Bring Your Highest Expectationsâ„¢
THIRD QUARTER MARKET REVIEW FOR 2016 Gulf Shore Boulevard
Market Review© – Third Quarter 2016 Gulf Shore Boulevard Condominiums Market
Bring Your Highest Expectations™
QUARTERLY NUMBER OF CLOSED SALES - Q3 2016
125
Beachfront Condominiums
Q1
Q2
Q3
Q4
100 75 50 25 0
2010
2011
2012
2013
2014
2015
2016 Exhibit 1a
John R. Wood Properties, Bring Your Highest Expectations.
“The source of this real property information is the copyrighted and proprietary database compilation of Southwest Florida MLS, Copyright 2016, and the proprietary compilation of that data by John R. Wood Properties, its employees, and professional statisticians hired by the Wood firm. Southwest Florida MLS. Accuracy of the information is not guaranteed; it should be independently verified if any person intends to engage in a transaction, relying on such data.”
Market Review© – Third Quarter 2016 Gulf Shore Boulevard Condominiums Market
Bring Your Highest Expectations™
QUARTERLY NUMBER OF CLOSED SALES - Q3 2016
35 Bayfront Condominiums
Q1
Q2
Q3
Q4
30 25 20 15 10 5 0
2010
2011
2012
2013
2014
2015
2016
Exhibit 1b
John R. Wood Properties, Bring Your Highest Expectations.
“The source of this real property information is the copyrighted and proprietary database compilation of Southwest Florida MLS, Copyright 2016, and the proprietary compilation of that data by John R. Wood Properties, its employees, and professional statisticians hired by the Wood firm. Southwest Florida MLS. Accuracy of the information is not guaranteed; it should be independently verified if any person intends to engage in a transaction, relying on such data.”
Market Review© – Third Quarter 2016 Gulf Shore Boulevard Condominiums Market
Bring Your Highest Expectations™
QUARTERLY AVERAGE SALES PRICE - CLOSED SALES
$2,000,000 Beachfront Condominiums Q1
Q2
Q3
Q4
2014
2015
2016
$1,750,000 $1,500,000 $1,250,000 $1,000,000 $750,000 $500,000 $250,000 $0
2010
2011
2012
2013
Exhibit 2a John R. Wood Properties, Bring Your Highest Expectations.
“The source of this real property information is the copyrighted and proprietary database compilation of Southwest Florida MLS, Copyright 2016, and the proprietary compilation of that data by John R. Wood Properties, its employees, and professional statisticians hired by the Wood firm. Southwest Florida MLS. Accuracy of the information is not guaranteed; it should be independently verified if any person intends to engage in a transaction, relying on such data.”
Market Review© – Third Quarter 2016 Gulf Shore Boulevard Condominiums Market
Bring Your Highest Expectations™
QUARTERLY AVERAGE SALES PRICE - CLOSED SALES
$700,000
Bayfront Condominiums
Q1
Q2
Q3
2013
2014
2015
Q4
$600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0
2010
2011
2012
2016 Exhibit 2b
John R. Wood Properties, Bring Your Highest Expectations.
“The source of this real property information is the copyrighted and proprietary database compilation of Southwest Florida MLS, Copyright 2016, and the proprietary compilation of that data by John R. Wood Properties, its employees, and professional statisticians hired by the Wood firm. Southwest Florida MLS. Accuracy of the information is not guaranteed; it should be independently verified if any person intends to engage in a transaction, relying on such data.”
Market Review© – Third Quarter 2016 Gulf Shore Boulevard Condominiums Market
Bring Your Highest Expectations™
QUARTERLY AVERAGE PRICE PER SQUARE FOOT - CLOSED SALES
Beachfront Condominiums $435
2010
$427
2011
$384
2012 2013
$505
2014
$509 $571
2015
$600
2016 $0
$100
$200
$300
$400
$500
$600
$700
$800 Exhibit 3a
John R. Wood Properties, Bring Your Highest Expectations.
“The source of this real property information is the copyrighted and proprietary database compilation of Southwest Florida MLS, Copyright 2016, and the proprietary compilation of that data by John R. Wood Properties, its employees, and professional statisticians hired by the Wood firm. Southwest Florida MLS. Accuracy of the information is not guaranteed; it should be independently verified if any person intends to engage in a transaction, relying on such data.”
Market Review© – Third Quarter 2016 Gulf Shore Boulevard Condominiums Market
Bring Your Highest Expectations™
QUARTERLY AVERAGE PRICE PER SQUARE FOOT - CLOSED SALES
Bayfront Condominiums $246
2010
$255
2011
$308
2012
$272
2013
$330
2014
$381
2015
$378
2016
$0
$100
$200
$300
$400
$500 Exhibit 3b
John R. Wood Properties, Bring Your Highest Expectations.
“The source of this real property information is the copyrighted and proprietary database compilation of Southwest Florida MLS, Copyright 2016, and the proprietary compilation of that data by John R. Wood Properties, its employees, and professional statisticians hired by the Wood firm. Southwest Florida MLS. Accuracy of the information is not guaranteed; it should be independently verified if any person intends to engage in a transaction, relying on such data.”
Market Review© – Third Quarter 2016 Gulf Shore Boulevard Condominiums Market
Bring Your Highest Expectations™
SUMMARY
QUARTERLY NUMBER OF CLOSED SALES (Exhibits 1a & 1b) The number of closed condominium sales on the beach remained approximately the same as Q3 2015 with 29 closings vs. 27 a year ago. Sales on the bay declined year-over-year from 21 to 10 in Q3 2016. Madrid Club had the most sales on the bay with two sales during the quarter, while Horizon House led activity on the beach with three closings.
QUARTERLY AVERAGE SALES PRICE - CLOSED SALES (Exhibits 2a & 2b) The average price paid for beachfront units in Q3 2016 dropped 17.4% to $1,283,948, down from $1,555,074 for the same period in 2015. Average price on the bayfront increased 9.8% over the prior year to $612,282, up from $547,571 a year ago.
QUARTERLY AVERAGE PRICE PER SQUARE FOOT - CLOSED SALES (Exhibits 3a & 3b) Average price-per-square foot increased 5% for beachfront condos, going from $571 psf for the same quarter in 2015 to $600 psf in the current quarter. Average price-per-square foot paid for bayfront properties was approximately the same as prior year at $378 psf. At the end of the third quarter, there was a total of 30 units for sale on the bay at an average list price of $746,323 or $447 psf. There were 70 residences available on the beach at an average list price of $1,972,262 or $719 psf. This represents a return to more normal levels of availability in this market. Following several quarters of shortages, current inventory represents approximately 5.6 months-of-supply in the combined beach and bay market. Buildings on both sides of Gulf Shore Boulevard vary significantly in size, age and amenities. These factors can affect averages of price and priceper-square foot. Buyers and Sellers are advised to request current information on any property in which there is a specific interest.
John R. Wood Properties, Bring Your Highest Expectations.
“The source of this real property information is the copyrighted and proprietary database compilation of Southwest Florida MLS, Copyright 2016, and the proprietary compilation of that data by John R. Wood Properties, its employees, and professional statisticians hired by the Wood firm. Southwest Florida MLS. Accuracy of the information is not guaranteed; it should be independently verified if any person intends to engage in a transaction, relying on such data.”