Summer Market Recap – Mexico Beach to Cape San Blas, FL- September 2014
It has been a great Summer at the beach. Tourism numbers are up again and most businesses have had their best Summer ever. The weather overall was very pleasant, and many new visitors have fallen in love with our area. Real Estate continues to improve along the coast and prices are slowly rising on most property values. The number of sales is now at the highest pace of any year since 2005. In the first 8 months of 2013, there were 412 sales totaling $67,387,783. For the same period in 2014, there have been 415 sales totaling $70,036,120. There are also an additional 83 properties under contract as of 9/3/14. I’ve been extremely busy and am having a great year. Lots of people decided it was time to buy and I have sold 20 properties since July 15th.
Many property owners are continuing to take advantage of the improved conditions and are placing their properties on the market. Despite 415 properties already selling and another 83 properties currently being under contract, the number of properties on the market has increased from approximately 615 at the beginning of the year to about 690 at this time. This new supply of properties is great news for buyers but is the main reason we’ve only seen moderate price gains. This is certainly frustrating some owners/sellers that are hoping for bigger and faster price increases.
Cape San Blas and Mexico Beach remain the two hottest markets. The Mexico Beach/St. Joe Beach market has seen the most sales with 184 closings totaling $29,868,485. Cape San Blas/Indian Pass has seen the most money invested by buyers with 162 sales totaling $33,367,190. The Cape is seeing a number of high end sales with the average home selling for $366,912 and the average lot for $123,242. $366,912 is way up from the $282,134 average for the same time period in 2013. This segment of our market is seeing the strongest recovery of prices, but it did see some of the biggest decreases from 2005 prices as well. Even at the higher selling prices, most of these properties on the Cape are still selling for well less than half of what they sold for in 2005. Buyers are considering these great values and have been taking advantage of the prices. The Mexico Beach to WindMark market has seen an average home price of $218,482 and average lot prices of $59,253. Port St. Joe remains our most affordable market with the average selling price for houses at $135,321 and lots at only $23,997.
The “North” End of Cape San Blas has probably seen the most appreciation over the last 2-3 years. The average selling price for a single family home this year is currently $406,840. Most of the properties in Mexico Beach have also seen a nice gain in value over the last 2-3 years. The zoning in Beacon Hill and St. Joe Beach that allows RV’s and mobile homes has been very popular, but it has also kept the average home prices down compared to Mexico Beach where this is no longer allowed. Properties seeing the most appreciation are those close to the beach with reasonable insurance(X-flood zone preferably) that are newer or in good condition and with the potential to bring in high rental returns.
What are my favorite deals on the market? The Top 25 Homes and Top 15 Lots were updated today for the Mexico Beach to WindMark Market. Here are what I think are the best deals on houses and vacant lots in Port St. Joe. Here are the houses, condos and townhouses and the vacant lots on the market in the Cape San Blas/Indian Pass area that I think are the best deals. Everybody always wants to know what foreclosures are on the market. Here are the 4 homes and the 24 lots.
We’ve gotten great National press this year for Cape San Blas and Mexico Beach. A recent CBS Money Watch Article named both Cape San Blas and Mexico Beach as Top 10 Vacation Hotspots.
The relocation of the lighthouse from Cape San Blas to Port St. Joe has been a big headline this Summer. It is certainly an asset for the Port St. Joe community and is a cool site that you can see when you enter town from the Cape or the Mexico Beach direction. The local Port St. Joe economy is improving and the addition of the lighthouse is already helping to generate more interest and business in the town.
The 18th Annual Scallop and Music Festival is scheduled for September 12th and 13th. It’s being held at George Core Park where the lighthouse is now located. Friday night will be highlighted with the unique musical soundings of Dread Clampitt. Saturday night features a compact duo of Tobacco Road followed by Joe Diffie taking the stage at 9:00 pm. I’m one of the volunteers for this event and might see you there if you make it to this fun event.
98 Real Estate Group