Gulf Shore Boulevard Real Estate Market Report – Annual Review 2016
Activity on the beach slowed during 2016 when compared to 2015, with 155 sales for the year vs. 192 in the prior year. Competition from several new high rise projects in Naples and Bonita Springs may have been a contributing factor in this decline. Sales on the bay were also down 34% for the year with 57 sales in 2016 compared to 86 in 2015 (Ex. 1a and 1b). The beachfront buildings with the highest number of sales were Vistas with nine, followed by Esplanade, Monaco Beach Club and Surfsedge with eight sales each. On the bayfront, Harborside West led with seven sales followed by La Maison with five.
On January 1, 2017, there were 40 condominiums available on the bay and 113 on the beach. Supply on the bay and beach increased significantly from 24 units on the bay and 65 on the beach on January 1, 2016. Based on the number of closings during the past 12 months, the current inventory indicates 8.2 months of supply on the bay and 8.7 months on the beach. The significant increase in inventory and the slowing of sales will put pressure on pricing during 2017.
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 in this popular neighborhood, buyers and sellers are advised to seek the help of a John R. Wood Properties sales professional who can provide current and accurate market data.
“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.”