Gulf Shore Boulevard Real Estate Market Report – First Quarter 2017
QUARTERLY NUMBER OF CLOSED SALES
- The number of closed condominium sales on the beach remained the same as Q1 2016 with 39 sales. Sales on the bay almost doubled from prior year, up from 13 in 2016 to 24 this year.
- Admiralty Point had the highest number of beachfront sales with five, while Harborside West and Yacht Harbor Manor led bayfront activity with three sales in each building.
QUARTERLY AVERAGE SALES PRICE – CLOSED SALES
- The average price paid for beachfront condominiums in Q1 was $1,551,385, down 17% from the average of $1,861,794 posted for the same quarter a year earlier, and approximately the same as Q1 2015. Two sales above $6 million and six sales above $3 million in the first quarter of 2016 were a significant factor in the increase. In Q1 2017, the largest sales were two above $5 million and two above $3 million.
- Average price on the bayfront for the quarter was $562,729, only slightly lower than the average of $570,315 posted in the prior year.
QUARTERLY AVERAGE PRICE PER SQUARE FOOT – CLOSED SALES
- The average price-per-square foot on the beach was down 9% from prior year to $677 psf vs. $744 in Q1 2016. The two units above $6 million which closed in Q1 2016 help explain this year-overyear quarterly change.
- Average price-per-square foot on the bay declined 10.5%, moving from $436 in the first quarter of 2016 to $390 in Q1 2017.
At the end of the first quarter there were a total of 36 condominiums available for sale on the bay at an average list price of $702,708, or $449 per-square-foot. There were 138 residences on the beach with an average list price of $2,193,555, or $767 per-square-foot. This represents an increase in inventory on the bay of 24%, and a 32% increase on the beach over the same period in 2016. Following several years of inventory shortages in this market segment, buyers now have more choices than during the past few years. Sellers need to remain aware of the effect of increasing inventory on sale prices.
This report is intended to give a broad view of market activity among waterfront condominiums on Gulf Shore Boulevard. Buildings on the beach and bay vary significantly in size, condition, age and amenities, and this can impact average sales price and average price-per-square foot. Buyers and sellers are advised to seek additional information on any property in which there is specific interest.