Click here to view available homes for sale in Ranch Colony
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
Q1:2015 77 89 85 83 69 70 12 263 67 68 87 112 394
Q1:2016 67 82 77 77 76 73 194 55 55 60 72 69 247
% change -12.99% -7.87% -9.41% -7.23% 10.14% 4.29% 1516.67% -79.09 -17.91% -11.76% -17.24% -38.39% -37.21%
Key Observations
Most of the communities in Northern Palm Beach County and Martin County reported lower days on market except for North Palm Beach, Juno Beach and Jupiter. Singer Island, Wellington, Hobe Sound and Jupiter Island reported lower average sales prices in the first quarter of 2016 compared to the first quarter of 2015. North Palm Beach reported significant increases in the number of transactions, average sales prices and average sales price per square foot. Martin County saw only a slight decrease in the number of transactions but saw a significant increase in the average sales price and average price per square foot. Jupiter Island reported a 57% decrease in the number of transactions compared to the same quarter last year. 7
Source : FLEX MLS
Coastal Sotheby’s International Realty
Condominiums & Townhomes The number of transactions decreased by 17% in Palm Beach County and by 11% in Martin County for condos and townhomes in the first quarter of 2016 compared to the first quarter of 2015. The counties saw 7% and 28% increases, respectively, in the average sales prices though. During the first quarter, bidding wars were prevalent as buyers sought properly priced properties. Click here to view condominiums and townhomes for sale.
Total Sales 1stQuarter 2015 vs. 1st Quarter 2016 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 Q1:2015 3955 382 59 196 71 244 32 0 44 673 62 30 16
Total # of Sales Q1:2016 3276 338 47 187 57 193 17 0 30 535 64 40 7
% change -17.17% -11.52% -20.34% -4.59% -19.72% -20.90% -46.88% 0.00% -31.82% -20.51% 3.23% 33.33% -56.25%
Avg. Sales Price Q1:2015 $207,590 $154,020 $617,505 $223,247 $271,686 $327,968 $416,909 0 $225,611 $132,791 $211,050 $182,200 $795,583
Avg. Sales Price Q1:2016 $223,501 $198,352 $625,087 $236,018 $300,332 $299,585 $645,079 0 $167,168 $143,802 $223,201 $256,504 $1,443,571
% change 7.66% 28.78% 1.23% 5.72% 10.54% -8.65% 54.73% N/A -25.90% 8.29% 5.76% 40.78% 81.45%
Avg. Price Per SF Q1:2015 $211.44 $146.89 $5,411.71 $144.69 $171.00 $195.65 $251.77 0 $142.50 $100.18 $132.50 $111.18 $384.08
Avg. Price Per SF Q1:2016 $149.86 $129.32 $333.79 $154.76 $187.57 $193.82 $333.66 0 $113.12 $110.65 $138.05 $136.27 $563.12
% change -29.12% -11.96% -93.83% 6.96% 9.69% -0.94% 32.53% N/A -20.62% 10.45% 4.19% 22.57% 46.62%
Average Sales Price 1stQuarter 2015 vs. 1st Quarter 2016 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 1stQuarter 2015 vs. 1st Quarter 2016 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
Condominiums & Townhomes Community Spotlight Jupiter Ocean Grande Jupiter, FL Nestled in a tropical grove setting, Jupiter Ocean Grande’s 8-story residential towers reflect the charm of Florida-style and Victorian architecture. Look forward to early morning walks on the beach, the gentle roll of the waves and spectacular sunrises. Offering many upgrades, including impact resistant glass in all windows and sliding doors. Conveniently located to great shops, dining and nature trails, Jupiter Ocean Grande is a dream come true.
Click here to view available condominiums for sale in Jupiter Ocean Grande
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
Q1:2015 73 89 175 56 58 77 75 0 107 77 72 62 194
Q1:2016 66 71 102 59 110 56 119 0 110 64 62 83 172
% change -9.59% -20.22% -41.71% 5.36% 89.66% -27.27% 58.67% 0 2.80% -16.88% -13.89% 33.87% -11.34%
Key Observations
Hobe Sound and the Village of Wellington were the only two segments in our area that saw an increase in the number of transactions (3% and 33% respectively) while all of the other towns had a lower number of transactions than one year ago. The number of transactions decreased in Juno Beach by 46% year over year but the average sales price increased by 54%. Average sales price increased in all markets except Jupiter and Tequesta. Overall, Days on Market increased in half of the markets which is a large shift from previous quarters where days on market typically decreased in all markets. Across the board, Hobe Sound saw significant increases in the number of transactions, the average sales prices and average price per square foot. 9
Source : FLEX MLS
Coastal Sotheby’s International Realty
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