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Cape San Blas Real Estate Update, July 13 - July 19, 2024

Published on July 19, 2024 by Chris Petrie under Cape San Blas, Forgotten Coast, Indian Pass, Real Estate, Week In Review

For Sale and Sold Sign

The fireworks have faded, and we are well into the second half of the summer peak visitor season here in Gulf County, FL.  There was only one recorded sale on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor this week, here are the details:

  • 9910 CR 30-A – This new construction home is located in the Hendrix Lagoon mini-subdivision directly off the CR 30-A corridor on the north side of Indian Lagoon.  It’s a 3 bedroom, 2 bathroom, 1,770 sq ft unfurnished spec home with nice views from a 100′ wide, 1.4 acre lagoon-front property.  This listing was on the market for 169 days asking $699,000 before going under contract this March, and it just sold for $566,000 cash.  This should be a gain for the seller/builder who purchased this vacant lot # 3 and the neighboring parcel lot # 2 for a package deal of $116,000 in 2022.

 

While our comparative market was slow with recorded sales this week, there were 6 new contracts executed in the past 7 days which is an encouraging number after back-to-back weeks with only 1 new contract.  All 6 of these executed contracts were for north Cape properties, including one high-end beachfront home which had an impressive price tag of $4,499,900.  This week Zillow reported that nearly 25% of all national listings received a price cut in the month of June, which marked the highest rate in the summer season over the past 6 years.  Our comparative local market is certainly keeping up with the national trend of price reductions as 16 more sellers discounted asking prices since our last update.  More and more value appears to be showing up each week throughout our inventory, perhaps this latest jump in new contracts is a sign of things to come during the second half of this year.  A rate cut could certainly help the cause for a lot of buyers siting on the fence, and it sounds like there is a better chance that we may see one by September, to be determined.

 

Meanwhile our comparative market inventory situation is about the same, as 7 more homes were listed for sale this week and 2 vacant lots were also added to the count.  As a result, the residential inventory is up 2 more to 144 homes for sale, while the vacant land inventory is down 1 to 118 lots for sale on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor.  That’s all for this week, don’t forget the Salt Air Farmers’ Market is every 1st and 3rd Saturday of the month in Port St. Joe (this Saturday).  Let me know anytime I can help, [email protected] or (850)899-8765 – have a good one!

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