Gulf Shore Boulevard Real Estate Market Report – Annual Review 2015
Activity on the beach decreased slightly from 2014 with 198 sales vs. 219 in 2015. (Exhibit 1). The decrease is mostly attributable to limited inventory, but competition from several new high-rise developments in Naples and Bonita Springs may also be a factor. Sales on the bay were up 25% with 86 sales vs. 69 in the prior year. (Exhibit 2). The beachfront buildings with the highest number of sales were Allegro with 14, followed by Lausanne with 13. Harborside Gardens recorded the most activity on the bay with 8 closings during the year.
The average sales price of beachfront condominiums increased 11% year-over-year. This marks the fifth consecutive year of price increases in this segment. (Exhibit 3) Following two years of relatively stable prices along the bayfront, average sales price posted a 6% gain over 2014. (Exhibit 4)
Available inventory on the beach dropped 17% over the previous year, while supply on the bay was approximately the same. Based on closings for the past 12 months, the beachfront supply stands at four months and bayfront at three months. Price increases are expected to continue in 2016 as inventory levels remain at record lows.
Buildings on the beach and bay vary considerably in age, condition and amenities and the averages referenced in this report provide only a broad view of market trends in this segment. When contemplating a sale or purchase, buyers and sellers are advised to request current information concerning any specific property of interest.
“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.”