It was another week of wet and unsettled weather on the Forgotten Coast without much new activity to report from our comparative real estate market. Mortgage rates continue to improve for buyers, hitting their best levels of the year in anticipation of the September Fed meeting next week. It is expected that the Fed will cut rates, breaking a streak of 14 months where the Federal Funds Rate has been stuck at 5.50%. We’ll see how much of a cut the Fed decides on, and how many more rate cuts will be announced later this year. Despite friendlier borrowing conditions, there has been only 1 recorded sale and 2 new contracts executed on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor within the past 7 days. Details below on the recorded sale, followed by the weekly update on new activity…
- TBD CR 30-A – This vacant lot is located on the north side of Indian Lagoon just past the Raw Bar towards the Franklin county line. The property measures 150′ wide on the marsh and lagoon, totaling 1.36 acres of land (including wetlands). The listing was on the market for 25 days asking $149,000 before selling this week for $135,000 cash, which is up from the $125,000 the seller paid in 2022.
The 2 new contracts this week were on a Gulf front house off CR 30-A in the Gulf Pines neighborhood and a vacant lot on Indian Pass in the new Redbird Beach subdivision. There was also a cancelled residential contract from a couple of weeks ago, putting this Indian Pass house back on the active market. 6 more sellers reduced asking prices this week in our comparative market, improving prices on 2 vacant lots and 4 residential properties.
Our relevant market inventory levels seem to be treading water these days, giving and taking with a few new listings matched by several expired listings and new contracts. The only new residential listing this week is already under contract, while 4 new vacant lot listings were added to our inventory. As a result, our residential inventory level is unchanged at 134 homes for sale, while our vacant land inventory is up 1 from last week to 129 lots for sale on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. That’s all for this weekly update, let’s hope the weather improves this weekend for the Windmark Music Festival on Saturday afternoon at Windmark Beach. Have a good one and let me know anytime I can help, (850)899-8765 or [email protected].
