As we prepare to build in the New Year, we would like to look back on third quarter numbers to show where market trends are and where they might be heading. The numbers below are focused in the Palm Beach area, in the 2018 third quarter. (July to September.)
Palm Beach Real Estate by the Numbers
In Town (Wells Road South to Worth Avenue):
Single-family residential home sales and median sales prices served as the bright spot for the In Town housing market in Q3 2018. Sales increased 125.0 percent and the median sales price increased by 28.8 percent. Condos / co-ops / townhomes had declines across the board on eight fewer sales than Q3 2017.
In Town had mixed results in Q3 2018, as single-family residential homes turned in a solid quarter and condos / co-ops / townhomes dipped below 20 sales and below $1 million for both average and median sales prices. At just three fewer sales than during Q3 2017, In Town can rebound quickly.
North End (From Wells Road, North):
The North End housing market showed decreases in all tracked housing metrics in Q3 2018, except for an 11.9 percent median sales price increase. Sales decreased by five units, amounting to a 38.5 percent decline. Other declines remained in the single-digit percentage range.
The North End housing market has enjoyed an extended period of balance. It does not seem likely that this quarter’s declines will worsen during Q4 2018. The fundamentals of economic stability remain strong, and buyer interest has shown little sign of waning.
Estate Section (Worth Avenue South to Sloans Curve):
The third quarter of 2018 showed another round of increases in the Estate Section, as was the case last quarter. There was one more sale compared to Q3 2017, which provided percentage increases elsewhere. All other metrics were up, emphasized by a 94.9 percent rise in average sales price
The Estate Section has had a year of increases thus far, and Q3 2018 only served to continue the upward trends. Although this quarter’s five sales were only one more than the four sales recorded last year at this time, all pricing metrics saw double-digit percentage increases.
South End (From Sloans Curve, South):
The two-quarter pattern of sales decreases in the South End condo / co-op / townhome market reversed. There were four more sales in Q3 2018 than there were in Q3 2017, a 9.8 percent increase. All other metrics had double-digit percentage increases, highlighted by a 63.4 percent average sales price increase.
The South End condo / co-op / townhome market continues to be about as balanced as one could hope for. In fact, there has been just one fewer sale in 2018 than there was at this point in 2017. Prices were up during Q3 2018 and more of the same is anticipated for Q4 2018.
The Wrap Up: Palm Beach is Highly Desirable
Palm Beach is one of the most desired locations to live in South Florida, and that will only grow as we pace through 2019. While other real estate markets might have declined from quarter 2 to quarter 3 (as most areas do that time of year), we saw stability in the market and fully expect to trend upwards as we start the New Year.
With the New Year here, we are excited to grow the area we have fallen in love with! If you are looking in the area (current resident or relocating to the area), put your trust in people that know Palm Beach. Our experienced real estate team can get you settled into a new home and area that best suits you, making 2019 a year to remember!