It’s pretty common to see things slow down a little this time of year, and this week was a good example. This week we had 11 new listings hitting the MB/SJB/WMB market, including two new Sugar Sand homes, 4 properties going under contract, 10 price reductions, and 13 sales closing. One property also came back on the market after falling out of contract. Total closed volume came to $8,220,225, led by a plethora of sales in WindMark and DR Horton. Five of the 13 sales were new DR Horton units in WindMark and Salt Creek. Let's dive into this week's sales.
106 Salt Air Ct
As mentioned, this week features a lot of DR Horton homes, both new and resales, and this is the highest-priced sale. This 3BR/2BA resale is located on the original side of the subdivision and sold for $630,000. That's 95.6% of its $659,000 list price with no reductions, after 152 days on the market. The 1,792 sq ft home closed at $351.56/sq ft and sold furnished to a financed buyer. This adds on to a very solid year on the original side of WindMark.
200 7th St
One of the highest sales this week was this brick home in the 2nd block of Mexico Beach. Built in 1992, the 4BR/2BA home sits on a 0.39-acre double corner lot in the X flood zone about 700 feet from the beach. It sold for $585,000, 84.2% of its final $695,000 list price and 70.9% of the original $825,000, after almost a year on the market. The 2,446 sq ft home closed at $239.17/sq ft and sold unfurnished to a buyer who used conventional financing.
542 Vermilion Cir
The second DR Horton resale came in WindMark North, where a 5BR/3BA 2024-built home sold for $450,000, 94.7% of its $475,000 list price and 88.4% of the original $509,000, after 51 days on the market. The home was 2,145 sq ft and closed at $209.79/sq ft, sold furnished, and had a $2,500 repair credit. For comparison, a brand-new DR Horton with the same 5BR/3BA, 2,145 sq ft layout closed this week at 1089 Backwater Rd for $470,000 unfurnished, $20,000 more than this two-year-old furnished resale. This is yet another example of competing against DR Horton.
100 S 38th St
Heading to the West end of Mexico Beach, a 2BR/2BA unit in Oceanside Village sold for its full $510,000 list price after coming down from $525,000. After 108 days on the market, the beachside townhome closed at $383.46/sq ft, the highest price per square foot this week. The sellers gave $13,000 in closing cost concessions, and a generator and an added workshop off the carport conveyed with the home.
231 Nannook Rd
One of the more interesting sales this week was a 3BR home in the Grand Isle neighborhood. The home was remodeled after Hurricane Michael and just got a new roof after the tornado last year. What makes the home interesting is that the original buyers had a 3.25% loan that was able to be assumed by the new buyers, which is a game-changer for financing. The home closed for $480,000, which is $332.41/sq ft. The home spent 161 days on the market before getting multiple offers at the end.
842 Backwater Rd
The last DR Horton resale for this week comes on Backwater Rd, where a 4BR 2BA 2022-built home sold for $450,000, exactly 93.8% of its $479,900 list price, after 88 days on the market. The 1,768 sq ft property closed at $254.52/sq ft and sold furnished with a 6-seat golf cart. The buyers did use conventional financing and the previous owners did do some upgrades since buying, such as a screened back porch and a fenced backyard.
115 St Frances St
This 4BR/2BA home in Casuna sold for $450,000 this week, after 61 days on the market. The ohme was purchased with owner financing and sold for 92.0% of the $489,000 list price and 85.7% of the original $524,900. At 1,777 sq ft at $253.24/sq ft, the home sold unfurnished. Casuna restricts short-term rentals, which limits this one to primary or second home use
300 Bailey Ln
A 0.31-acre vacant lot (73x185) on a dead-end street in the Grand Isle neighborhood sold for $180,000 cash, 90.5% of its $199,000 list price, going under contract in just 12 days, which is very quick for the lot market in 2026. There is no HOA and the lot is in the X flood zone; however, the beach access is not a straight walk from the lot.
DR Horton Sales
Five new DR Horton homes closed this week for a combined $2,060,225, ranging from $259,900 to $510,425. In WindMark, 1097 Backwater Rd (4BR/3BA, 2,458 sq ft) sold for $510,425, which is slightly above the asking price. 272 Vermilion Cir (4BR/3.5BA, 2,245 sq ft) sold for $479,900 after a reduction from $504,900 to $494,900, at 76 days on the market. 1089 Backwater Rd (5BR/3BA with a separate in-law suite, 2,145 sq ft) sold for $470,000 against a $479,900 list price at 54 days. All three had closing cost concessions, and price per square foot ran $207.66 to $219.11. On the townhome side, 345 Sea Tern Ln in WindMark Beach Townhomes (3BR/2.5BA, 1,460 sq ft) sold for $340,000, 93.2% of a $364,900 list price, at 88 days on the market and 215 Salt Creek Ln (also 3BR/2.5BA, 1,460 sq ft) sold for its $259,900 list price with VA financing after coming down from $294,900, at 80 days on the market
Area Info/Updates
Since this is the last week of the month, here is the monthly market and rate update.
Rates first. As of this week, the 30-year conventional sits at 7.125% and the 15-year conventional at 6.500%. Both are up three-eighths of a point from the 6.750% and 6.125% I reported at the end of August, following the Fed's September hike. VA and FHA are both at 6.625%, so government loans are now running a half point under conventional. On the adjustable side, a conforming 7/6 ARM is 6.625%, and a non-warrantable condo 7/6 ARM is also 6.625%.
Market-wide, September was a slower month, and the numbers do reflect it. Homes under contract in MB/SJB dropped from 42 at the start of September to 28 at the start of October, and closed home sales fell from 29 in August to 24 in September. Active home inventory ticked up 2.9%, from 210 to 216, the first monthly increase since July. Lots went the other direction, with active listings down 8.5% from 141 to 129, but only 5 lots sold in September, down from 9 in August.
The year-to-date picture is still strong. Residential sales volume in the respective market is at $144,074,905, up 51.3% from $95,210,413 at this point last year, on 218 sales compared to 151, a 44.4% increase. The average sales price is $660,894, up 4.8% from $630,533, while the average price per square foot is basically flat at $331.69 versus $329.01. That gap tells you the mix is shifting toward bigger and higher-end homes. We have had 25 sales over $1M this year, compared to 14 last year and 8 in 2024, and 25 waterfront sales, more than double last year's 12.
The number I want people to focus on is the list-to-sell ratio. Homes this year are selling for an average of 91.39% of list price, down from 92.19% last year, after an average of 113 days on the market. The average seller is giving up close to 9% off their asking price, and with contracts down a third in September, the listings priced correctly from day one are the ones that will move this fall. Corrective list pricing is still the name of the game. For buyers, rates are higher than they were a month ago, but sellers are negotiating.
That’s all for this week’s market update. Thanks for reading!