The number of beachfront and bayfront sales during the first quarter were approximately the same as Q1 2013. There were 54 closings on the beach (53 in 2013) and 23 on the bay (22 in Q1 2013). (Exhibit 1a & 1b) Monaco Beach Club and Savoy tied for the buildings with the most activity, with seven closings in each, followed closely by Esplanade with six.
QUARTERLY AVERAGE SALES PRICE – CLOSED SALES
Average sale price of closed properties on the beach during Q1 2014 was $1,159,551, a 3% decrease from Q1 2013. The buildings with the highest closed sale prices were The Enclave with one sale at $4,350,000 and Aria with one sale at $3,950,000.
Average sale price of closed properties on the bay during the quarter was $544,283, a 24% increase from Q1 2013 ($440,277). The bay condos with the greatest number of sales during the quarter were Coquina Club (3 sales / average sales price $386,700), Venetian Cove Club (3 sales / average sales price $573,800) and Yacht Harbor Manor (3 sales / average sales price $266,700).
ANNUAL AVERAGE PRICE PER SQUARE FOOT – CLOSED SALES
The beachfront market remained stable during the first quarter with approximately the same number of closed sales and closed volume as Q1 2013. Average price is up 11.5% over Q1 2012 , but remained 28% below the high for the period in 2007. Inventory once again declined on Gulf Shore Boulevard, down 25% on the beach (163 to 122 units) and 53% on the bay (47 to 22 units). This represents a 6.6 month supply on the beach and a 3.3 month supply on the bay. This report is intended to give a broad view of market activity and trends among waterfront condominiums on Gulf Shore Boulevard. Buyers and sellers are advised to seek the help of a John R. Wood Properties sales professional on any property in which there is specific interest.
“The source of this real property information is the copyrighted and proprietary database compilation of Sunshine MLS, LLC. Copyright 2013 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.”