Quarterly Number of Closed Sales
Closed sales on the beachfront continued at a brisk pace during the second quarter reaching the highest level for the period since 2005, and increasing 16% over Q2 2011. Bayfront sales set a new quarterly record with 32 closings.
Quarterly Average Sales Price – Closed Sales
Average sales price on the beach during the second quarter is $1,239,801. This is a 7% increase over Q2 2011. Esplanade was the most active building with nine sales, followed by Admiralty Point 1 with five.
Average sales price on the bay is $467,078, approximately 3% less than second quarter 2011. However, this is an increase of almost 12% over first quarter 2012. Beacon House, Coquina Club, Madrid Club and Venetian Cove posted the highest number of closings on the bay with three closed sales in each building.
SUMMARY
On July 1, 2012, there were 50 properties available on the bay and 177 on the beach. This
represents a 27.5% decline on the bay from Q2 2011, while beachfront supply remained
approximately the same (down less than 3%) compared to the same period 2011.
Prices remain stable and the increase in average sales price on the beach was likely influenced by several multi-million dollar sales. The highest sales price on the beach for the quarter was $11.7 million, with several others in the $4,000,000 – $6,000,000 range. Conditions remain favorable for a purchase in this popular area. However, some buildings and price ranges are beginning to experience shortages of supply.
This report is intended to give the reader a macro view of the beachfront and bayfront
markets. Prices vary widely among buildings based on age, location and amenities. Contact
Dustin Beard for specific information on property in which you have a personal interest.