MS Coast Real Estate Market – March 2010

by admin on March 28, 2010

The real estate market here in South Central Mississippi is showing signs of Spring! The number of homes for sale that were recorded as closed, according to data obtained through the Gulf Coast Association of Realtors, GCAR, shows a 15% uptick in March’s closed transactions from February’s. While any uptick is considered “good news” for sellers, when compared to the same time period last year this “uptick” actually represents an 8% decline in closed transactions for March 2009 to 2010….Which still is great news….If you’re buying!

Currently there are 3,359 homes for sale in the Central South MS area. The number of homes currently for sale shows that in the month of March only 5 out of every 100 homes for sale that were active on the market actually sold. The area researched was approximately 25 miles in every direction from Gulfport’s Interstate 10 & Hwy 49 intersection. It included the cities of Biloxi, Ocean Springs, Woolmarket, Long Beach, Pass Christian, Diamondhead, Bay St. Louis, Waveland, and Kiln, MS.

Over the past 12 months 2,189 homes for sale were recorded as closed in this area. The average units sold per month was approximately 182. So far in 2010 the number of homes for sale recorded as closed is only 400, an approximate average of 133 per month.

The trend for spring & summer home sales for 2009 was 102 closed in January, 147 in February, 183 in March, 165 in April, 172 in May, 167 in June, 182 in July, and 191 in August and September respectively. There was a tremendous spike in home sales during the fall month of October when 242 homes for sale were reported as closed. Why would that happen? We expect to see a similar trend this year as asset companies attempt to clear their foreclosure inventory before the onset of the winter and a traditionally slower buying period.

Speaking of foreclosures! There are some really great deals out there! If you are in the market for a home contact me to stay as informed as possible on new opportunities. You never know when the next deal may hit! It’s always true that price sells so don’t miss a beat when a new opportunity knocks! I have a proven track-record and am the most informed/informative company on the Mississippi Coast. Click contact me today.

Tech Realty has the latest in tools and technology, is number 1 online, and is also the leader in providing real estate news and market trends to the public in South MS. Be the first to know! Contact me today!

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