Closed sales on the beachfront during the second quarter reached their highest quarterly level since second quarter 2005. There were 66 closed sales through Sunshine MLS, following a robust first quarter which recorded 64 closings. Sales of bay front properties set a new record with 27 closings reported. The number of beachfront sales increased 14% over Q2 2010 and bay front sales were up 59% for the period.
Quarterly Number of Closed Sales
Quarterly Average Sales Price – Closed Sales
Average sales price of beachfront properties remained approximately the same as Q2 2010 at $1,159,535. However, this represents a 15% increase over annual average sales price for 2010. La Mer recorded the highest number of closed sales with five closings, followed by Esplanade, Gulfside and Savoy with four in each building.
On July 1, 2011, there were 181 properties available on the Gulf and 69 on the bay. This represents a 28% reduction in inventory on the beach and a 24% reduction on the bay since the beginning of the first quarter 2011.
Prices in this market segment appear to have stabilized in mid-2009 and have remained fairly consistent since that time. They remain well below the record highs set in 2005, 2006 and 2007 and offer great buying opportunities for astute buyers.
This report is intended to give the reader a macro view of the beachfront and bay front markets. Prices and amenities vary widely among buildings and anyone considering a sale or purchase should contact Dustin for specific details on a particular area of interest.
“The source of this real property information is the copyrighted and proprietary database compilation of Sunshine MLS, LLC. Copyright 2011 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.”