The last full week of April produced a couple more recorded sales and new contracts, as we are now in our shoulder season between spring break and the busier summer, which will be here before we know it. Mortgage rates are a little lower than they were 6 months ago, but with so much economic uncertainty right now, they are expected to continue to fluctuate until we get some clarity on future tariffs. While the national housing stats show a nice bump in home sales for March (the highest since last September), our local inventory continues to outweigh the current demand, as our activity levels are feeling very similar to spring 2024. I’ll say it again – it’s a good time to be a buyer in our beaches market with lots of good quality options and lower prices than what we have seen in the last couple of years. Summaries of the recorded sales are below, with a brief market updates for Cape San Blas, Indian Pass, and the CR/SR 30-A corridor:
- 192 Cozumel Drive – The lone residential sale of the week comes from the north Cape beach. This Gulf front home was built in 1988 with 4 bedrooms, 3.5 bathrooms, 1,754 sq ft of fully furnished living space, and lots of recent upgrades and improvements. The home sits on an 86′ wide beachfront lot measuring 0.31 acres, and the turnkey vacation rental generated just under $94K in gross rental income last year. After 133 days on the market with a list price of $1,649,900 this property sold for $1,550,000 cash, with a $2,500 credit going back to the buyers for repairs. This should be a nice gain for the sellers who paid $530,000 for the beachfront home in 2014.
- Lot 28 CR 30-A – The one and only vacant lot sale from the week is a lagoon-front parcel in the Indian Lagoon Estates subdivision off CR 30-A on the east side of Indian Pass and north side of Indian Lagoon. This property measures 100′ wide and 0.66 acres, and it lasted only 6 days on the market before selling for the full asking price of $79,000. The sellers had owned this lot since 1997 when they paid $12,500.
It was 2 steps forward and 2 steps back with new contracts in our comparative market over the past 7 days. 2 new residential contracts were executed between buyers and sellers this week, while 2 existing residential contracts from last month were canceled this week, putting both of these homes back on the active market. There were 9 more price reductions to report to go along with 3 withdrawn listings from our relevant inventory.
On the subject of inventory, not quite as many listings are new to the market this week compared to our last few blog entries, but 4 residential listings and 2 more vacant lots were still added to the mix. Residential inventory is up 2 from last week to 147 homes for sale, while vacant land inventory is up 1 to 135 lots available on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. Thanks for reading the weekly blog, and let me know anytime I can assist with your real estate needs. Enjoy your weekend!
