Cape San Blas closed 7 lots in February. The C30 corridor accounted for 5 sales (2 Lagoon front), while Cape San Blas South closed a Bay front lot and Cape San Blas North closed on a Gulf front lot. The sales averaged a price of $161,071 in a 191-day marketing period. There are another 7 lots under contract, leaving 129 on the market, ranging from $61k to $8m for a 24 acre Gulf front parcel! Cape San Blas closed 13 homes, 6 at Cape San Blas North (2 Gulf front, 1 Bay front), 5 at Cape San Blas South (4 Gulf front). These sales averaged a price of $1,271,677 over a 230 day period. In many markets we are seeing extended days on market, but Spring is upon us and buyer activity is increasing! Currently, there’s another 13 homes under contract with 120 to choose from.
North Gulf County delivered 5 sales in February, one n each in White City, Dalkeith, Overstreet North, City of Wewa and Wewa sub areas. The averages sales price was $89,950. As in the Cape market 191 average days on market. But both positive as our average sales price increased and days on market decreased. We have 13 lots under contract, leaving 70 for the taking. Wewa and City of Wewa each closed one home. The contracts are continuing to climb with 8 as of now. Being the most budget friendly market, there are still 35 homes available with a couple more in the pipeline.
Port St Joe closed 2 lots in February, one in Jones Homestead, the other in the exclusive ‘Reserve’ Subdivision off Hwy 98. The two sales brought an average of $112k in 150 days. Currently, there are two more lots under contract, with a remaining inventory of 39. As usual, the residential market of PSJ has a larger market share than vacant land. In February, we closed 13 homes at an average price of $234,763 in a 133-day period. Eleven of those sales were in the City, while Oak Grove and Jones Homestead delivered the remaining two. Number of sales remained as in January, but the contracts on hand increased to 24! While inventory here seems to be consistent, the good news is there is still an inventory of 101 homes available.
Mexico Beach: The eight sales in this market were equally divided between Mexico Beach and St Joe Beach sub-areas, averaging a price of $188,372 in a 224 day period. There are 11 lots under contract with 123 on market. Of the 17 homes sold last month, St Joe Beach closed 6, WindMark Beach 5, Mexico Beach 4, Beacon Hill and Overstreet South each closed one. The average selling price was $536,635 in an average of 95 days. We have a whopping 30 homes under contract, leaving 233 to choose from.
The renourishment project on Cape San Blas has officially begun. This is exciting news for homeowners and beach goers alike. The project is pumping sand from the bottom of the Gulf to the shoreline for to replenishment. Not only is the erosion washing away some of Gulf County’s most beautiful beaches, but also putting many homes in danger. Spring is upon us, which means sunny and warm days, busier businesses with Spring Breakers in the area and Wewa’s Annual Duck Derby, this year combined also to be a Spring Festival with family fun and games!
As always, the team at 98 Real Estate and I are grateful for your trust and support, allowing us to dominate Mexico Beach and North Gulf County real estate markets.