QUARTERLY NUMBER OF CLOSED SALES
- There were 82 closings on the beach during the second quarter, down from 99 in Q2 2014. The decrease was due to lower inventory rather than diminished buyer interest. Monaco Beach Club recorded the highest number of sales with six closings in the building.
- The number of sales on the bay increased 31.6% over the same period 2014, with 25 closings vs. 19 a year ago. Highest sales activity on the bay occurred at Harborside West where there were three closings, the same number as Q1 2015.
QUARTERLY AVERAGE SALES PRICE – CLOSED SALES
- Average sale price of closed properties on the beach during Q2 2015 was $1,494,320, approximately the same as second quarter 2014 when the average was $1,493,657.
- Average sale price of closed properties on the bay during the quarter was $528,544, down 5% from Q2 2014.
QUARTERLY AVERAGE PRICE PER SQUARE FOOT – CLOSED SALES
- Average price per square foot increased in both beachfront and bayfront properties. Beachfront prices were up 8% while bayfront units rose
4% over second quarter 2014.
At the end of the second quarter, there were a total of 10 units for sale on the bay and 46 available units on the beach, a decline of 54% on the bay and 45% on the beach. This indicates approximately a one-month supply on the bay and a 2.8 month supply on the beach based on the number of closings in the past 12 months. Sellers who have been waiting for more favorable market conditions before putting their properties on the market should consider doing so at this time.
This report is intended to give a broad view of market activity and trends among waterfront condominiums on Gulf Shore Boulevard. Buildings on the beach and bay vary significantly in size, condition, age and amenities, and this can impact average sales price and average price per square foot. Buyers and sellers are advised to seek the help of Dustin Beard for information regarding any property in which there is specific interest.
“The source of this real property information is the copyrighted and proprietary database compilation of Southwest Florida MLS. Copyright 2015 Southwest Florida MLS. 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.”