There was a lot happening this week with the vernal equinox marking the first official day of spring and the Federal Reserve conducting their March meeting. The Fed kept the benchmark short-term interest rate the same for the 5th consecutive time, although there are still signals that we could see up to 3 rate cuts in 2024, to be determined. Meanwhile in our Cape San Blas, Indian Pass, and CR/SR 30-A corridor market, the new listings are outpacing the new contracts lately, meaning our inventory levels continue to grow. There was only 1 recorded sale in the past 7 days from our comparative market, here’s a quick recap before we get to the new contracts and inventory updates:
- Lot 10 Mariner Lane – Our one and only recorded sale this week was a Gulf front lot located in the South Beach gated subdivision on the south Cape. This deep beachfront lot measures 1.1 acres and ~60′ wide in the buildable area with a community beach boardwalk 1 lot over to the west. This property was on the market for about 6 months in 2023 before expiring, then came back on the market in early 2024 for 6 more days asking $689,000 before going under contract. The vacant lot just sold for $660,000 cash, which is a nice gain for the sellers who purchased for $295,000 in 2020.
2 residential properties and 1 vacant lot were placed under contract by eager buyers since our last comparative market update 7 days ago. For perspective purposes, so far in March we have now more than doubled the number of new contracts executed in all of February. Meanwhile 2 lot listings expired this week, and 6 more sellers decided to lower asking prices on active listings.
Make room for some fresh spring listings this week, as 10 new residential listings and 3 new vacant lot offerings were added to our comparative market inventory in the past 7 days. Our residential inventory is up 8 from last week to 97 homes for sale, which is the highest residential inventory our comparative market has seen in several years. The vacant land inventory is holding steady with 114 lots for sale on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. Thanks again for checking in with the weekly update, let me know anytime I can assist with any of your real estate needs – [email protected] or (850)899-8765.
Looks like the weather is supposed to clear up before the Blues On Reid free concert in Port St. Joe on Saturday the 23rd, it should be another great blues show. Also need to mention an important update for all Indian Pass residents and property owners – the Gulf County Board of County Commissioners is proposing a Septic Pilot Program for Indian Pass. With sewer lines becoming a less likely option in the future, Gulf County is looking into a more environmentally friendly septic system option for Indian Pass residents. In order to provide more information and further discussion about important details, the county will be holding a workshop this Monday, March 25th at 5 pm EST in the Donald H. Butler Commissioner Board Room at the Robert Moore Administration Building in the Gulf County Courthouse Complex. I’ll see you there.
Spring Gator getting some sun at the St. Joseph Bay Golf Club