Cape San Blas lot sales are down from prior months to a mere 5 closings. While the dollar amount is also down the number of transactions is nose to nose with November 2022 sales. The C30 Corridor delivered 3 sales (1 RV ready, 1 Bay front), Indian Pass closed a Lagoon front and Cape San Blas North closed our final. These sales averaged $241k (up from October) over 74 days (down from October). As of now, there are 6 lots under contract. Inventory remains strong with 97 lots available. Residential sales increased by 1 with 7 closings. Cape San Blas South closed 4 homes (2 Gulf front) and Cape San Blas North brought the remaining 3 (1 Gulf front). The number of sales and sales prices are down just a touch from November 2022. The November 2023 sales averaged an increase from October at $1,363,786 with a large increase to 99 days on the market. December is off to a consistent start with 7 homes under contract. With a current inventory of 82 homes, there should be no problem finding the perfect match!
North Gulf County land sales were up by 2 in November, with 9 closings. This year’s land sales are down in both transactions and dollars compared to November 2022. Overstreet North dominated last month with 4 sales, Dalkeith and Wewahitchka each closed 2 lots (both include a 5 acre tract), and White City delivered our final sale. The average sales price was $42,278 within a 74 day period, each of these numbers are down from October. Currently, there are 5 lots under contract. Inventory is strong with 87 lots to choose from. Residential sales are also down from last month with 3 closings. Compared to November 2022, these numbers are down however, that month last year delivered some of this market’s highest sales versus this month delivering 3 rehab ready homes that averaged $120,833 in 24 days. Two of these sales were in the City of Wewa (one with acreage) while the final sale was in the Wewa sub area. There are now 7 homes under contract and 33 available for purchase.
Port St Joe sold one lot inside City limits. This lot closed at $115k after 82 days. November of last year we had 2 sales with a value just over double this sale. There are 2 lots currently under contract and an assortment of options remaining 37 on market. Home sales in PSJ rose by one over October with 9 closings. As in the land division of this market, homes sales compared to November 2022 were down by 2 at a difference of $112,275. The November 2023 sales averaged $455,315 in a 107 day period. The 27 contracts on hand are predominantly new construction, that have been in this status for months, it must be assumed buyers need the property’s Certificate of Occupancy to finalize financing. The majority of the 51 homes available in this market are new construction.
Mexico Beach land sales dropped by 1 giving us 7 sales for November 2023. St Joe Beach delivered 3 sales, Mexico Beach and Overstreet South each closed 2 lots. One of the Overstreet sales was 100 acre tract along the Intracoastal Waterway. Compared to November 2022 land sales are down by 2 but at a difference of $607k in average sales price. However, this November made positive strides over last month in the way of averages, the days on market dropped to only 40 and the average sales price increased a touch to $225,714. There is a whopping 23 lots on market with 87 remaining. On the residential side of things…we closed 9 homes. Residential sales are almost ½ of what they were in November 2022, and by nearly $3m in volume! Nonetheless, we are grateful to be pushing through with an average of $607,211 in sales volume over a 77 day period. As seen in the PSJ market the high number of homes under contract has to be related to awaiting Certificate of Occupancy’s. There are 26 homes under contract again several whom have been in this status for some time. That leaves 99 on market, primarily new construction.
We are proud to continue rocking the title of Top Producing Brokerage YTD in Mexico Beach and North Gulf County! We are beyond grateful to continue helping others achieve their real estate goals! THANK YOU for your trust, support, and encouragement!!
Prepared By: Miranda Rollins, REALTOR®
850-527-4343
www.mirandarollins.com / www.gulfrealestateblog.com