Gulf Shore Boulevard Naples Florida is west of 41 (Tamiami Trail) and runs from the Park Shore neighborhood, through Moorings and into the Coquina Sands neighborhood (Gulf Shore Boulevard North). Gulf Shore Boulevard features low rise, mid rise and high rise condos and villas adjacent to the beach (on the west side of Gulf Shore Boulevard) and adjacent to several man made bays (on the east side of Gulf Shore Boulevard). For buyers who want to be close to the beach or "on the beach", it has a great location with restaurants, shopping and day to day amenities in close proximity (within a few minutes drive). Gulf Shore Boulevard South is in Old Naples and encompasses larger single family beachfront homes (vs condos). This report is specific to Gulf Shore Boulevard North sales data.
Third quarter sales along Gulf Shore Boulevard were up by 5%, with 42 sales posted for Q3 of 2019 compared 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 also increased, from 6.32 to 7.31 months. Bayfront inventory, with 33 currently on the market as of October 1, 2019 was static with the same date last year. Months of inventory for bayfront units decreased to 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 posted an 18.7% gain, from $1,431,100 to $1,698,356. Part of this posted gain, however, was due to an unusually 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 have been realized. Bayfront units posted a 10% gain in the average selling price, from $639,273 to $709,101. So, based on the averages, closed prices have been increasing. Some of this trend may be due to the fact that many of these buildings are older and units have been renovated, increasing the values.
Overall inventory is at 6.48 months of supply, suggesting that Gulf Shore Boulevard is in a balanced market. As with any market, however, conditions may vary between specific price segments. For example, the numbers for renovated units may reveal different market conditions than non-renovated units.
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