Gulf Shore Boulevard Market Summary: While closed sales along Gulf Shore Boulevard were down in 2023 compared to the prior year, sales for December were up. Beachfront and bayfront categories both followed this trend and, collectively, December sales were up 73% compared to 2022 and up 30% compared to the average of the three years preceding the pandemic-driven surge. After a 14 month period when the pace of sales was hindered in the wake of Hurricane Ian, these recent increases are promising as we enter the busy selling months.
Overall, new listings entering the market in 2023 increased year-over-year, but their pace was down slightly when compared to a long-term historical perspective. 2023 posted 349 new listings while the number of new listings over the preceding ten years averaged 358. Beachfront and bayfront categories both posted respective 43% and 93% year-over-year increases however, compared to the ten year average, bayfront posted a more modest 20% increase while beachfront posted a 10% decrease in new listings.
Due to slower than normal sales throughout most of 2023 combined with the normal seasonal increase in new listings in the final months of the year, months of supply increased to 10.5 months overall by the end of the year. Between 6 and 12 months is generally considered a balanced market. The average selling price for the Gulf Shore Boulevard market in 2023 was $2,562,202, nearly static with the preceding year. Bayfront buildings posted an average selling price of $1,893,401, up 62% from 2022 mainly due to sales for the higher-end Le Perle building starting to close in 2023 at prices between $2.8M and $4.9M. After removing these record breaking sales from the equation, however, bayfront buildings posted a modest increase in the average closed sale price in 2023. Beachfront buildings posted an 8.6% decline to $2,875,954. Part of this decline was due to a record number of high-end $10M+ units having been sold in 2022.
The information in this report exemplifies just how specialized and nuanced a market like Gulf Shore Boulevard is. For buyers and sellers alike, this is one of many things that make the skill and knowledge of a qualified Realtor® an invaluable asset when buying or selling real estate.
Click on either of the links below to view the Q4 2023 Market Report for Gulf Shore Blvd North.