Gulf Shore Boulevard Real Estate Market Report
First Quarter 2015
QUARTERLY NUMBER OF CLOSED SALES
There were a total of 74 condominium sales on Gulf Shore Boulevard during the first quarter, with 49 closings on the beach and 25 on the bay. The number of beachfront sales decreased by 11% from Q1 2014 (49 vs 55), as a direct result of inventory shortages in some buildings. Bayfront sales remained about the same as Q1 2014 with 25 sales vs 24 in the same period 2014. Harborside Gardens had the most activity with four closed sales, followed by Harborside West with three
QUARTERLY AVERAGE SALES PRICE – CLOSED SALES
The average sales price of closed properties on the beach during the first quarter was $1,518,500, a 32% increase over Q1 2014. The average sales price of units sold on the bay fell 7% from its Q1 2014 level ($535,145 to $495,524).
ANNUAL AVERAGE PRICE PER SQUARE FOOT – CLOSED SALES
During the first quarter, the average price per square foot for properties on the beach increased 9% from first quarter 2014 and properties on
the bay were up 7% based on this measure. The actual prices paid per square foot, by building, during the quarter range from $350 – $949 on the beach and from $262 – $515 on the bay.
On April 1, 2015 there were a total of 19 condominiums available on the bay and 60 on the beach. This represents a decline of 14% on the bay and 51% on the beach from Q1 2014.
This report is intended to provide the reader with a snapshot of market activity and trends among waterfront condominiums on Gulf Shore Boulevard. Buildings on the beach and bay vary significantly in age, condition and amenities, and averages in this report provide only a broad view of market trends. For more information contact Dustin Beard at 239-289-2650 on any property in which there is specific interest.