A Closer Look at the Forgotten Coast Real Estate Market | Year-to-Date Analysis 2023

The Forgotten Coast real estate market has experienced several notable changes when comparing data from year-to-date statistics from both 2022 and 2023. This analysis will provide insights into key trends and shifts in the market. Data examined reflects sales from January 1st to August 31st in both 2022 and 2023 for single family homes, attached single family homes, and condominiums in key communities located in Bay, Gulf, and Franklin counties.

APALACHICOLA/ST. GEORGE ISLAND RESIDENTIAL SALES Detached Single Family, Attached Single Family, and Condominium

1. In 2022, there were 143 listings sold, while in 2023, there were 96 listings sold, marking a 32.87% decrease in the number of listings sold.
2. The average sold price increased from $1,085,116 in 2022 to $1,088,925 in 2023, showing a slight increase of 0.35%.
3. The list-to-sales price ratio decreased from 95.43% in 2022 to 94.10% in 2023, reflecting a 1.33% decrease.
4. The average cumulative days on market (DOM) increased by 31 days, going from 81 days in 2022 to 112 days in 2023, representing a 38.27% increase.

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PORT ST. JOE/WINDMARK BEACH/MEXICO BEACH/CAPE SAN BLAS Detached Single Family, Attached Single Family, and Condominium

1. In 2022, there were 366 listings sold, while in 2023, there were 333 listings sold, indicating a 9.02% decrease in the number of listings sold.
2. The average sold price decreased from $710,624 in 2022 to $638,075 in 2023, marking a 10.22% decrease.
3. The list-to-sales price ratio decreased from 97.44% in 2022 to 96.53% in 2023, reflecting a 0.91% decrease.
4. The average cumulative DOM increased by 52 days, going from 43 days in 2022 to 95 days in 2023, representing a significant 120.93% increase.

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KEY TAKEAWAYS

1. Number of Listings Sold: Both areas experienced a decrease in the number of listings sold. Apalachicola/St. George Island saw a more substantial decrease of 32.87%, while Port St. Joe/Windmark Beach/Mexico Beach/Cape San Blas had a 9.02% decrease.
2. Average Sold Price: Apalachicola/St. George Island saw a slight increase in the average sold price, while Port St. Joe/Windmark Beach/Mexico Beach/Cape San Blas experienced a 10.22% decrease.
3. List-to-Sales Price Ratio: Both areas had a decrease in the list-to-sales price ratio, indicating that sellers might have had to accept slightly lower offers to close deals in 2023 compared to 2022.
4. Cumulative Days on Market: Both areas experienced an increase in the average cumulative days on market, suggesting that properties took longer to sell in 2023. This increase was more significant in Port St. Joe/Windmark Beach/Mexico Beach/Cape San Blas, with a 120.93% increase.

These data trends suggest that the real estate market in the Forgotten Coast region of Northwest Florida has seen some challenges in 2023 compared to 2022, with fewer sales, lower prices, and longer times on the market. This information can be valuable for real estate professionals and potential buyers and sellers in the region to make informed decisions about their investments and strategies. Please note that these trends are based on data up to August 31, 2023, and the market may continue to evolve in the coming months.

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