Cape San Blas land sales were half of what we saw in April with just 7 closings. I attribute this to the gap between Spring Break and Summer. Once again C30 lead the way with 3 sales, Indian Pass 2, while Cape San Blas South and North each closed 1. The average sales price was also half of the prior month at $262,500 with more than double the days on market of 222. As of now, there are 5 lots under contract. We still have 123 available. Land sales may have been down but homes sales doubled!! Cape San Blas North closed 5 homes (1 Gulf front, 1 Bay front), C30 (1 Gulf front) and Cape San Blas South closed 2 homes, while Indian Pass delivered a Gulf front townhome. The average sales price increased to $1,1070,991 with a reduction to 49 days on market. There are 6 homes under contract and an increase to 131 home on market..
North Gulf County land sales saw an increase to 10 in May. Wetappo Preserve in the Overstreet North sub area closed 4 lots (1 Creek front), while City of Wewa, Wewa and White City each closed two. Our White City sale of multiple lots, boosted our average sales price to $66,380 with a 40 day marketing period. Currently, there are 5 lots under contract, and 93 to choose from. Home sales remained consistence with another 5 closings. Sales prices averaged $230,400 in a 57 day period. City of Wewa and Wewa closed 2 sales with our final in Dalkeith. We have 8 more homes under contract. As of now, there are 28 homes on market. In most markets we are seeing an increase in listings, as sellers try to take advantage of all the visitors in the area, making this our busiest buying season!
Port St Joe land sales are generally in the single digits, May brought 2 sales. Each with Bay Views, an RV friendly lot Highland View, and a restricted 2.92 acre parcel in the City of PSJ. The two averaged $300,500 with an average of 180 days on market. There are 3 lots under contract. Check out the remaining 32 lots available here. This market doubled its homes sale in May with 14 closings, and the majority were existing construction! These sales averaged $392,035 in an 81 day period. City of Port St Joe delivered all but one sale in Jones Homestead. Of the 20 homes under contract, most are new construction. Our inventory of 83 homes is quite the mix of new and existing construction.
Mexico Beach land sales fell by a few in May, with 9 closings. Mexico Beach delivered 4 sales, St Joe Beach 3, Overstreet South, and WindMark Beach each delivered one sale. These sales averaged $219,667 over a 136 day period. Hopefully, June cranks up as we have a mere 8 lot currently under contract. With 99 lots available, there’s certainly no shortage of options! Residential sales certainly picked up in May with 22 closings over the 9 in April. Mexico Beach accounted for 9 of these sales (1 Canal front), St Joe Beach 7 (2 Gulf front townhomes), while WindMark Beach brought up the rear with 6 sales. These sales averaged $685,180 in a 49 day period. There are 36 homes under contract, including a couple of the new DR Horton Townhomes just West of Mexico Beach and plenty of the WindMark Beach products. Have no fear, there are still 136 homes available.
We’ve certainly seen an interesting shift in the market this Spring. Many looking to sell and few looking to buy. If you are looking to sell your home this Summer, be mindful that interest rates are still up, and it’s an election year, which creates hesitation for many. The homes we are moving are reasonably priced for their size, quality, and location.
Team 98 continues to be the Top Producing Brokerage for the Mexico Beach and North Gulf County markets! Its your continued trust and support that makes this happen! THANK YOU for allowing us to do what we love!!