Gulf Shore Boulevard Real Estate Market Report – First Quarter 2016
QUARTERLY NUMBER OF CLOSED SALES
- The number of closed sales declined on the beachfront and bayfront from first quarter 2015, down 26% on the beach (50 vs. 37) and 48% on the bay (27 vs. 14).
- Gulfside posted the highest number of sales on either side of Gulf Shore Boulevard with nine closings in the building.
QUARTERLY AVERAGE SALES PRICE – CLOSED SALES
- Average sales price for properties on the beach was up substantially from $1,501,000 during first quarter 2015 to a record high of $1,904,300 during Q1 2016. This average was impacted by five closings above $3,000,000 each, and one in Le Rivage above $7,000,000.
- Average price for bayfront condominiums closed during the quarter increased 12% to $550,721, up from $496,670 for Q1 2015.
QUARTERLY AVERAGE PRICE PER SQUARE FOOT – CLOSED SALES
- Average price per square foot increased 29% on the beach to $795 psf, up from $617 psf in Q1 2015.
- Average price per square foot on the bay during the first quarter was $438, a 20% increase over the same period in 2015.
At the end of the third quarter there were a total of 29 bayfront condominiums for sale, up from 19 available properties a year ago. Beachfront inventory increased from 60 units at the end of Q1 2015 to 104 at the end of the first quarter 2016. This follows the trend of increasing inventories in most segments across the market.
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