MARKET REPORT: February 2019

Cape San Blas lot sales doubled over last month to 6 however still less than ½ from the 15 sold in February 2018 and the 13 sold in February 2017.   Three of these sales were on North Cape, 2 on South Cape and the final one in the C30 corridor.  Half of these sales were either Gulf or Bay front, averaging $131,499 and 153 days on market.  MLS reports 15 lots under contact, however three are listed by an agent who is no longer in our market, one is in litigation and at least one wasnt  properly transferred/marked during our MLS conversion.  (My apologies for the inaccuracies.)  The lack of sales isn’t slowing people down from listing, we now have 182 vacant lots available in his market alone.  Homes sales are down again this month to only 2 sales.  One undamaged Gulf front on North Cape and a great full time residence on C30; the combination averaged $454,500 and 133 days on market.  There are now 10 homes under contract, this number seems accurate as there is only one I know is a short sale that has been delayed due to the storm.  We have 57 homes remaining in this market, with the majority being free of storm damage.  

North Gulf County like Cape San Blas saw another drop in lot sales from last month, however the 7 sales this month are a more than the 5 in February 2018 and the two in 2017.  The average sales price was $19,111 with 437 days on market.  There were three sales in Wewa and Dalkeith, the 3 in Dalkeith were purchased by one buyer, while the remaining sale was an 8 acre tract in North Overstreet.  We currently have 13 lots under contract, again several neighboring parcels being purchased by one buyer.  Plenty of land remaining in this market, 147 lots to be exact.  The 5 residential sales in this market are consistent with last month and the last two years.  Four sales were in Wewa and one in Howard Creek with an average sales price of $107,200 and 76 days on market.  Numbers look to be on the up side for March if we can keep the 7 contracts intact.  (*180 Bliss Ln has closed, another incident of conversion mishap.)  We’ve sold a few, placed a few under contract and clearly added a few since we have 33 available this month and had 34 last.  The positive spin being we have many available that are move in ready, the downside being they are priced a bit higher than the average sales price for this market. 

Port St Joe has seen more lots sales post Hurricane than most any month prior.  Last month was down from January’s 12 sales with only 7 sales but still a general rise.  One of the four City lots was result of a demo, two lots sold in Jones Homestead and one in Oak Grove.  The average sales price was $63,393 with 156 days on market. PSJ has another 5 lots under contract. The number of available lots has risen quite a bit to 74 although not as many related to demo as we would imagine.  Again a slight fall from January’s 11 sales, February produced 7 closings, all within the City subarea, and only three of these homes were sold without damage.  The average sales price was $193,643 and 176 days on market.  Our average sales price is up a bit from last month, always music to a sellers ears.  March may be the month that blows the rest out of the ate with 19 homes currently under contract!   These homes are a mix of move in ready, tear down and renovation ready.  A few new listings brings us to 40 homes available, still a large portion in need of repair. 

Mexico Beach market is on fire!!!  Agents closed 22 transactions in February, unfortunately the majority of these lots once had homes on them.  Thirteen of these sales were in Mexico Beach, seven in St Joe Beach, one each for WindMark Beach and Overstreet South.   The average sales price was $194,227 and 93 days on market.  Again, many being Gulf front or beach side of Hwy 98, these are the lots catching all the attention.  This market is also set for a nice March with 16 lots under contract, and 86 up for grabs.  In talking with property owners, we stand to see more come available as insurance claims and lawsuits are finalized.  The residential market just as hot as the vacant land market in Mexico Beach!  February closed 25 homes, 11 in the Mexico Beach sun area, 9 in St Joe Beach, 4 in Beacon Hill and two in new construction homes in WindMark Beach.  The average sales price was $199,145 and 85 days on market.  For obvious reasons the average sales price is lower than usual.  However the number of transactions this February are nearly double that of this month in 2017 and 2018.  We currently have 26 homes under contract.  For those still looking we have 51 homes available, several have been sitting due to being damaged but priced barely lower than what undamaged values would be.  The appeals process for homes marked over the 50% damaged mark has closed however the City is still being reasonable with these request. 

Day by day we are seeing improvements and more business open.  The waterways in Mexico Beach have been cleared of all debris and crews are digging the beach to remove surface/buried debris to make our beaches safe for enjoying!  While the area may be tough to look at the beaches and waters are as beautiful as ever!  Please continue supporting our area, we need all hands on deck to recover!

Myself and 98 Real Estate Group are grateful for all 2019 has brought thus far and eager to see what’s in store!  Thank you all for your support and encouragement through these trying times.      

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