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Elliman Report: Palm Beach Sales 3Q 2013

CONDO/TOWNHOUSE There were 87 sales in the third quarter, a 35.9% rise above the prior year quarter, outpacing the 11.2% increase in inventory to 437 over the same period. The sharp change in price indicators reflected volatility in a shift toward purchasing lower priced property, not a decline in prices.

SINGLE FAMILY Median sales price slipped 3.8% to $2,500,000 from the same period last year. Average sales price increased slightly by 0.7% to $3,533,383 from the same period last year. Average price per square foot fell 12.6% to $698, consistent with the jump in size. The average square footage of a sale was 5,062, 15.2% larger than 4,392 in the prior year quarter.

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