Gulf Shore Boulevard Market Report

3rd Quarter 2013

Gulf Shore Boulevard Market Report

Third Quarter 2013
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QUARTERLY NUMBER OF CLOSED SALES

125 100 75
58 100 92

BEACHFRONT CONDOMINIUMS
83 70 64 53 46 37 21 34 25 31 40

97

50
29

47 41 31 25 36 27 29 20 21

47 37 23

47

There were a total of 52 closed condominium sales on Gulf Shore Boulevard during the third quarter, with 13 closings on the bay and 39 along the beach. The number of beachfront closings increased 26% over prior year and are the highest for the period since 2009. Year-to-date Solamar has had the highest number of beachfront sales with eleven sales.

42 44 35

39

25 0

27 18

2005 2006 2007 2008 2009 2010 2011 2012 2013

35 30
26

BAYFRONT CONDOMINIUMS
20 17 13 8 14 12 9 7 5 3 5 7 4 10 9 10 10 8 3 3 7 6 12 18

32 28 28 29

25 20 15 10 5 0
19 14 20 21

Third quarter sales on the bay are the same as 2012 and 32% off the high for the quarter achieved in 2011. La Maison posted the most activity on the bay with seven sales.

13

13

2005 2006 2007 2008 2009 2010 2011 2012 2013

Q1 Q2 Q3 Q4

Gulf Shore Boulevard Market Report

Third Quarter 2013
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QUARTERLY AVERAGE SALES PRICE CLOSED SALES

$2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $0
Average sales price of closed properties on the beach during the quarter was $1,167,115, a 53% increase over third quarter 2012. This is largely a reflection of the significantly higher number of sales above $1,000,000 during Q3 2013 vs 2012, rather than an indication of actual price increases at this level on indiv idual properties. The building with the highest sales price for the quarter was Aria, with a closing at $4,525,000.

BEACHFRONT CONDOMINIUMS

2005 2006 2007 2008 2009 2010 2011 2012 2013

Average sales price on the bay for the quarter was $367,223, a 24% decrease from Q3 2012. This too appears to be the result of a larger percentage of the sales in 2013 occurring at the lower end of the price spectrum for this neighborhood, rather than overall price depreciation in this market.

$1,250,000 $1,000,000 $750,000 $500,000 $250,000 $0

BAYFRONT CONDOMINIUMS

2005 2006 2007 2008 2009 2010 2011 2012 2013

Q1 Q2 Q3 Q4

Gulf Shore Boulevard Market Report

Third Quarter 2013
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SUMMARY
Available inventory has decreased on both the beach and bay from third quarter 2012. The current supply on the beach based on closings for the past 12 months is 7.3 months, while the bay has only 3.8 months. Beachfront sales are expected to remain strong into the upcoming season, while activity on the bay may slow due to demand that exceeds available supply. The reader is advised that this report is designed to provide a macro view of third quarter activity in this popular neighborhood. Prices vary widely on both sides of Gulf Shore Boulevard based on the age and amenities of the building as well as size and location of the unit. Buyers and sellers are advised to call a John R. Wood Sales Professional for detailed information on specific properties in which they have an interest, or contact our Customer Service Division at (239) 262-1900 or (877) 262-1300.

The source of this real property information is the copyrighted and proprietary database compilation of Southwest Florida MLS. Copyright 2013 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.