Sales in the Town of Palm Beach dipped versus a year ago, particularly for condominiums and co-ops. Condo/co-op closings dropped 25% year-over-year. Single family home sales dropped 12%, but this only represented three fewer sales. Quarter-over-quarter sale declines were significant, however this is due to the typical market seasonality experienced in Palm Beach.
Average Palm Beach single family home sale price improved, up 9%. However, the median price showed a 19% decrease, as the mix of sales skewed towards smaller homes. Condos/co-ops saw average sale price drop 26% and median price drop 11% over the last year. A larger drop in sales in town as opposed to on the South End contributed to these price figures declining.
On the North End, there were four fewer single family home sales—a 29% drop—but average price climbed 30%. It was the sale of a brand-new oceanfront mansion at 6 Ocean Lane for $37 million that skewed this figure higher. In contrast, median price decreased 44%. Most North End sales were under $5 million this quarter, whereas a year ago most were above $5 million. In town, single family average home price grew 19% and median price increased 45%. Larger homes traded in town this quarter, although these homes had lingered on the market longer than a year ago as days on market tripled. The Estate Section had one more closed sale this quarter versus a year ago. With so few sales, statistics can be easily skewed.
In town condo/co-op sales had a notable drop in number year-over-year, as there were less than half as many transactions. Pricing also declined, as the average sale price was down 11% and the median sale price down 7%. In Third Quarter 2015 Palm Beach had a high share of sales over $2M, whereas this quarter there was only one. On the South End sales were also down, but to a lesser extent, with a 13% drop year-over-year. Average sale price dropped 20% year-over-year, yet median price rose 15%.