Forgotten Coast Real Estate Market Report — May 11–17, 2026
May has a way of changing the feel of the Forgotten Coast. The snowbirds are wrapping things up, the summer crowd is a few weeks out, and this in-between stretch tends to reveal exactly where the real market stands. No seasonal noise. No end-of-year scrambles. Just buyers and sellers moving when the numbers make sense.
This week, 11 residential homes closed across the coast, and the spread in what sold tells a clear story about who is buying and where. Cape San Blas carried the luxury side of the ledger with five closings averaging just under $1.9 million. St. Joe Beach and Mexico Beach answered with five more at a much more attainable average of $473,000. Inventory is deep at 598 active residential listings, and at the current pace, buyers have room to be deliberate. That is not a bad place to be headed into summer.
What is the Forgotten Coast real estate market doing this week?
For the week of May 11–17, 2026, the Forgotten Coast recorded 11 residential closings and 5 land sales across Port St. Joe, Cape San Blas, St. Joe Beach, Mexico Beach, and St. George Island. Active residential inventory stands at 598 listings with roughly 12.6 months of supply, firmly in buyer's market territory. Well-priced homes across the price spectrum are moving; overpriced and soft-marketed properties are sitting as buyers grow more selective.
Weekly Market Snapshot
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Active residential listings by area, week of May 11–17, 2026.
Cape San Blas & South Gulf County
Cape San Blas was the headline market this week. Five closings, all of them significant, with an average sale price of $1,871,000. The range ran from $1.5 million to $2.35 million, which tells you these were serious buyers chasing premium coastal product. Not entry-level vacation homes. Not distressed sales. Buyers with conviction, closing on the kind of properties that define what the Forgotten Coast offers at its best.
The peninsula carried 146 active residential listings this week and only 2 under contract. That ratio is worth noting. High-end inventory is plentiful, which gives luxury buyers genuine options, but it also means sellers need to be priced competitively. A beautiful property at the wrong number will sit. The closings happening right now belong to listings that got the pricing right from the start.
Land on Cape San Blas was equally active. Three lots closed with prices ranging from $99,000 to $262,500 and an average of $188,167. Of the 139 active land listings on the peninsula, three closing in a single week is a decent clip and signals that patient land buyers are still moving when the value is there.
Average residential sale price by area for areas with sales. St. George Island recorded no closings this week.
Port St. Joe
Port St. Joe had one residential closing this week at $306,000. One sale is not a trend, but it is a transaction, and it is in the range where Port St. Joe has always done consistent business. The city carries 107 active listings with 4 under contract, and that pending pipeline suggests the next few weeks could be more active.
Port St. Joe often operates on its own rhythm, distinct from the beach communities to its south and west. Year-round buyers, local move-up buyers, and investors looking for real-world rental properties tend to drive activity here. One sale this week with several more in the queue fits that steady, lower-volume pattern.
One land parcel closed in Port St. Joe at $100,000 against 28 active lots. The land market there remains relatively tight compared to Cape San Blas and St. Joe Beach, which is a function of smaller overall inventory rather than weaker demand.
Residential homes sold this week by area. Cape San Blas and St. Joe Beach / Mexico Beach each recorded 5 closings.
St. Joe Beach & Mexico Beach
The St. Joe Beach and Mexico Beach corridor had the busiest week of any area by transaction count, matching Cape San Blas with five closings. The price range here was $245,000 to $785,000 with an average of $473,380 which is a much more accessible band than the peninsula's luxury closings, and exactly the price point where demand tends to be broadest on the Forgotten Coast.
225 active residential listings and 8 homes under contract. That's the largest inventory of any area this week, which makes sense given the geographic breadth of this corridor. The under-contract count at 8 is the strongest pending pipeline on the coast right now, and those closings will flow through in the weeks ahead.
One land lot closed at $128,500 against 144 active lots. With 144 active land listings, this stretch has the most vacant land inventory of any area on the Forgotten Coast. Patient buyers willing to do the work of identifying the right parcel have real selection here.
St. George Island
St. George Island went quiet this week. Zero residential closings against 120 active listings and 3 under contract. The pending activity says business is not frozen, it is just between beats. St. George operates in bursts, and a slow closing week followed by a cluster of transactions is perfectly normal for the island.
The land market mirrored the pattern. Zero lots closed, 75 active land listings, none pending. The island's high price point and the fundamental scarcity of available lots mean the land market moves slowly, but when it moves, it tends to move at meaningful numbers.
Three under-contract homes on St. George Island suggest activity is building below the surface. Buyers researching the island right now will want to pay close attention to what comes out of pending over the next two to three weeks.
Market position by area: active listings (x-axis), average sold price (y-axis), bubble size proportional to homes sold. Areas with no sales this week are shown at zero on the price axis.
Market Pace & Inventory
The Forgotten Coast is running at a projected pace of roughly 47 to 48 residential sales per month based on this week's 11 closings. Against 598 active listings, that puts months of supply at approximately 12.6 months. For context, six months is considered a balanced market. Anything above that tilts toward the buyer. At 12.6 months, buyers have meaningful leverage, though that leverage is not evenly distributed across the coast.
Cape San Blas is where the math gets interesting. With 146 active homes and just 5 closings this week, the supply-to-demand ratio is high even for a market that skews luxury. Sellers in that price range need to recognize that buyers shopping in the $1.5 million and up range have plenty of options and are comparing carefully. Price and presentation matter more than ever.
St. Joe Beach and Mexico Beach actually look like the tightest market on a relative basis this week, with 8 homes under contract against 225 actives. That pending pipeline is working. The $245,000 to $785,000 range continues to attract the broadest pool of buyers, and demand at that price band is keeping the corridor moving.
St. George Island and Port St. Joe are both in watch and wait mode, though the pending contracts in both markets suggest the quiet is temporary.
Active vacant land listings and land sold by area for the week of May 11–17, 2026.
The Land Market
Five land parcels closed across the Forgotten Coast this week, with Cape San Blas accounting for three of them. That concentration is telling. Lot buyers on the peninsula are finding value in the $99,000 to $262,500 range, and three closings in one week against 139 active listings shows genuine demand. Whether that is buyers building custom homes, spec builders, or long-term hold investors, the peninsula's land market is absorbing product.
Total vacant land inventory across the Forgotten Coast sits at 386 active listings. 144 of those are in the St. Joe Beach and Mexico Beach corridor, 139 on Cape San Blas and South Gulf County, 75 on St. George Island, and 28 in Port St. Joe. For buyers who want to build rather than buy move-in-ready, the selection across the coast is genuinely deep right now.
About This Report
This weekly Forgotten Coast real estate market report covers residential and vacant land activity across Port St. Joe, Cape San Blas and South Gulf County, St. Joe Beach, Mexico Beach, and St. George Island. It is published each week by Billy Joe Smiley, Broker/Owner of Port Realty Group, and is drawn from MLS data for the reporting period. It is one of the most current and detailed market snapshots available for Florida's Forgotten Coast real estate market.
The Bottom Line
Eleven closings, five land sales, 12.6 months of inventory, and a market that continues to do what the Forgotten Coast market does: reward buyers who are patient and prepared, and humble sellers who push too hard on price.
May is still early. Summer buyers are just starting to sharpen their searches. The coast is about to get busier in the best possible sense, with families planning beach weeks, second-home buyers finally pulling the trigger, and the kind of optimistic foot traffic that reminds you why people fall in love with this stretch of the Gulf in the first place.
If you are trying to read this market and figure out your move, I am glad to talk through it. Whether you are buying, selling, or just trying to understand what the numbers mean for your specific situation, that is exactly the conversation I am here for. Reach out any time.
Billy Joe Smiley, Broker/Owner
Port Realty Group | (850) 340-1213
Area-by-Area Data: Week of May 11–17, 2026
| Area | Active | UC | Sold | Low | High | Avg |
|---|---|---|---|---|---|---|
| RESIDENTIAL | ||||||
| Cape San Blas / South Gulf | 146 | 2 | 5 | $1,500,000 | $2,350,000 | $1,871,000 |
| Port St. Joe | 107 | 4 | 1 | $306,000 | $306,000 | $306,000 |
| St. Joe Beach / Mexico Beach | 225 | 8 | 5 | $245,000 | $785,000 | $473,380 |
| St. George Island | 120 | 3 | 0 | — | — | — |
| TOTALS | 598 | 17 | 11 | $245,000 | $2,350,000 | — |
| VACANT LAND | ||||||
| Cape San Blas / South Gulf | 139 | 0 | 3 | $99,000 | $262,500 | $188,167 |
| Port St. Joe | 28 | 0 | 1 | $100,000 | $100,000 | $100,000 |
| St. Joe Beach / Mexico Beach | 144 | 2 | 1 | $128,500 | $128,500 | $128,500 |
| St. George Island | 75 | 0 | 0 | — | — | — |
| TOTALS | 386 | 2 | 5 | $99,000 | $262,500 | — |
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