Gulf Shore Boulevard Real Estate Market Report – Second Quarter 2017
QUARTERLY NUMBER OF CLOSED SALES
- The number of closed condominium sales on the beach during the second quarter increased 39% over Q2 2016 with 75 closings vs. 54 in the prior year. Sales on the bay were static with 22 sales during Q2 2017 vs. 23 last year.
- The beachfront buildings with the most activity were Lausanne and Meridian Club with five sales in each building, followed by Bayshore Place, Gulf View and Westgate, each of which had four sales. On the bayfront, Bordeaux Club, Boulevard Club, Charleston Square and Executive Club recorded two sales in each building.
QUARTERLY AVERAGE SALES PRICE – CLOSED SALES
- The average price paid for condominiums on the beach in Q2 2017 was $1,487,602, a slight drop from $1,531,359 posted in the same quarter a year earlier. There were 12 sales over $2M and 2 sales above $6M during the quarter, which is the same as Q2 2016.
- The average price on the bay was $630,745, up 18.5% over the same quarter in 2016.
QUARTERLY AVERAGE PRICE PER SQUARE FOOT – CLOSED SALES
- The average price-per-square-foot for beachfront units dropped to $642 in the current quarter, down from $697 psf for the same period in 2016.
- The average price-per-square-foot on the bayfront declined from $412 psf in 2016 to $372 in the current quarter.
At the end of the second quarter there were 25 condominiums available for sale on the bay at an average list price of $583,492, or $437 per-square-foot. There were 90 residences on the beach with an average list price of $2,100,542, or $762 per-square-foot. This represents 4.3 months-of-supply on the bay and 5.9 months on the beach based on the current sales pace.
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 from a John R. Wood Properties sales professional on any property in which there is specific interest.