Gulf Shore Boulevard Real Estate Market Report
Third Quarter 2015
QUARTERLY NUMBER OF CLOSED SALES
- Beachfront sales declined 10% from third quarter 2014 (30 vs. 27), while the number of sales on the bay increased 67% for the period (20 vs. 12). The slight decline in the number of sales on the beach was due to decreased inventory rather than diminishing demand.
- The Allegro recorded the most beachfront sales with five, while Port au Villa was the most active on the bayfront with four closed transactions.
QUARTERLY AVERAGE SALES PRICE – CLOSED SALES
- Average sales price for beachfront condominiums in the third quarter was $1,555,074, a stunning 47% higher than the $1,056,583 average price posted in the same quarter a year earlier. It should be noted that in Q3 2015, three sales had closing prices above $4 million.
- Average price for bayfront condominiums closed in the third quarter increased 53% over Q3 2014 levels to $560,895, up from $367,223 in Q3 2014.
QUARTERLY AVERAGE PRICE PER SQUARE FOOT – CLOSED SALES
Average price per square foot increased 19% on the beach to $626 psf, up from $525 psf in Q3 2014.
Average price per square foot on the bay during the third quarter was $393, a 42% increase over prior year.
At the end of the third quarter, there were a total of nine bayfront condominiums available for sale at an average price of $679,156 or $423 psf. Beachfront inventory stood at 41 available units at an average asking price of $2,168,888.
“The source of this real property information is the copyrighted and proprietary database compilation of Southwest Florida MLS. Copyright 2014 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.”