Quarterly Number of Closed Sales
Bayfront properties continued to sell at a brisk pace, setting a new first quarter record with 27 closings. The number of closed sales on the beachfront posted a pull-back from first quarter 2011 with 44 closed sales vs 64 last year. Closings that occur in the first quarter were typically pended during the fourth quarter, which is historically the slowest for beachfront sales. Sales in this segment are highest during first and second quarters, so closings will likely show increases during the second and third quarters.
Quarterly Average Sales Price – Closed Sales
Average sales price on the beach at the end of the first quarter is $1,054,409. This represents a slight increase over Q1 2011 and is the third consecutive first quarter of stable prices in this segment.
The Terraces and Gulfside posted the highest number of sales with four closed sales in each building.
Average sales price of bayfront properties also appears to have stabilized with an average for the first quarter of $425,407 vs. $422,899 for the same period 2011. The most active buildings on the bay were Charleston Square and Ambassador Club with each recording four sales for the period.
Summary
Inventory of available beachfront properties is down 14% from first quarter 2011 and bayfront supply is down 35%. On April 1, 2012 there were 218 properties for sale on the beach and 59 on the bay. Based on closings during the past 12 months, there is approximately a one year supply of product on the beach and eight months on the bay. Given the strong first quarter, these levels are expected to continue to decrease going forward.
Gulf Shore Boulevard remains one of southwest Florida’s most desirable locations and demand is expected to remain strong throughout 2012. Prices continue to be attractive, but diminishing inventory will have an impact on this variable at some point.
Dustin Beard monitors inventory levels, sales activity and prices in each condominium
building on Gulf Shore Boulevard. If you are considering selling or purchasing in this area,
contact Dustin for specific information on your personal area of interest. All properties currently for sale through Sunshine Multiple Listing Service can be viewed at https://paradisecoastnaplesrealestate.com/search-naples-real-estate