Gulf Shore Boulevard Real Estate Market Report
Third Quarter 2014
QUARTERLY NUMBER OF CLOSED SALES
There were a total of 41 closed condominium sales on Gulf Shore Boulevard during the third quarter, with 10 closings on the bay and 31 along the beach. The number of beachfront sales decreased by 21% (39 vs 31) from third quarter 2013. This drop was directly related to a decline in available inventory. Gulfside and Solamar posted the highest number of closed sales during the quarter with four in each building.
Bayfront sales decreased 23% from third quarter 2013 (13 vs 10). Six of the ten closed sales occurred in Windsor Court, Executive Cub and Bordeaux Club with two sales in each building.
QUARTERLY AVERAGE SALES PRICE – CLOSED SALES
The average sales price of closed properties on the beach during the quarter was $1,014,500, a 13% decrease from Q3 2013. The two highest sales prices on the beach for the quarter were Provence, with a sale of $3,200,000 and The Brittany, where a unit sold for $2,150,000.
The average sales price on the bay during the quarter was $387,500, a 6% increase from Q3 2013. The bayfront condominiums with the highest sales prices during the quarter were Madrid Club with a sale of $468,000 and Boulevard Club, where a three bedroom unit sold for $431,000.
ANNUAL AVERAGE PRICE PER SQUARE FOOT – CLOSED SALES
During the second quarter, the average price per square foot for properties on the bay increased 10% and the beach increased 7% from 2013. As with average sales price, average price per square foot is impacted by the number of higher priced sales in each market. The actual prices paid per square foot, by building, range from $202 to $678 per square foot on the bay and from $291 to $1,024 on the beach.
SUMMARY
The supply of available beachfront condominiums declined 41% from third quarter 2013 (124 vs 74) and bayfront inventory is 18% below the Q3 2013 level. The result is that closed sales for the quarter also declined, as some would-be buyers were unable to find suitable properties to purchase. It is likely that properties placed on the market now and through the upcoming season will quickly be absorbed due to pent-up buyer demand for this popular neighborhood.
This report is intended to provide the reader with a snapshot of market activity and trends among waterfront condominiums on Gulf Shore Boulevard. Buildings on the beach and bay vary significantly in age, condition and amenities, and averages in this report provide only a broad view of market trends. For more information contact Dustin Beard at 239-289-2650 on any property in which there is specific interest.