The last week of June was a hot one on the Gulf County coastline, with higher temperatures and a higher number of new contracts. Believe it or not 2023 is already half over, and the first half of the year in our comparative real estate market of Cape San Blas, Indian Pass and the CR/SR 30-A corridor seems to be on track with what many experts predicted. We’ve seen a big drop in production so far this year compared to the last couple of years, but it’s important to keep in mind that 2021 and 2022 were outliers due to the historically low interest rates and pandemic influences. So far in 2023 there were a total of 104 transactions (residential and vacant lot sales through our MLS) with a sales volume of $71,562,050. For perspective purposes, the first half of 2022 produced 201 total transactions with a sales volume of $134,577,424, and the first half of 2021 produced 351 total transactions, with a sales volume of $137,366,006. The statistics show that despite the slowdown, our values are remaining relatively stable with a few exceptions, and our market feels like it’s returning to a more normal pace of transactions, although I wouldn’t call it a balanced market. We’re still short on inventory, and there is still buyer demand, although nothing like we experienced in the previous 2 years. Properties that are priced right are selling in a reasonable amount of time in our nuanced sellers’ market. On to our weekly update, there are only 2 recorded sales to review below from the past 7 days in our comparative market:
- 8822 CR 30-A – Our first recorded sale from the last week of June was a 3 bedroom, 2 bathroom, 1,200 sq ft residence which was built in 2008 with lots of recent upgrades. This is a marsh and lagoon-front property with waterfront views located on the north side of Indian Lagoon, just off CR 30-A to the east of the Indian Pass Raw Bar. The property measures 94′ wide and totals 1.12 acres, which includes 0.76 acres of marsh/wetlands. This unfurnished house was on the market for 65 days this spring with an asking price of $449,000 before going under contract and selling for $400,000 with seller financing. The sellers purchased the property in 2019 for $230,000 before making some nice improvements to the home and yard.
- 726 Country Club Road – The only other recorded sale this week was another residential transaction, this one for the purchase of a 2 bedroom, 1.5 bathroom townhouse in the St. Joe Golf Villas just off SR 30-A next to the St. Joseph Bay Golf Club. The 1984-built townhome was sold unfurnished with 1,232 sq ft of living space, sitting on a 0.1 acre lot in the X flood zone. This property was on the market for 22 days asking $279,000 before selling for $271,500 with conventional financing. The seller paid $177,000 for this property in 2019 before renovating the townhouse.
There were 5 new residential contracts and 6 new vacant land contracts penned since our last update in our comparative market. 11 executed contracts is the most we’ve seen in one week so far in 2023 – stay tuned to see how our market responds for the rest of this summer season. Meanwhile 2 listings were withdrawn from the active market, and 8 more price reductions were made by sellers and listing agents during the past week.
2 new residential listings and 1 new vacant lot listing were added to our active inventory during this last week of June. Our total residential inventory count is now back in the 40s, down 3 from last week to 49 properties for sale. Vacant lot inventory is down 6 from last week to 99 lots for sale on all of Cape San Blas, Indian Pass and the CR/SR 30-A corridor. I hope everyone has a happy and safe 4th of July! Let me know anytime I can help, (850)899-8765 or [email protected].
It’s a busy weekend and upcoming holiday week in Gulf and Franklin counties. The Salt Air Farmers’ Market is back in Port St. Joe this Saturday morning, and the 2023 Forgotten Coast Sea Turtle Festival happens on Sunday (flyer below). The Apalachicola Bay Chamber of Commerce is putting on a fun afternoon and evening filled with live music, events and fireworks over the river on Monday, July 3rd at Riverfront Park. The Gulf County TDC and the city of Port St. Joe will be putting on a fireworks show on Tuesday, July 4th at 10 pm EST, visible from the downtown and the George Core Park areas. Happy Independence Day!
