Gulf Shore Review Report
Click on the link below to view the Third Quarter 2019 Market Review for Gulf Shore Boulevard.
Overall third-quarter sales along Gulf Shore Boulevard are up by 5%. 42 sales for Q3 of 2019 in comparison to 40 sales during the same period last year. Sales over the past 12 months were up 9.8% compared to the preceding 12 months, from 224 to 246.
With 109 beachfront listings available as of October 1, 2019, inventory has increased by 23.9% since the same date last year. Months of supply for beachfront units is also up, from 6.32 to 7.31 months. At 33, the number of available bayfront units as of October 1, 2019 is static with the same date last year. Due to an increase in sales activity over the past 12 months, months of inventory for bayfront units is down. Now at 5.91 months as of October 1, 2019 compared to 6.95 as of the same date last year.
On a 12-month rolling basis, average pricing for beachfront units show an 18.7% gain, from $1,431,100 to $1,698,356. Part of this gain is due to a high percentage of lower priced units selling in the third quarter of 2018. Had the average price for that period been consistent with the average of the two preceding and two following quarters, a gain closer to 9.25% would show. Bayfront units post a 10% gain in the average selling price, from $639,273 to $709,101.
Due to this market having a relatively small number of units on the market at any given time, it’s not uncommon to see dramatic changes. For example, a drop by just three quarterly sales for bayfront units might reflect an 18% change in quarter-over-quarter sales. Taking this into consideration, it becomes apparent that sales have been quite steady. This, combined with 6.48 overall months of inventory, suggests an overall balance in this marketplace.