Now that 2007 is officially in the bag we can take a look at what actually sold during the year and see if the data can serve as meaningful guideposts for better results in 2008.
There was a total of 55 sales in the Cape San Blas, Indian Pass and C-30 corridor market last year with 35 homes and 20 lots changing hands. We’ll take a look at the home sales first.
Home price sales ran the gamut from small interior cottages to palatial gulf front mansions, with prices ranging from $169,000 to $1,306,000. Not a lot of high end, though, as the median price was just $378K and the average $497,043. The average price per square foot was $314.
Not surprisingly from what we’ve been tracking, 9 of the sales (or 26%) were Barrier Dunes units. Two-bedroom layouts were the hands-down favorite, accounting for 7 out of 9 sales.
Location was also a factor, with far more interior homes selling than any other location. Here’s how it broke down:
Gulf Front – 8
Gulf 1st Tier – 7
Interior – 19
Bay Front – 1
With homes, flood zone location is a major factor, but it wasn’t the end-all as just a little over a third of the homes (14) were promoted as being located in the desirable “X” zone.
Lots proved to be a much tougher sell in 2007 accounting for only 36% of sales with a total of 20. The overwhelming majority were in the quarter to one-third acre range, with the exception of two 2-acre pieces, one an interior parcel on C-30 near Indian Pass Raw Bar which sold for $227,000, and the other a 2-acre parcel on the Cape with 200 feet of gulf front which was the $1.6M sale. The price per waterfront foot of the 8 gulf front lots sold ranged from a low of $7,866 to a high of $16,504. The distribution of the location of lot sales went like this:
Gulf Front – 8
Gulf 1st Tier – 3
Interior – 8
Bay Front – 1
An interesting difference between land and residential sales this year was the overall distribution by area, with far more land sales on C-30 and Indian Pass than we saw in home sales, as this graphic clearly shows:
That’s a lot of numbers for one sitting, so let’s take a break for now to let it all digest. Next up, we’ll explore how these figures stacked up against 2006 to see in which direction we’re headed.