ANNUAL NUMBER OF CLOSED SALES
The number of closed sales on the beach increased 21% over 2010, the fourth consecutive year of increases. Bayfront sales were up 66%, with 78 closings vs. 47 in 2010.
Beachfront buildings with the highest number of sales were Lausanne and Vistas with ten each, followed by Esplanade and The Terraces with nine sales in each building. Beacon House and Harbour Cove were the most active bayfront buildings with six closed sales in each building, followed by Madrid Club and Executive Club each of which recorded five sales.
ANNUAL AVERAGE SALES PRICE – CLOSED SALES
Average sales price on the beach increased 4.7% over 2010. This is the first upward movement since prices began adjusting in 2007 and is reflective of activity in buildings with an average sales price above $1,500,000.
Bayfront prices rose 6% over prior year, with two sales in Charleston Square and one in Bella Baia impacting the average. This is the first increase for this segment in five years.
ANNUAL AVERAGE PRICE PER SQUARE FOOT – CLOSED SALES
The average price per square foot for properties on the beach and bay remained approximately the same as 2010 with less than a 3% change on the gulf and under 2% on the bayfront. This mirrors the stabilization of prices in most buildings.
It is important to recognize that buildings on the beach and bay vary significantly in age, condition and amenities and averages provide only a broad view of market trends. The actual prices paid per square foot in 2011 range from $170 – $477 in bayfront units and from $234 too over $700 on the Gulf.
On January 2, 2012, 207 units were available on the beach and 69 on the bay. This represents a 19% decrease in beachfront inventory and a 13% reduction of supply on the bay during the past twelve months. Supplies are significantly reduced in many buildings and some such as Lausanne and Park Plaza are at less than 50% of their January 2011 levels.
Prices increased slightly on Gulf Shore Boulevard in 2011, reversing the downward trend of the past few years. John R. Wood Realtors will continue to monitor prices and supply in individual buildings over the coming months in order to provide buyers and sellers with the most timely market information on emerging trends.
Current prices remain well below the 2005 and 2006 highs, representing great value in this segment. Availability will be a growing issue, particularly since second quarter is historically the highest closing period for properties in this popular neighborhood.
ARE YOU THINKING OF SELLING YOUR HOME OR DO YOU KNOW SOMEONE WHO IS? CALL AN EXPERT, CALL DUSTIN AND HIS TEAM (239)289-2650.
“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.”