The Coastal Quarterly - Q1: 2013

Q1: January - March 2013

Photo Courtesy of Jim Mandeville

Market Update

Single family home, condominium and town home sales in Northern Palm

Beach County and Martin County displayed a healthy and clearly

strengthening residential real estate market, continuing the positive upward

trends from 2012. Compared to the 1st quarter of 2012, it is apparent that

the low levels of inventory and decreased days on market of the first

quarter of 2013 have continued to push prices up in most of the

communities in South Florida.

According to data obtained from the Regional MLS, buyers in the key

communities of our market perceived good value in the stability of pricing.

Sellers were in a better position to negotiate and many found multiple offers

and bidding wars occurring on properly priced listings.

Buyers and sellers are finding a renewed energy in the home sale process

because of the increase in consumer confidence, record low mortgage

interest rates and positive real estate reports in the media. As this is an

optimal time for buyers to find a home, most are finding that the shrinking

inventory is working more in favor of sellers.

Our predictions are that this improvement in the market will continue

throughout the second quarter of 2013, considering the strong first quarter

numbers and the many buyers who are now ready to purchase. We invite

you to review our quarterly report for further analysis of how various areas in

our market performed. 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

Lost Tree Village, North Palm Beach

0 50 100 150 200 250 300 350 400 450 500

$500K-$1M

$1M-$3M

$3M-$5M

$5M-$10M

$10M+

Number or Homes, Condos, Townhomes

Pri

ce

Ra

ng

e

Q1 2012

Q1 2013

1 ST QUARTER SALE PRICE SUMMARY

The sale of $1 Million homes, condos and townhomes in Palm Beach and Martin Counties

represented 3.5% of the transactions in the first quarter of 2013. Sales in each price point

increased considerably in the first quarter of 2013 compared to the first quarter of 2012.

Source : Regional MLS

90%

6%3%

<1%

<1%

<1%

$0 - $500K

$500K-$1M

$1M-$3M

$3M-$5M

$5M-$10M

$10M+



1st Quarter 2013

Sale Price Analysis

Q1: 2012 vs. Q1: 2013

Sale Price Analysis

Single Family Homes

Source : Regional MLS

When compared to quarter one of 2012, the first quarter of 2013 exhibited a

significant and steady improvement in sales for single family homes throughout

Palm Beach County and Martin County. Growing optimism and confidence

continues to increase among potential sellers and most are more willing to put their

homes on the market as list prices increase. Although increasing, local Realtors

continue to report the shortage of marketable single family inventory on the market.

The single family home market in Palm Beach County increased approximately 11%

in total number of sales and improved over 28% in average sales price. Days on the

market decreased considerably in the county as well. Cities showing the largest

increase in the number of sales included Singer Island, North Palm Beach and

Jupiter Inlet Colony.

Martin County showed a more modest increase of 4% in the number of sales but

decreased 6% in average sales price. Jupiter Island showed a significant

improvement in 2013 with nine transactions in the first quarter of 2013 compared to

just one in the first quarter of 2012.



Source : Regional MLS Coastal Sotheby’s International Realty


1st Quarter 2012 vs. 1st Quarter 2013 Total # of Sales

Q1: 2012

Total # of Sales

Q1: 2013 % change

Palm Beach County 3064 3395 +11%

Martin County 417 435 +4%

Singer Island 5 15 +200%

Palm Beach Gardens 183 235 +28%

North Palm Beach 20 41 +105%

Jupiter 178 236 +33%

Juno Beach 3 2 -33%

Jupiter Inlet Colony 3 4 +33%

Tequesta 41 37 -10%

West Palm Beach 511 485 -5%

Wellington 160 207 +29%

Hobe Sound 59 72 +22%

Jupiter Island 1 9 +800%

1st Quarter 2012 vs. 1st Quarter 2013 Avg. Sales Price

Q1: 2012

Avg. Sales Price

Q1: 2013 % change

Palm Beach County $302,286 $387,691 +28%

Martin County $332,268 $310,970 -6%

Singer Island $743,400 $442,780 -40%

Palm Beach Gardens $443,571 $546,653 +23%

North Palm Beach $972,744 $1,118,097 +15%

Jupiter $428,416 $522,952 +22%

Juno Beach $545,500 $462,500 -15%

Jupiter Inlet Colony $1,408,667 $1,281,250 -9%

Tequesta $696,428 $655,055 -6%

West Palm Beach $161,986 $204,743 +26%

Wellington $434,722 $557,723 +28%

Hobe Sound $598,330 $1,050,677 +76%

Jupiter Island $14,000,000 $5,830,556 -58%

1st Quarter 2012 vs. 1st Quarter 2013 Avg. Price Per SF

Q1: 2012

Avg. Price Per SF

Q1: 2013 % change

Palm Beach County $117.16 $144.65 +23%

Martin County $128.98 $126.58 -2%

Singer Island $229.47 $223.24 -3%

Palm Beach Gardens $151.70 $179.14 +18%

North Palm Beach $209.31 $297.67 +42%

Jupiter $168.77 $191.47 +13%

Juno Beach $222.05 $213.63 -4%

Jupiter Inlet Colony $506.94 $533.50 +5%

Tequesta $215.32 $202.18 -6%

West Palm Beach $82.28 $99.17 +21%

Wellington $134.81 $173.46 +29%

Hobe Sound $169.90 $246.63 +45%

Jupiter Island $1,985.25 $926.47 -53%

Average Price Per Square Foot

Average Sales Price

Total Sales

Source : Regional MLS Coastal Sotheby’s International Realty Source : Regional MLS

Average Days on Market Q1: 2012 Q1: 2013

Palm Beach County 164 152

Martin County 208 173

Singer Island 365 229

Palm Beach Gardens 171 165

North Palm Beach 266 196

Jupiter 164 171

Juno Beach 72 164

Jupiter Inlet Colony 507 522

Tequesta 202 208

West Palm Beach 165 157

Wellington 177 140

Jupiter Island 355 406

Key Observations

Jupiter Island sales dramatically increased from just 1 single family

home sale in Q1 2012 to 9 in Q1 2013.

Singer Island, North Palm Beach, and Jupiter Island saw tremendous

gains in the number of transactions

Days on the market decreased in half of the markets

North Palm Beach saw a substantial increase in the average price per

square foot from $209 to $297.

Wellington consistently strengthened with increases in number of sales,

average sales price, and average price per square foot.

Single Family Homes

Most Active Luxury Communities in Sales for 1st Quarter 2013


BallenIsles, Palm Beach Gardens

Mirasol, Palm Beach Gardens

Abacoa, Jupiter Old Palm Golf Club, Palm Beach Gardens

Admirals Cove, Jupiter

Condominiums

& Townhomes

Northern Palm Beach County and Martin County condominium and town home

sales displayed consistent progress when comparing the 1st quarter of 2012 to the 1st

quarter of 2013. In almost every community, the average sales price and average

price per square foot increased considerably.

Palm Beach County showed a 2% increase in the number of sales, a 21% increase in

the average sales price and a 10% increase in the average price per square foot.

Days on the market decreased from 162 to 143 as well. Cities showing the largest

increase in the number of sales included North Palm Beach and Wellington.

Martin County reported an even higher increase of 21% in the number of sales and

a 35% increase in average sales price. Days on market decreased from 165 days to

146 days.


The Ritz-Carlton Residences, Singer Island



1st Quarter 2012 vs. 1st Quarter 2013 Total # of Sales

Q1: 2012

Total # of Sales

Q1: 2013 % change

Palm Beach County 3510 3581 +2%

Martin County 287 348 +21%

Singer Island 52 60 +15%

Palm Beach Gardens 150 175 +17%

North Palm Beach 58 73 +26%

Jupiter 203 200 -1%

Juno Beach 21 22 +5%

Tequesta 44 34 -23%

West Palm Beach 732 625 -15%

Wellington 62 69 +11%

Hobe Sound 26 48 +85%

1st Quarter 2012 vs. 1st Quarter 2013 Avg. Sales Price

Q1: 2012

Avg. Sales Price

Q1: 2013 % change

Palm Beach County $138,296 $168,003 +21%

Martin County $113,386 $153,406 +35%

Singer Island $602,180 $609,567 +1%

Palm Beach Gardens $158,851 $191,612 +21%

North Palm Beach $144,957 $203,956 +41%

Jupiter $218,424 $221,967 +2%

Juno Beach $444,500 $494,500 +11%

Tequesta $224,371 $208,438 -7%

West Palm Beach $86,057 $108,084 +26%

Wellington $145,006 $183,889 +27%

Hobe Sound $121,438 $149,174 +23%

1st Quarter 2012 vs. 1st Quarter 2013 Avg. Price Per SF

Q1: 2012

Avg. Price Per SF

Q1: 2013 % change

Palm Beach County $96.00 $105.50 +10%

Martin County $80.42 $100.50 25%

Singer Island $257.54 $282.28 +10%

Palm Beach Gardens $104.41 $120.46 +15%

North Palm Beach $100.42 $126.13 +26%

Jupiter $135.42 $147.15 +9%

Juno Beach $235.82 $234.20 -1%

Tequesta $128.48 $132.89 +3%

West Palm Beach $66.00 $78.08 +18%

Wellington $91.24 $109.05 +20%

Hobe Sound $83.83 $96.66 +15%

Average Price Per Square Foot

Average Sales Price

Total Sales

Source : Regional MLS Coastal Sotheby’s International Realty Source : Regional MLS

Average Days on Market Q1: 2012 Q1: 2013

Palm Beach County 162 143

Martin County 165 146

Singer Island 238 255

Palm Beach Gardens 160 134

North Palm Beach 263 165

Jupiter 181 164

Juno Beach 193 146

Tequesta 282 207

West Palm Beach 144 134

Wellington 200 253

Key Observations

Singer Island saw an increase in average price per square foot to $282

and average sales price to $609,000.

75% of the Palm Beach County and Martin County areas reported

lower days on market, with Palm Beach Gardens at the lowest of 134.

Although 3 of the cities showed a decrease in the number of sales; the

average sales price and/or average price per square foot went up

significantly.

Inventory decreased and prices increased in most of the markets.

Overall, Wellington, North Palm Beach and Hobe Sound showed the

most improvement in the Condominium Market.

Condominiums & Townhomes


Two City Plaza, West Palm Beach

Most Active Condominiums in Sales for 1st Quarter 2013


Ocean Royale, Juno Beach Ocean Isles Condo Sailfish Point, Stuart

The Resort at Singer Island, Singer Island

© MMX Sotheby’s International Realty Affiliates LLC. A Realogy Company. All Rights Reserved. Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC.

If your property is presently listed with another brokerage, please consider this advertisement a source of information and not a solicitation. All information is deemed reliable but not guaranteed. Each office is Independently Owned and Operated.

CoastalSIR.com

Kelly Martin, Managing Broker

11601 Kew Gardens Avenue, Suite 101

Palm Beach Gardens, FL 33410

t. 561.694.0058 I f. 561.694.0106 I [email protected]

© 2013 Coastal Sotheby’s International Realty

Documents

The Coastal Quarterly - Q1: 2013