Halloween is this weekend, so I figured it was only fitting to show y’all the picture of Cade in his Pumpkin Pajamas(see end of newsletter). On the real estate side of things, we had a slower week, with 10 new listings hitting the MB/SJB/WMB market, 3 properties going under contract, 17 price reductions, and 2 sales closing. Both closings were townhomes in Mexico Beach, but they had two completely different paths to the closing table. Let's dive into this week's sales.
2503 B Highway 98
The top sale of the week never actually made it to the market. This 3BR/3.5BA townhome on the beachside of 98 near 26th St, closed off-market at $800,000, which boils down to $208.88/sqft, which is the lowest beachside price per foot we've seen in 2026. The sellers bought the unit in 2024 as a gutted unit and rebuilt it from the studs in, and sold it furnished. Even with all of that work, this was one of the cheapest beachside sales in Mexico Beach this year. The unit next door, with the same floor plan, is listed right now at $770,000.
211 Salt Creek Ln
Heading over to Salt Creek, DR Horton closed out a new 3BR/2.5BA townhome for $270,000 with FHA financing. Horton listed it at $294,900 back on April 1 and never touched the price over 172 days, then came $24,900 off and added closing-cost concessions on top. At 91.6%, it is one of the lowest list-to-sell ratios in the neighborhood so far. DR Horton has outsold Holiday Builders in Salt Creek more than 9 to 1, with 55 sales so far in the neighborhood.
Area Info/Market Updates
It's the end of October, so it's time for the monthly market update.
Starting things off, the change that sticks out the most to me is that the number of properties under contract is down 32% from 10/1. This is the lowest it has been in 2026, but it is close to where we started the year. Personally, I think that this is mostly due to all of the fluctuation between rates and inflation readings, which caused some potential buyers to put a quick pause on things.
Actual sales stayed high, though, and are still much higher than where sales were in Q1. And of course it is relieving to say that for the 3rd straight month, the total inventory count went down this month from 351 to 345.
The average days on market for the October sales is sitting at 114, but much of that can be attributed to an outlier, which was the Palmetto Plantation unit that sold last week, after being on the market for 501 days. Even with that outlier, that number is 10 days fewer than the YTD average, which is 123, so it is good to see yet another number come down.
Finally, on to rates. As of October 23, you would be looking at a 7.33% rate on a 30-year fixed, 6.98% on a 15-year fixed, 6.98% on FHA, and 6.99% on VA. The 30-year is up 0.07% over the past month and is up 1.15% from this time in 2025.
I think the big thing with the market going forward is that buyers will need to see some stabilization in other areas of the economy. Between geopolitical uncertainty and inflation reports, it is causing some buyers to sit back and wait or try to get a lower price. Ending on a positive note, it is really hard to complain when total sales YTD are up 33%. Despite everything, there are still buyers who are ready to pull the trigger.
That’s all for this week’s market update. Thanks for reading, and go Dawgs!