Gulf Shore Boulevard Real Estate Market Report – Third Quarter 2017
QUARTERLY NUMBER OF CLOSED SALES
- The number of closed condominium sales on the bay during the third quarter was the same as last year with 10 units. Sales on the beach declined 25.8% from 31 in the same quarter last year to 23 in the current quarter.
- Beachfront buildings with the most sales in Q3 were La Mer and The Shores, each of which recorded three sales. On the bay, Port au Villa had two closings, the only building to have more than one sale during the quarter.
QUARTERLY AVERAGE SALES PRICE – CLOSED SALES
- The average price paid for condominiums on the beach in the third quarter of 2017 was $1,479,880, 17.5% higher than the $1,259,661 average price posted in the same quarter a year earlier. There were 2 sales over $2M during the quarter, the same as Q3 2016.
- The average price on the bay was $598,700, down slightly from $612,282 in the same quarter in 2016.
QUARTERLY AVERAGE PRICE PER SQUARE FOOT – CLOSED SALES
- Average price-per-square foot for beachfront condominiums increased 17.8% in Q3 to $707, up from $600 psf in Q3 2016.
- Average price-per-square foot for bayfront condominiums remained static year-over-year at $381 psf.
SUMMARY
At the end of the third quarter, there were a total of 23 units for sale on the bay at an average list price of $608,122 or $433 per-square foot. There were 66 residences on the beach with an average list price of $2,128,129 or $744 per-square foot. This represents four months of supply on the bay and 4.5 months on the beach based on the current sales pace.
This report is intended to give a broad view of market activity among waterfront condominiums on Gulf Shore Boulevard. Buildings on the beach and bay vary significantly in size, condition, age and amenities, and this can impact average sales price and average price-per-square-foot. Buyers and sellers are advised to seek additional information from a John R. Wood Properties sales professional on any property in which there is specific interest.