Gulf Shore Boulevard Real Estate Market Report – Third Quarter 2016
QUARTERLY NUMBER OF CLOSED SALES
- The number of closed condominium sales on the beach remained approximately the same as Q3 2015 with 29 closings vs. 27 a year ago. Sales on the bay declined year-over-year from 21 to 10 in Q3 2016.
- Madrid Club had the most sales on the bay with two sales during the quarter, while Horizon House led activity on the beach with three closings.
QUARTERLY AVERAGE SALES PRICE – CLOSED SALES
- The average price paid for beachfront units in Q3 2016 dropped 17.4% to $1,283,948, down from $1,555,074 for the same period in 2015.
- Average price on the bayfront increased 9.8% over the prior year to $612,282, up from $547,571 a year ago.
QUARTERLY AVERAGE PRICE PER SQUARE FOOT – CLOSED SALES
- Average price-per-square foot increased 5% for beachfront condos, going from $571 psf for the same quarter in 2015 to $600 psf in the current quarter.
- Average price-per-square foot paid for bayfront properties was approximately the same as prior year at $378 psf.
At the end of the third quarter, there was a total of 30 units for sale on the bay at an average list price of $746,323 or $447 psf. There were 70 residences available on the beach at an average list price of $1,972,262 or $719 psf. This represents a return to more normal levels of availability in this market. Following several quarters of shortages, current inventory represents approximately 5.6 months-of-supply in the combined beach and bay market.
Buildings on both sides of Gulf Shore Boulevard vary significantly in size, age and amenities. These factors can affect averages of price and priceper-square foot. Buyers and Sellers are advised to request current information on any property in which there is a specific interest.
“The source of this real property information is the copyrighted and proprietary database compilation of Southwest Florida MLS. Copyright 2016 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.”