The unsettled weather pattern we’ve experienced this past week at the beach seems to reflect our current market conditions as we continue to transition away from our previously familiar sellers’ market. As soon as buying activity picks up lately, it seems to slow down again before gaining any consistent momentum. It was another relatively slow week for new buyer activity in our comparative market with more price adjustments and a few new listings. Meanwhile the calendar days are flying by, and we’re quickly approaching the hot and busy summer season with Memorial Day weekend right around the corner. There were only 3 recorded sales in our comparative market of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor this week, more details and information below…
- 2371 SR 30-A – This 2023-built Truland home is located in the Shallow Reed HOA along the bayfront section of SR 30-A near Presnell’s Marina and Simmons Bayou. The partially furnished home has 4 bedrooms, 4 bathrooms, 2,309 sq ft living space with unobstructed west-facing bay views. The home sits on a quarter acre, 73′ wide lot with neighborhood deeded bay access. The property was on the market for 31 days asking $895,000 before selling for $825,000 with conventional financing, which is up from the $690,000 the sellers paid for the unfurnished spec home in spring of 2023.
- 5122 SR 30-A – This vacant lot is located on the interior east side of SR 30-A just north of the Cape San Blas Road turnoff. This half acre lot measures 100′ wide and would provide bay views from a future home site. The property was on the market for 194 days asking $112,000 before going under contract and selling for $92,500 cash this week. The sellers had owned the property since early 2017 when they paid $30,100.
- Lot 6 CR 30-A – The only other vacant lot recorded sale from the past week is located in the Money Bayou neighborhood, on the Gulf side of CR 30-A. This lot is second tier to the beach (2 behind Gulf front) and measures 35′ wide and 0.07 acres with a public beach access within walking distance. After 140 days on the market asking $114,500 the lot just sold for $100,000 cash, a slight gain for the sellers who paid $88,500 in 2019.
2 new residential contracts were executed in our comparative market over the past 7 days. Unfortunately 2 more previously executed contracts have also been cancelled this week, resulting in another residential listing and a vacant lot coming back on the MLS active market. 5 previously active listings expired this week (1 residential property & 4 vacant lots), to go along with 2 more withdrawn vacant land listings no longer on the active market. On the subject of price reductions, there were 10 more to report since our last update.
For the first time in years, our comparative market residential inventory has exceeded our vacant land inventory. There were 4 new residential listings and 2 new vacant lot listings added to our MLS in the past 7 days. Vacant land inventory is down 3 this week to 121 lots available, while residential inventory is up 2 to 123 homes for sale on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. Let me know if I can be of service with your real estate needs, (850)899-8765 or [email protected]. The time is now to start planning for Memorial Day weekend, and the South Gulf County Volunteer Fire Department is once again doing their annual butt roast fund raiser, details here. In the meantime, the Tupelo Honey Festival is this Saturday the 18th in Wewahitchka, and the Salt Air Farmers Market is also back in town in Port St. Joe. Have a nice weekend!
