letter from Elizabeth
Palm beach single family homes
2019 through 2023 YTD
Dear Clients, Colleagues, and Friends,
2019
2020
2021
2022
2023
In 2023, we were witness to two extraordinary sales that captured headlines. The first was the sale of a remarkable $170 million oceanfront estate, establishing a new town record. Following closely was the sale of Rush Limbaugh’s oceanfront estate for $155 million to William Lauder, the executive chairman of Estee Lauder Cos. For the sake of accuracy, we have chosen not to include these two outlier sales in our 2023 Market Report. Not accounting for the two outlier sales, the median price point for a single-family home on the island stands at an impressive $12,000,000, representing a 9% decrease from 2022. This still positions 2023 as having the second-highest median sale price ever recorded on the Island. Sellers should take note that their sales price is now at least double what it was just three years ago, before the onset of the pandemic. It’s important to recognize that this isn’t the case in other markets. An analysis of IRS income migration data from 2020 and 2021 by the Economic Innovation Group revealed that Florida experienced the highest adjusted gross income net gain of any state at a staggering $39.2 billion, with a significant portion of that, about $9.8 billion, coming from New York transplants. Palm Beach County itself saw a net gain in adjusted gross income of $7 billion, the highest of any county nationwide, with approximately $1.1 billion coming from former New York City residents. The allure of Florida residency was further underscored by the fact that 27.7 cents of every dollar leaving Manhattan made its way to the Sunshine State, totaling about $4.6 billion.
79 $582,819,783 $5,007,000 $7,377,466 192 - $43,000,000 $1,200,000
174 $1,276,449,733
257 $3,370,717,674 $7,700,000 $13,115,633 111 87 $122,695,954 $1,375,000
98 $1,814,677,210
No. of Sales Sales Volume Median Average Average DOM Off Market Highest Sold Lowest Sold
58 $1,027,554,988
$5,431,000 $7,335,918 212 - $43,000,000 $1,302,500
$13,182,663 $18,517,114 98 17 $85,977,000 $3,200,000
$12,000,000 $17,125,916 147 7 $68,145,600 $3,200,000
home sales by price
2021
2022 34 32 26
2020
2019 35 18
2023 23 20 11
To potential buyers, my advice is simple: if you find a property you like and can afford, don’t delay - now is the time to make your move. The demand for properties in the Palm Beaches shows no signs of slowing down.
100 50 38
102 32 18
$5M to $10M $10M to $20M $20M to $50M $50 to $100M $100M+
It would be our pleasure to assist you in finding your perfect place in the Palm Beaches. Please don’t hesitate to reach out - we’re here to help you navigate this dynamic and thriving market.
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Best regards,
Median Sales Price 2023 Year Over Year
Contents
$20,000,000
$15,000,000
$15,050,000
$14,825,000
3 5 7 9
All Palm Beach Single Family Home Sales Single Family Homes: North End, Palm Beach Single Family Homes: In-Town, Palm Beach Single Family Homes Estate Section, Palm Beach
$13,865,000
$13,182,663
$12,000,000
$10,000,000
$9,425,000
$5,000,000
11 13
Condos: In-Town Palm Beach
Single Family Homes: El Cid, West Palm Beach
$0
15 Single Family Homes: Northwood & Providencia Park, West Palm Beach 17 Single Family Homes: South End, West Palm Beach 19 Condos: Coastal West Palm Beach
2022
2023
2022
2023
2022
2023
3 Months
6 Months
12 Months
SOURCE : ALL DATA IS PULLED FROM THE PALM BEACH MLS, BEACHES MLS, AND THE PALM BEACH PROPERTY APPRAISERS (PAPA)
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