No Comments

Gulf Shore Boulevard 2009 Annual Market Report

For a printable version of this report click here: GSB-MarketReport-blog

Gulf Shore Boulevard beachfront condominium sales showed a slight improvement in 2009 over 2008. The number of closed sales units on the beach increased for the second consecutive year, up 21% over 2008. Bayfront sales remained the same as prior year.

ANNUAL NUMBER OF CLOSED SALES

Although unit sales on the beach began to decline in 2005, average sales price did not peak until 2006. Through 2009, average sales price declined by 49% from the 2006 high. On the Bayfront the highest average sales price occurred in 2005 and has since declined 45%. Median sales price has shown similar declines from its peak for both locations.

ANNUAL AVERAGE SALES PRICE – CLOSED SALES

Average sales price per square foot declined in 2009 for the third consecutive year for both Beachfront and Bayfront properties. This measure was down 20% for beachfront residences and down 23% on Bayfront properties from 2008 levels.

ANNUAL AVERAGE PRICE PER SQUARE FOOT – CLOSED SALES

Available inventory on January 1, 2010, was down approximately 5% from January 1, 2009 levels for both Beachfront and Bayfront properties. Based on increased showing activity during the past 90 days, beachfront absorption rates could increase substantially in the first quarter of 2009. It is important to note that supply varies among buildings, so it is always important to get specific information on properties of personal interest.

This report only includes condominium product, on the beach or the bay, from the Beach Club north through Le Parc. Buildings on both sides of Gulf Shore Boulevard vary in terms of size, age and amenities, so take this into consideration when looking at annual averages.

“The source of this real property information is the copyrighted and proprietary database compilation of Sunshine MLS, LLC. Copyright 2010 Sunshine MLS, LLC. All rights reserved. The accuracy of this information is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction in reliance upon it.”