Cape San Blas closed 3 lots in July. One each for Cape San Blas North and South. Indian Pass brought the final sale of a Lagoon from lot. The three averaged a price of $190k in an 87 day period. Looks as if things will be back on track this month if all 6 under contract close as scheduled. We’re a little better than ½ way through the month with 3 lots under contract. New listings are idling at 161. Home sales continue to rise with 15 closings in July! Cape San Blas North lead the way with 9 sales (2 Gulf front, 1 Bay front), C30 moved 4 homes (2 Lagoon front) while Cape San Blas South and Indian Pass each delivered one sale. July sales averaged $858,867 in 118 days. August looks to be another good month with 10 more homes under contract. As in many of the other markets, still plenty to choose from, see the remaining 151 options here.
North Gulf County land sales increased once again to 9. Overstreet North delivered 3 sales, City of Wewa closed 2, while each of our other sub areas closed one sale. The average sales price was $74,739 in a 108 day period. We have 6 lots under contract with a remaining inventory of 106 lots. We saw a nice increase to 6 home sales in this market. City of Wewa closed 2 homes (1 River front), while Wewa, Overstreet North, Dalkeith and Honeyville (sub area mismarked) each closed one. The average sales price was $157,083 with an average of 63 days on market. North Gulf County is the lowest valued market in our territory, but also has no beach and bay views, but oh the river and lake views! If you have a home in this market north of the $200k price point, you need to stand out in some degree to catch a buyers attention. Rarely do we average over the $200k price point here. As of now, we have 8 homes under contract. Click here to view the remaining 30 homes available.
Port St Joe saw a nice boost in sales (9) and average sales price ($354,778) in a 99 day period. The cause of the increased average price was attributed to a 2.4 acre tract sale in the City of PSJ, alongside 4 other lots. Oak Grove (2) and Highland View (1) each closed improved RV lots. Currently, there are 6 lots under contract and 42 for the taking. Port St Joe closed 9 homes this month (2 mis marked) and one mismark closed in St Joe Beach, so our data is a bit skewed but shows a sales price of $368,445 in a 124 day period. There are a whopping 19 homes under contract, leaving 118 homes remaining.
Mexico Beach land sales fell again this month to just 3 closings. Two sales in Mexico Beach and the final was a improved RV site on Overstreet South. The three averaged a price of $263,333 in an 87 day period. The 24 contracts on hand hold quite a few neighboring parcels being sold to single buyers, and a few others that are facing some challenges and need time to sort out. This market once faced hardships in the vacant land department but currently has 118 lots to offer. Homes sales are certainly stable, with 18 closings. WindMark Beach delivered 8 sales, Mexico Beach 7, several of these sales were of the new Townhomes by DR Horton. Beacon Hill closed two home and Overstreet South delivered one. The average sales price was $423,251 in a 152 day period. Hot dog things look GOOD for August with 44 homes under contract! Many sellers are seeing the need to reduce for desired traffic. Still plenty to choose from, see the inventory of 211 here.
School is back in session, and tourist traffic has slowed, hence the real estate market. The weeks following Easter and 4th of July, I feel have been the busiest all season. As touched on above, it seems more and more sellers are having to reduce pricing to gain any attention. I think we can safely say, we’ve shifted from a nice run of a sellers market into a buyers market. Granted many sellers are still pulling nice numbers but its taking more time than it once was. Many agents are asking ‘are we listing this home or selling?!’ At the end of the day, we work for you (buyer and/or seller) but when selling, its important to listen to your agent’s pricing recommendations for results.
While the summer season is coming to an end, there’s still plenty to do in Gulf County and Mexico Beach. We have two great events Labor Day weekend, the Annual Scallop Festival in Port St Joe and for the first time in a long time, Wewahitchka is hosting a Rodeo! I’ve personally sponsored the Bull Riding section of the Rodeo and can be spotted throwing Tshirts and loving on our community! I’m super excited, as I haven’t attended a Rodeo since I was a child! Hope to see you there!
Team 98 continues to maintain Top Brokerage status in the Mexico Beach and North Gulf County markets! THANK YOU for allowing us the privilege of helping fulfill all your real estate dreams and goals!