Gulf Shore Blvd North Market Perspective:
Through the first quarter, 40 closed sales were reported, down 30% from the same period in 2024 when 57 sales were reported. Sales in buildings along the Gulf side of Gulf Shore Boulevard declined by 25%, while sales on the bay side declined 38%. Both categories posted increases in new listings; 27% on the Gulf side and 15% on the bay side. As of March 31st, the Gulf side posted 26 months of supply, a 75% year-over-year increase. Supply on the bay side increased by 20% to 15.43 months.
When breaking this market down further, differing stories begin to emerge. While overall Q1 sales along Gulf Shore Boulevard North were down 30%, sales for units on the 15th floor or higher were up 67% with 10 closed sales reported, exceeding the Q1 sales pace for 6 of the past 9 years. Another notable segment was units with 3 or more bedrooms, which posted 26 closed sales in the first quarter, down just two from the same period last year and exceeding Q1 sales in this category for 5 of the 8 preceding years.
This data demonstrates that, even in a market where the overall sales pace is down, some segments where buyers prioritize the value of key features are experiencing a steady pace of sales. For properties that aren’t selling, buyers may not see a strong correlation between the asking price and what the property offers, and these buyers may either be waiting for pricing to undergo an adjustment or they may be seeing greater value somewhere else and purchasing there. Especially in slower market segments, pricing is often the ultimate deciding factor. If a unit is not getting offers despite strong presentation and marketing exposure, it likely means buyers perceive better value elsewhere. A strategic price correction, simply realigning with today’s market, can generate renewed interest and ultimately lead to a successful sale.
