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QUARTERLY NUMBER OF CLOSED SALES
Sales on the beachfront were robust during the first quarter, posting the highest number of closings for the period since 2005. With 61 sales, vs. 44 last year, this represents a 39% increase over Q1 2010, and the fifth consecutive quarter to show an increase over same quarter, prior year.
Bayfront properties also experienced the third consecutive year of first quarter increases over prior year. The 16 closed sales resulted in a 33% increase over first quarter 2010.
QUARTERLY AVERAGE SALES PRICE – CLOSED SALE
Average sales price of Beachfront properties which closed in the first quarter was $980,914, approximately the same as Q1 2010. The fact that there was no significant change in this number could be an early sign of stabilizing prices in this segment. The two buildings recording the highest number of sales were Lausanne and Vistas, with six closings in each building. Average sales price of Bayfront properties increased from $368,063 in Q1 2010 to $431,688, an increase of 17%. Harbour Cove experienced the highest level of activity with three closed sales, followed by Spindrift with two sales.
SUMMARY
On April 1, 2011, there were 253 properties for sale on the beach and 91 on the bay. While both numbers are reasonably consistent with the same period 2010 (242 on the beach and 91 on the bayfront), the active selling season during 2011 will likely result in diminished inventory when sales pended in the first quarter close during the second quarter.
The combination of attractive prices and a good selection of properties in multiple price ranges continues to bring buyers to this popular area. Since second quarter is often the most active for condominium sales, Dustin Beard will continue to closely monitor supply and absorption in the area.
Please contact Dustin Beard for more in-depth information on properties or price ranges in which you have a specific interest.