MARKET REPORT: January 2019

Cape San Blas lot sales took another small dip in January with only 3 sales. All three were in the North Cape San Blas sub area with an average sales price of $257k with an average of 66 days on market. The sale of a ¾ acre gulf front lot with 60’+ gulf frontage enabled us to reach the volume and keep DOM down this month. Not quite the month we hoped for but we look for the 14 currently under contract to bring the numbers back up. Pushing these properties aside the CSB market still has 170 lots to choose from. Homes sales are down a touch from last year and last month, with only 4 sales. Each of the sales were Gulf front homes with some form of storm damage. Three along C30 corridor with one on North Cape San Blas. Our average sales price was $440k with 182 days on market. As of now there are 7 homes under contract and 63 still on market.
North Gulf County lot sales increased not only from last month but also from last year. In January agents closed 14 lots! Aside from one 31 acre parcel selling at $117k, all of these sales were under $20k. The average sales price was $18,338 with 157 days on market. We are looking forward to a strong February with 12 lots under contract, with 155 remaining lots to choose from. The residential side of this market produced 5 sales which is only one shy of last January and a nice increase from December’s one. The Dalkeith subarea took the lead with two sales this month, while City of Wewa, Overstreet North and Wewa each had one sale. The average sale price was $102,500 and 117 days on market. February looks to be another good month for North Gulf County with 11 homes under contract. Of the 34 homes remaining, some are move in ready while others will need work.
Port St Joe lot sales doubled over every month in the last year with 12 sales. Two of these sales were in the City of PSJ, one in the commercial district. The remaining 10 sales were in the new Jones Homestead development. This area was highly sought after as they offered 2 acre parcels and this area endured little to no storm damage. The average sales price was $52,273 and 195 days on market. PSJ has 5 lots under contract, again the bulk in the Coastal Plantation subdivision. There are 65 lots remaining in this market. I suspect many more coming soon, as of last week 12 homes along Hwy 98 had been demolished, some we know will rebuild, but rumor has it the bulk are relocating. January was another strong month for the Port St Joe residential market with another 11 sales. Four of the 11 sales were move in ready or sustained only minimal damage. Oak Grove and Jones Homestead each has one sale while sub area of PSJ held the remaining 9. The average sales price is up a touch from last month but still down quite a bit from this time last year, at $163,528 and 38 days on market. Just as last month another 14 homes under contract however the bulk of these have some form of damage. Pushing these home aside we’re left with 32 available homes, only a couple move in ready.
Mexico Beach market is heating up now that homeowners are receiving insurance or discovering their home is over the 50% damage mark. January closed 10 lots. Several being beachside of Hwy 98 which was a near impossible find prior to Michael’s debut. The average days on market (271) are a bit high and not a true reflection of the markets activity. The average sales price was $173,600. Five sales were in the Mexico Beach sub area, two on Overstreet South and WindMark Beach the final in St Joe Beach. With 17 lots under contract, if you’re looking…don’t wait, the good ones are going fast!! We have 80 lots available, many of which were on the market prior to the storm. Residential sales are still low due to lack of homes remaining, here are the 11 sales in January, three of the 11 were ‘undamaged’. Sub area of Mexico Beach carried the weight of sales with 6 transactions, St Joe Beach closed 3 and Beacon Hill delivered the final two. The average sales price was $234,750 with 3 days on market. Looking at the 35 homes under contract, there’s no question this market is recovering!! As of today there are 47 homes still available for purchase. The City is working diligently to complete the new Land Development Regulations but still ironing out the final details. Due to the complexity and community input the January 10th deadline has been extended to February 8, 2019. While all the details haven’t been ironed out, the City has made enough progress many land owners are able to decide on rebuilding or selling.
Mexico Beach has been granted funding for not only cleaning up the streets but also assisting property owners in debris removal on their property. Gulf County has extended debris pick up to March 18, however they do not have the same funding as Mexico Beach, so clean up is still an expense to land owners and must be pushed to the roadside.
Myself and 98 Real Estate Group are grateful for all 2019 has brought thus far. Thank you all for your support and encouragement through these trying times.

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