Gulf Shore Boulevard Real Estate Market Report
Fourth Quarter 2014
ANNUAL NUMBER OF CLOSED SALES
Activity on the beach remained consistent with 2013, with 2014 sales approximately the same. (Exhibit 1) Sales on the bay were down 11.5%, with 69 sales vs 78 in the prior year. (Exhibit 2) The beachfront buildings with the highest number of sales were Terraces with 17 and Esplanade with 15. On the bayfront, Bordeaux Club led with six closings during the year.
ANNUAL AVERAGE SALES PRICE – CLOSED SALES
The average sales price of beachfront condominiums increased 12% over the prior year. This marks the fourth consecutive year of price increases in this segment. (Exhibit 3) Following two years of relatively stable prices along the bayfront, average sales price posted a 17% gain. (Exhibit 4) Prices could continue to increase in 2015 if demand remains high and inventory continues to shrink.
ANNUAL AVERAGE PRICE PER SQUARE FOOT – CLOSED SALES
The price per square foot increased for properties on both sides of Gulf Shore Boulevard. (Exhibits 5 & 6) Actual prices paid per square foot, by building, ranged from a low of $156 to a high of $531 on the bay and $299 to $977 on the beach.
SUMMARY
On January 1, 2015, there were 22 condominiums available on the bay and 82 on the beach. This represents a 39% decrease on the bayfront and a 43% drop on the beachfront from prior year. Based on the number of closings for the past 12 months, the current inventory indicates a three month supply on the bay and 3.8 months on the beach. The limited inventory resulted in price increases in 2014 and this trend is expected to continue in 2015.
This report is intended to provide the reader with a snapshot of market activity and trends among waterfront condominiums on Gulf Shore Boulevard. Buildings on the beach and bay vary significantly in age, condition and amenities, and averages in this report provide only a broad view of market trends. For more information contact Dustin Beard at 239-289-2650 on any property in which there is specific interest.