It was an eventful week for our country with Donald Trump being elected to become the 47th president of the United States, and Republicans also capturing control of the Senate with the House of Representatives still to be determined. The Federal Reserve also met this week and announced a quarter point reduction in the federal rate, although mortgage rates have been on the rise lately. With some renewed expectations of economic growth and inflation, possibility of fewer future rate cuts, and potential increase in federal debt due to tax cuts, mortgage rates have continued their recent upward trend despite this week’s Federal rate cut. Most major mortgage lenders are forecasting mortgage rates to ease slightly in the coming months and likely remain around 6% well into 2025. Not bad, but not great – we’ll see where consumer confidence takes our market in the near future. There was not nearly as much excitement to report in our local real estate market of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor this week, although it did manage to produce a couple of newly executed contracts and one recorded sale, details below…
- Lot 4 Canoe Lane – The one and only sale recorded this week was a first tier vacant lot located just off the CR 30-A corridor near Indian Pass. This Gulf view lot measures 75′ wide and 0.59 acres, and offers deeded beach access a short walk away. The property was on the market for 345 total days with an original asking price of $375,000 before reducing down to $289,000. The parcel just sold for $275,000 with conventional financing, which is way up from the $15,000 original seller investment from back in 1994.
Two newly executed contracts in a week’s time is not a big number for our comparative market, although it is an improvement from the last couple of weeks now that we’re past the big election. 6 sellers decided on price reductions this week, one of which was rewarded with a contract. One more seller decided to withdraw their vacant Gulf front lot listing from the active market for the time being.
We only saw 3 new listings entered into our comparative market MLS this past week. As a result, our residential inventory is up 3 to 120 homes for sale, while our vacant land inventory is down 2 to 105 lots available on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. That’s all for this week’s Cape San Blas real estate update, let me know anytime I can assist at (850)899-8765 or [email protected]. Enjoy the weekend, and an early THANK YOU to all Veterans for their service, protection, and support!
Sunset over St. Vincent Sound, western Apalachicola Bay