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 Mississippi Gulf Coast Market Conditions 


The Al & Dee Real Estate Group
Market Conditions - June 2010

We see significant progress in the housing economic recovery underway. And although unemployment rate is still around two-digits, interest rates continue to be at near-record lows which encourage growth during 2010. Average 30-year fixed rates are now just under 5 percent, according to the Mortgage Bankers Association, and as the economy rebounds rates could rise by another quarter of a point in the coming months. November and December 2009 produced the best evidence when new home starts jumped by 9 percent, according to the Commerce Department. So if you're timing the sale or purchase of a home, keep a special watch on interest rates.

A big chunk of the gain was attributed to apartment project starts, while only 2.1 percent were for detached single family homes. More noteworthy were the new permits builders pulled for future starts of new homes -- they jumped 5.3 percent. Meanwhile, sales and prices in major markets were positive for the month of November and December.

 

Check out the chart below for current and past comparative sales* 

 

 

June 10

Listing**

Avg. List

Price

June 10

Closed

Avg. Closed

Price

Avg. Days on Market

List/Sell %

 

Long Beach

38

$139,538

8

$105,641

118

88%

 

N. Gulfport

91

$126,706

34

$146,021

168

96%

 

SW Gulfport

16

$94,547

7

$89,379

135

89%

 

SE Gulfport

39

$164,053

10

$117,490

150

92%

 

Saucier/Lzna

25

$154,514

7

$164,686

99

94%

 

Biloxi

26

$178,859

4

$160,120

111

94%

 

N. Biloxi

16

$214,506

8

$163,410

109

105%

d’Iberville

23

$136,613

2

$168,206

275

98%

Wlmkt/E. Hrsn

10

$235,671

3

$281,733

285

95%

W. Jackson

1

$874,900

0

$0

0

0

 

St. Martin

46

$146,771

12

$140,692

145

93%

 

Ocean Springs

93

$167,502

25

$176,248

142

94%

 

Vancleave

16

$171,322

2

$239,950

376

100%

Gautier

42

$148,979

4

$116,325

211

96%

Pascagoula

24

$136,630

2

$95,500

209

95%

 * Gulf Coast Multiple Listing Service, Dec 09.  ** Number of Listings Entered in one Month  

 

Bottom line N. Biloxi homes sold brought in more money than the listings price while homes in ong Beacg brough in less. More homes sold in N. Gulfport followed by Ocean Springs at 25. There were no homes sold in West Jackson County. Homes stayed on the market longer in Vancleave (376 days) and homes in Saucier/Lzna sold faster. 

 

Of the people that you know, who do you think needs to buy or sell a home? Please let us know and it’ll be our pleasure to assist them. 

AL & DEE GULF COAST
REAL ESTATE BLOG

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Al & Dee Allegue, ABR, ABRM, CRB, CRS, GRI, SRES, SRS
The Al & Dee Real Estate Group
RE/MAX by the Gulf
770 Water Street
Biloxi, MS 39530
Office:
228.374.0002
Fax:
228.436.0414
Team Direct Line: 228.374.0002
Email: Al@alndee.com

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