For this weeks Monday Market update we reflect on the last 24 months by focusing on a point in time and comparing. Taking a look at the month of August from 2016, 2017 and 2018 we get a good idea of how things are looking!
Using this data, we see that the Ocean Springs District continues to perform well with an increase in the sales price for August of 2018 being 27.5% higher than it was just 24 months ago. If we look just twelve months back, 2018 shows an average sales price 12% higher than that of August 17'. That shows us that will the increase was slightly stronger from 16' to 17' the gains are nearly equivalent from 17' to 18' showing a consistent and upward trend over the last few years.
It's not just the average sales price that's risen, the total volume of sales in the district has been buoyed by the increase in prices as well. In August of 16' there was 10 million in total volume. That number jumped up to 13 million in 17' and was over 16 million this year.
All of this indicates that it will remain to be a good time to sell. That coupled with the fact that a majority of experts believe that mortgage rates will go down in the short term (Rate Trends). This belies the fact that the market historically slows down from September-November, and gives me confidence in predicting that a similar comparison of the upcoming months with their past counterparts would show an even greater growth pattern!
For sellers and landlords, now is a great time to talk to a Realtor and get a true value of your property!
For buyers, get pre-approved, talk to a Realtor who can help you develop a plan of action. Develop an offer strategy, and understand what makes a Buyer more attractive to Sellers.
Give us a call at Rain Residential and allow us to help guide you of the ins and outs of Buying and Selling in today's market!
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