The first quarter of 2025 is now in the books, so let’s take a look at how our Cape San Blas, Indian Pass, and CR/SR 30-A corridor market activity compares to the first quarter of 2024. Last year there were a total of 36 first quarter transactions, the sum of 23 residential and 13 vacant lot executed contracts. The total volume of sales for the first quarter of 2024 was $33,204,154, which included one outlier, high-end residential sale for over $5.4M The first 3 months of 2025 produced 39 completed transactions in our comparative market, with 25 residential sales and 14 vacant lots sold. The total sales volume for the first quarter of 2025 was $31,846,800. The average sales price for a home dropped from $1,156,789 in the first quarter of 2024 to $1,078,572 in 2025, but the 2025 average sales price would have been higher than 2024 without the 2024 outlier. The biggest difference I’m seeing in the first quarter stat comparisons is days on the market, which has climbed from 104 days to 146 days on the market for homes year over year, and from 57 days to 114 days on the market for vacant lots. This is in tune with our inventory levels growing from 104 homes on the market at the end of March 2024 to 136 homes currently on the market, while available vacant lots climbed from 117 at this time last year to 133 lots currently for sale in our comparative market. It’s also worth noting that there are 18 properties under contract in our relevant market as of April 4th (12 homes and 6 lots), with 3 more recorded sales to report since April 1st. So far, 2025 production statistics are very similar to what we saw in the first quarter of 2024 – we’ll see where our market goes from here with a lot more good options for potential buyers to consider. Details for the 3 early April recorded sales are below, followed by more weekly market updates:
- 105 Loggerhead Lane – Our first residential sale of the week comes from the Jubilation gated community on the south Cape. This home was built in 2021 with 4 bedrooms, 3.5 bathrooms, and 2,606 sq ft of fully furnished living space. The home sits on a 50′ wide, 0.09 acre lot with Gulf views and access to the community Gulf front pool and elevated beach access boardwalk. The listing was on the market for most of 2024, originally asking $1,149,000 and incrementally reduced down to $925,000 before expiring and coming back on the market for another 2 days in 2025 before going under contract. The property just sold for $900,000 cash which is down from the $1,040,000 the sellers paid in late 2022.
- 113 McCosh Mill Road – This home was built in 2014 and is located in the Piney Woods HOA on the south Cape. The house has 4 bedrooms, 3.5 bathrooms, and 1,811 sq ft of fully furnished living space on a 58′ wide, 0.13 acre lot. There is a community pool just across the neighborhood road, and the deeded beach access boardwalk is a short walk away. This property was on the market for a few months in late 2024, then came back on the market for another 64 days in 2025 asking $599,900 before going under contract and selling for $580,000 cash, which is up from the $552,000 the sellers paid in 2021.
- Lot 4 Cottage Lane – This vacant lot is first tier to the beach in the Cottages at Indian Summer HOA just off CR 30-A near Indian Pass. The lot measures 50′ wide, 0.26 acres, and includes a partial easement on the back portion of the property for one of the community septic drainfield easements. Cottages at Indian Summer has a community pool and a couple of deeded beach access boardwalks, one of which is directly in front of this property. The listing was on the market for most of 2024 asking $220,000, then came back on the market in early 2025 asking $209,000 for another 29 days before going under contract. This Gulf view lot just sold for $180,000 cash, which is up from the $115,000 the sellers paid in 2021.
4 new contracts have been executed in our comparative market since the last weekly update, consisting of 3 residential contracts and 1 vacant land contract. 8 listings expired at the end of March, one was voluntarily withdrawn from the active market, and 13 more sellers reduced asking prices in the last 7 days. 1 of the 13 sellers was DR Horton, who reduced list prices on all 9 of their spec homes in the Redfish Cove north Cape subdivision.
7 residential listings and 6 vacant lots were added to our relevant inventory counts this past week, which brings our residential inventory to 136 homes for sale and our vacant land inventory to 133 lots available on all of Cape San Blas, Indian Pass, and the CR/SR 30-A corridor. As I mentioned previously, lots of good choices for potential buyers out there, and interest rates just touched the lowest levels of the year so far. Thanks for checking in with the weekly update and let me know anytime I can assist. This weekend Gulf County is hosting the Mermaid Bay Festival for the whole family on Saturday, and the Salt Air Farmers’ Market is also back in town. Have a good one!
