The Corcoran Report 3Q 2018 TOWN OF PALM BEACH & BARRIER ISLANDS

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1 The Corcoran Report 3Q 2018 TOWN OF PALM BEACH & BARRIER ISLANDS

2 Neighborhoods Jupiter Island to Singer Island SINGLE FAMILY AVG PRICE $1.5M +41 % CONDO AVG PRICE $552K +7 % SALES % Town of Palm Beach SINGLE FAMILY AVG PRICE $7.3M +47 % CONDO AVG PRICE $571K +3 % SALES % Hypoluxo Island to Highland Beach SINGLE FAMILY AVG PRICE $1.8M +32 % CONDO AVG PRICE $571K -3 % SALES % % CHANGE (YEAR-OVER-YEAR)

3 3Q 2018 TOW N O F PA LM B E AC H & T H E BA R R I E R I SL A N DS N Ocean Boulevard $14.75M Web# Town of Palm Beach In the Town of Palm Beach sales rose 38% year-overyear during Third Quarter 2018, with 135 closings. S ingle family closed sales increased 40%, while average and median prices increased 47% and 34%, respectively. C ondos and co-ops closed sales increased 37%. Pricing increased as well with average price up 3% and median price up 19% year-over-year. Single Family Average Price Median Price % Y E A R OV E R Y E A R + 47 % Y E A R OV E R Y E A R +3 4% Y E A R OV E R Y E A R Average Price Median Price +3 7 % Y E A R OV E R Y E A R +3 % Y E A R OV E R Y E A R +19 % Y E A R OV E R Y E A R 28 $7.2M $4M Condo/Co-op 107 $571K $350K

4 3Q2018 TOWN OF PALM BEACH & THE BARRIER ISLANDS 4 Town of Palm Beach by Property Type % CHANGE (QUARTER) % CHANGE (YEAR-OVER-YEAR) SINGLE FAMILY CONDO / CO-OP % +40 % -40 % +37 % $7.3M $7.8M $4.9M $571K $966K $554K -7% 47 % -41% +3 % -22 $4M $5.1M $3M $350K $530K $293K % +34 % -34 % +19 % % -40 % -31% -36 % Palm Beach In the Town of Palm Beach sales were up 40% for single-family homes and 37% for condos and co-ops. Average price increased 35% for both product types combined, while median price declined 7% year-over-year. Days on market decreased for both product types year-over-year and quarter-over-quarter, with a 43% drop annually. Average price increased 47% for single-family homes, and median price rose by 34%. The increase in average price was driven by three sales over $20M compared to none last year. The median price also increased year-over-year due to more sales above $5M compared to last year. Days on market fell 40%, due to fewer sales on the market for over a year and no properties on the market for over 1,000 days compared to one last year. Condo and co-op sales activity increased 37%, as sales In Town and The South End rose by 106% and 19%, respectively. Pricing metrics increased as well with average price and median price increasing 3% and 19%, respectively. The increase in pricing was due to the majority of sales being over $500K compared to last year. Days on market decreased significantly by 60 days, or 36%, due the majority of properties staying on the market for less than 100 days. In the North End, single-family home sales remained level yearover-year. Average sale price increased 49% mostly due to a $35M sale at 100 Casa Bendita. Days on market decreased by 59% because no properties were on the market for over 200 days.

5 3Q2018 TOWN OF PALM BEACH & THE BARRIER ISLANDS 5 Town of Palm Beach by Property Type % CHANGE (QUARTER) % CHANGE (YEAR-OVER-YEAR) NORTH END SINGLE FAMILY IN TOWN SINGLE FAMILY ESTATE SECTION SINGLE FAMILY % 12 0 % % % % % AVG PRICE $6,221,690 $5,504, % $4,162, % $4,454,111 $3,852, % $5,525, % $12,636,075 $19,395, % $6,693, % $3,365,000 $4,373, % $2,912, % $3,640,000 $3,450, % $2,825, % $7,777,000 $18,250, % $5,850, % AVG DAYS ON MKT % % % % % % SOUTH END CONDO/CO-OP IN TOWN CONDO/CO-OP % % % % AVG PRICE $522,411 $574,908-9 % $393, % $681,314 $1,661, % $1,731, % $322,500 $377, % $274, % $485,000 $1,088, % $1,482, % AVG DAYS ON MKT % % % % In Town, sales increased amongst both product types, with single-family homes and condos/coops increasing 125% and 106%, respectively. Average price of single-family home sales decreased 19% as no sales were over $10M. Condos and co-ops experienced a 42% decrease in average price due to last year s average skewing high from a $4.5M sale at 330 South Ocean Boulevard. Days on market decreased for both product types with single-family homes being the most notable at 51%. The significant drop is due to last year being unusually high because of one property being on the market for over three years. significantly by 89% due to two sales above $20M compared to last year s highest sale of only $13M. Median sale price increased 33% as six of the seven sales were over $5M. South End condo and co-op sales increased 19% year-over-year. Pricing metrics increased as well, with average sale price and median sale price rising 33% and 18%, respectively. Days on market decreased 40% due the majority of properties staying on the market for less than 100 days. The Estate Section saw three more sales than last year, translating into a 75% annual gain. Average sale price increased

6 3 Q TOW N O F PA L M B E ACH & THE BA R R IER I SL A N DS N Ocean Drive, Amrit $2.375M Web# Jupiter Island to Singer Island In the area from Jupiter Island to Singer Island, year-over-year sales for single-family homes decreased 34%, however, condo and coop sales increased 20%. S ingle family average and median prices increased due to more sales above $5M as compared to last year. C ondo and co-op average price increased 7%, but median price decreased 5%. Single Family Average Price Median Price - 3 4% Y E A R OV E R Y E A R + 41% Y E A R OV E R Y E A R +2 6% Y E A R OV E R Y E A R Average Price Median Price +2 0 % Y E A R OV E R Y E A R +7 % Y E A R OV E R Y E A R - 5% Y E A R OV E R Y E A R 41 $1.5M $932K Condo/Co-op 152 $552K $345K

7 3Q2018 TOWN OF PALM BEACH & THE BARRIER ISLANDS 7 Jupiter Island to Singer Island by Property Type % CHANGE (QUARTER) % CHANGE (YEAR-OVER-YEAR) SINGLE FAMILY CONDO / CO-OP 2Q % -34 % -39 % +20 % $1.5M $1.4M $1M $552K $800K $516K 0 % +41 % -31% +7 % +23 $932K $755K $743K $345K $435K $365K % +26 % -21 % -5 % % -31 % +3 % +7 % Jupiter Island to Singer Island North of Palm Beach, on the barrier islands from Jupiter to Singer Island, there was a gain in contract activity for condos and co-ops but a decrease for single-family homes. Median and average sale price of single-family homes increased 41% and 26%, respectively. The increase in average price was fueled by three sales over $5M compared to only one last year. Pricing metrics for condos and coops were mixed with average price increasing 7% while median price slipped 5%. Days on market fell 31% for single-family homes while condos and coops saw a modest increase of 7% compared to last year.

8 3 Q TOW N O F PA L M B E ACH & THE BA R R IER I SL A N DS Quiet Vista $7.25M Web# Hypoluxo Island to Highland Beach The area from Hypoluxo Island to Highland Beach saw all year-over-year pricing metrics for single family homes decrease while pricing metrics for condos and co-ops were mixed. S ingle family homes saw average price decrease to $1.8M due to a weak market for homes over $5M. C ondos and co-ops saw an increase in median price but average price decreased due to no sales above $3M compared to two the year before. Single Family Average Price Median Price +5 0 % Y E A R OV E R Y E A R % Y E A R OV E R Y E A R - 3 5% Y E A R OV E R Y E A R Average Price Median Price +3 0 % Y E A R OV E R Y E A R - 9 % Y E A R OV E R Y E A R +13 % Y E A R OV E R Y E A R 21 $1.8M $1.4M Condo/Co-op 95 $571K $470K

9 3Q2018 TOWN OF PALM BEACH & THE BARRIER ISLANDS 9 Hypoluxo Island to Highland Beach by Property Type % CHANGE (QUARTER) % CHANGE (YEAR-OVER-YEAR) SINGLE FAMILY CONDO / CO-OP % +50 % -19 % +30 % $1.8M $3.5M $3.2M $571K $565K $628K -48% -42 % +1 % -9 % -18 $1.4M $1.7M $2.1M $470K $463K $418K % -35 % +2 % +13 % % +4 % +13 % -3 % Hypoluxo Island to Highland Beach The area south of Palm Beach, from Hypoluxo to Highland, saw an increase in sales for all product types while pricing metrics varied. Single-family homes experienced year-over-year declines in average and median price of 42% and 35%, respectively. The decline in average price was due to only one sale being above $5M compared to three last year. The median price for singlefamily homes decreased due to more sales below $1M compared to last year. Pricing metrics for condos and coops varied with average price down 9% and median price up 13%. Days on market for single-family homes remained relatively stable, only increasing by 4% or five days year-over-year.

10 3Q 2018 TOW N O F PA LM B E AC H & T H E BA R R I E R I SL A N DS NE 7th Avenue $1.649M Web# Townhouse Townhouse sales activity and pricing metrics experienced year-over-year declines. Average and median price fell 24% and 9%, respectively. The decline in average price was the result of five fewer sales above $1M compared to last year. Quarterly, these declines were even higher, with average price down 40% and median price down 28%. Days on market experienced a moderate drop of 5%, with the average property staying on the market for just over five months. % CHANGE (QUAR TER) % C H A N G E ( Y E A R - O V E R -Y E A R ) TOWNHOUSE ALL AR E A S 1Q18 2Q % 65-10% 41 $592K -40% $992K -24% $777K $382K -28% $530K -9% $420K % 89-5% 163 CLOSE D SA L E S AV ER AGE PR I CE M E DI A N PR I CE AV ER AGE DAYS O N M A R K E T

11 3Q2018 TOWN OF PALM BEACH & THE BARRIER ISLANDS 11 Methodology Figures are based on closings reported in the Palm Beach PBB and Beaches Multiple Listing Services, in addition to sales recorded by the Palm Beach County Property Appraiser s office within the Town of Palm Beach at the time the report is prepared. Median Price is the middle or midpoint price where half of sales fall below & half fall above this number. Days on Market averages how long a unit takes to sell and is calculated by subtracting contract date from list date. Units on the market longer than three years and shorter than one day are considered outliers and removed from the data to prevent significant skewing The following members of The Corcoran Group made significant contributions to this report: Bill Yahn John Hackett Victoria Creamer Ryan Schleis Connor Reisenbigler Michael Merwin The Corcoran Group is a licensed real estate broker located at 340 Royal Poinciana Way, Ste 302, Palm Beach, FL