2022 PALM BEACH MARKET REPORT
Palm beach 2022 Market re-cap
2022 vs. 2021 year over year comparison
% Change ‘22 vs. ‘21
2021 YTD
2022 YTD
-61% -46% +71% +41% -11%
257 $3,370,717,674 $7,700,000 $13,115,633 111 $122,695,954 $1,375,000
98 $1,814,677,210
No. of Sales Sales Volume
$13,182,663 $18,517,114 98 $85,977,000 $3,200,000
Median Average
Average DOM Highest Sold Lowest Sold
2022 vs. pre-pandemic comparison
% Change ‘22 vs. ‘19 +24%
2019 YTD
2022 YTD
79 $582,819,783 $5,007,000 $7,377,466 192 $43,000,000 $1,200,000
98 $1,814,677,210
No. of Sales Sales Volume
+211% +163% +151% -48%
$13,182,663 $18,517,114 98 $85,977,000 $3,200,000
Median Average
Average DOM Highest Sold Lowest Sold
Dear clients, friends and colleagues,
This year has been an interesting adjustment back to somewhat of a “nor- mal” market. I call it our “new normal”. Our buyer demographic is younger and claiming residency in Florida. Our buyers now have offices in downtown West Palm Beach, recently named “Wall Street of the South”. My buyers work for Goldman Sachs, Blackrock, Blackstone, and Related Group. Due to continued investment and development in West Palm Beach, our demand for a home in the Palm Beaches remains high. This year I decided to take a look at the Palm Beach market since pre-pandemic 2019, over the past three years. The number of homes sold on the Island of Palm Beach this year vs 2019 is up 24% and the median price this year vs 2019 is up 163% from $5m to $13m! This new price point on the Island of Palm Beach seems to be another new normal. Although the number of home sales this year was down to 98 vs 257 last year, the median price point grew from $7.7m to $13m year over year. This new high bar on the Island of Palm Beach continued to drive demand and increased price points in Coastal West Palm Beach. The median price points in these neighborhoods, just over the bridge, continued to double year over year. The buyer frenzy days of multiple offers over ask are gone. Inter- est rates rising and equity markets declining have caused buyers to be more cautious and have afforded buyers the opportunity to take more time to pull the trigger on a home purchase. Move in ready homes are in high demand and, when priced properly, are selling faster than homes that need work. Our team kicked off 2023 strong with over $25m sold and pending to close in January. We are looking forward to another strong year in the Palm Beaches. Please call any time to discuss in more detail this amazing evolving market.
Palm beach 2022 vs. 2021 by neighborhood NORTH END
% Change ‘22 vs. ‘21
North End
2021 YTD
2022 YTD
No. of Sales
115
59
-49%
Sales Volume
$1,439,818,022
$1,017,590,622
-29%
Median
$7,650,000
$12,500,000
+63%
Average
$12,520,157
$17,247,299
+38%
Average DOM
57
93
+63%
Off Market
41
11
-73%
Highest Sold
$122,695,954
$85,977,000
Lowest Sold
$3,300,000
$6,200,000
Palm beach 2022 vs. 2021 by neighborhood IN-TOWN
% Change ‘22 vs. ‘21
In-Town
2021 YTD
2022 YTD
No. of Sales
80
24
-70%
Sales Volume
$607,324,695
$282,772,266
-53%
Median
$5,400,000
$8,750,000
+62%
Average
$7,591,559
$11,782,178
+55%
Average DOM
93
114
+23%
Off Market
24
3
-87%
Highest Sold
$48,500,000
$46,416,629
Lowest Sold
$1,375,000
$3,200,000
Palm beach 2022 vs. 2021 by neighborhood ESTATE SECTION
% Change ‘22 vs. ‘21
Estate Section
2021 YTD
2022 YTD
No. of Sales
62
15
-75%
Sales Volume
$1,323,574,957
$514,314,322
-61%
Median
$16,117,500
$31,250,000
+94%
Average
$21,347,983
$34,287,621
+61%
Average DOM
236
89
-62%
Off Market
22
3
-86%
Highest Sold
$95,000,000
$72,850,000
Lowest Sold
$2,175,000
$13,152,750
Palm beach in-town condos 2022 vs. 2021
% Change ‘22 vs. ‘21
In-Town Condos
2021 YTD
2022 YTD
No. of Sales
293
139
-53%
Sales Volume
$559,080,182
$412,309,851
-27%
Median
$1,225,000
$2,227,500
+82%
Average
$1,908,123
$2,966,258
+55%
Average DOM
125
74
-41%
Off Market
51
33
-35%
Highest Sold
$17,680,000
$18,600,007
Lowest Sold
$75,000
$175,000
Palm beach 2022 vs. 2021 Waterfront Single family homes
% Change ‘22 vs. ‘21
Waterfront
2021 YTD
2022 YTD
No. of Sales
43
21
-51%
Sales Volume
$1,530,020,454
$821,016,379
-46%
Median
$30,080,000
$39,000,000
+30%
Average
$35,581,871
$39,096,018
+10%
Average DOM
167
106
-37%
Off Market
18
6
-68%
Highest Sold
$122,695,954
$85,977,000
Lowest Sold
$4,285,000
$7,885,000
Palm beach 2022 vs. 2021 Non-Waterfront Single family homes
% Change ‘22 vs. ‘21
Non-Waterfront
2021 YTD
2022 YTD
No. of Sales
214
77
-64%
Sales Volume
$1,840,697,220
$993,660,831
-46%
Median
$6,893,000
$11,200,000
+62%
Average
$8,601,389
$12,904,686
+50%
Average DOM
101
96
-5%
Off Market
69
11
-84%
Highest Sold
$35,750,000
$44,926,000
Lowest Sold
$1,375,000
$3,200,000
EL CID, West Palm beach 2022 vs. 2021 Single family homes
% Change ‘22 vs. ‘21
El Cid
2021 YTD
2022 YTD
No. of Sales
138
61
-56%
Sales Volume
$239,260,380
$152,467,310
-36%
Median
$1,210,000
$2,000,000
+65%
Average
$1,733,771
$2,499,464
+44%
Average DOM
67
62
-7%
Off Market
22
8
-63%
Highest Sold
$15,900,000
$8,365,000
Lowest Sold
$150,000
$500,000
EL CID, West Palm beach 2022 vs. 2021 WATERFRONT & NON-WATERFRONT
% Change ‘22 vs. ‘21
El Cid Waterfront
2021 YTD
2022 YTD
-81%
No. of Sales
11
2
-79%
Sales Volume
$57,906,000
$11,865,000
+53%
Median
$3,856,000
$5,932,500
+12%
Average
$5,264,181
$5,932,500
+32%
Average DOM
98
130
-100%
Off Market
3
0
Highest Sold
$15,900,000
$8,365,000
Lowest Sold
$1,950,000
$3,500,000
% Change ‘22 vs. ‘21
El Cid Non-Waterfront
2021 YTD
2022 YTD
No. of Sales
127
59
-53%
Sales Volume
$181,354,380
$140,602,310
-22%
Median
$1,095,000
$1,850,000
+68%
Average
$1,427,987
$2,383,090
+68%
Average DOM
65
60
-7%
Off Market
19
8
-57%
Highest Sold
$5,600,000
$6,900,000
Lowest Sold
$150,000
$500,000
NORTHWOOD & PROVIDENCIA PARK, West Palm beach 2022 vs. 2021 Single family homes
Northwood / Providencia Park
% Change ‘22 vs. ‘21
2021 YTD
2022 YTD
89
43
No. of Sales
-51%
$114,024,975
$94,929,000
Sales Volume
-16%
$699,000
$1,350,000
Median
+93%
$1,281,179
$2,207,651
Average
+72%
48
37
Average DOM
-22%
26
9
Off Market
-65%
$9,291,875
$16,000,000
Highest Sold
$230,000
$591,000
Lowest Sold
NORTHWOOD & PROVIDENCIA PARK, West Palm beach 2022 vs. 2021 WATERFRONT & NON-WATERFRONT
Northwood / Providencia Park Waterfront
% Change ‘22 vs. ‘21
2021 YTD
2022 YTD
12
3
No. of Sales
-75%
$58,374,875
$25,315,000
Sales Volume
-56%
$3,600,000
$6,000,000
Median
+66%
$4,864,573
$8,438,333
Average
+73%
20
153
Average DOM
+665%
8
1
Off Market
-87%
$9,291,875
$16,000,000
Highest Sold
$2,100,000
$3,315,000
Lowest Sold
Northwood / Providencia Park Non-Waterfront
% Change ‘22 vs. ‘21
2021 YTD
2022 YTD
77
40
No. of Sales
-48%
$55,650,100
$69,614,000
Sales Volume
+25%
$615,000
$1,301,500
Median
+111%
$722,729
$1,740,350
Average
+140%
50
30
Average DOM
-40%
18
8
Off Market
-55%
$2,545,000
$5,100,000
Highest Sold
$230,000
$591,000
Lowest Sold
SOUTH END, West Palm beach 2022 vs. 2021 Single family homes
% Change ‘22 vs. ‘21
South End
2021 YTD
2022 YTD
-36%
No. of Sales
138
87
-9%
Sales Volume
$239,260,380
$215,970,793
+48%
Median
$1,210,000
$1,800,000
+43%
Average
$1,733,771
$2,482,423
-26%
Average DOM
67
49
-36%
Off Market
22
14
Highest Sold
$15,900,000
$9,317,000
Lowest Sold
$150,000
$524,000
SOUTH END, West Palm beach 2022 vs. 2021 WATERFRONT & NON-WATERFRONT
% Change ‘22 vs. ‘21
South End Waterfront
2021 YTD
2022 YTD
-46%
No. of Sales
15
8
-61%
Sales Volume
$103,529,575
$30,826,250
-18%
Median
$5,110,000
$4,150,000
-27%
Average
$6,901,972
$4,983,281
-32%
Average DOM
192
119
-66%
Off Market
15
2
Highest Sold
$15,075,000
$9,317,000
Lowest Sold
$3,225,000
$1,549,250
South End Non-Waterfront
% Change ‘22 vs. ‘21
2021 YTD
2022 YTD
No. of Sales
-68%
247
79
Sales Volume
-39%
$292,938,816
$176,104,
Median
+98%
$882,500
$1,750,000
Average
+87%
$1,185,987
$2,229,171
Average DOM
+7.5%
40
43
Off Market
-79%
59
12
Highest Sold
$5,700,000
$8,750,000
Lowest Sold
$1,950,000
$524,000
#91 Nationwide
#2 Compass FL
#18 Florida
#5 Palm Beach
*Wall Street Journal | Real Trends Ranked by Individual Sales Volume 2022
Please give me a call for more details on exclusive off market opportunities. ELIZABETH DEWOODY 561.308.0931 elizabeth.dewoody@compass.com www.elizabethdewoody.com
Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.
Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16Made with FlippingBook - Online catalogs