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Mississippi Gulf Coast Real Estate Market Pulse for March 2017

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Mississippi Gulf Coast Real Estate Market Pulse for March 2017

By Albert Allegue, CRB, CRS
Broker/Owner

Are we in a Seller’s Market or a Buyer’s Market? Understand that a Buyer’s Market is when there are more homes for sale than there are buyers. Subsequently, a Seller’s Market is when there are more home buyers than there are homes for sale. As you can see in the charts below, we continue to experience a BUYER’S MARKET.

Ocean Spring March Graphs

In Ocean Springs the inventory of homes continues to be more than there are buyers, but we see a smaller inventory than October 2016. As predicted in November 2016, December and January continued to be the best month to sell a home as the inventory drops and more homes are sold. The average sales price did jump a bit in February 2017 when compared to the last six months. However, homes stayed on the market for sale longer than the previous six months.

 

Biloxi Market Graph March 2017

In Biloxi sale of homes declined since Oct 2016 while the inventory of homes remain about the same. The same holds true for the Average Sales Price taking a drop in January of this year but raising back to the average price of about $175,000. Good news is that homes sell faster at an average of about 80 days.

Gulfport Market Graph March 2017

Gulfport real estate market continues to remain steady even though there was a reduction in the inventory of about 70 homes since Oct 2016. Average Sales Price maintain their average of about $122,000 and homes stay on the market for sale for about 100 days.

d'Iberville Market Graph March 2017

Although d’Iberville stayed steady in homes inventory, there continues to be a noticeable decrease in sales since January of this year to the lowest yet in February. But the good news is that the Average Sales Price of the homes sold increased to a new high of $228,040, but they stayed on the market an average of 160 days. Off all the cities tracked in this report, homes in d’Iberville stayed on the market longest.

(Gulf Coast Multiple Listing Service, Feb 26, 2017)

Ready to buy a home? Start your search here.

Ready to sell your home? Visit our Seller’s Page for more information

 

Rent growth for lower-priced rental homes continues strong.

Rents on lower-priced rental homes, between $700 and $1,000 a month, increased by 5.4 percent, up from 5 percent in October 2015, while rents on higher-priced rental homes increased 2.5 percent, down from 3.4 percent in October 2015. In contrast, new construction tends to be high-end units, and the additional supply has caused rent growth for higher-priced rental homes to moderate.

(https://www.census.gov/construction/nrc/pdf/compsusintenta.pdf)

 Ready to rent a home? Contact us

Appraisal-related loan denials are below the national average

In a November 2016 CoreLogic report, appraisal related home denials in Mississippi were 7.8 percent as compared to the average U.S. of 11.3 percent. In view of its underlying sales comparison approach, the quality and accuracy of home appraisals can only be as good as the availability and quality of the comparable transactions used for the appraisal. Although the availability of a pool of similar homes sold is important, other factors, such as local market sales activity, market distress, whether the appraisal is an REO or short sale property, or whether it is a higher – or lower-priced property – influence the appraisal quality. Of course, let’s not forget that the experience of the appraiser is just as important.

The Al & Dee Real Estate Team can be reached at 228.374.0002 or via email at alndee@alndee.com. They are located at 10311 Boney Avenue, Suite B, d’Iberville, Mississippi 39540. To see the latest real estate listings and properties soon to be listed, visit their web site at www.alndee.com. Questions about this article, contact Al Allegue at al@alndee.com. Thinking about selling your home? Contact Dee at dee@alndee.com or directly at 228.374.0002.

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