For today's Market update we take a look at New Construction in the Ocean Springs area. New construction continues to boom in the area, and watching the market shows us that it doesn't look to be slowing down anytime soon.
Over the last 90 days, 49 of the 235 closings that have occurred were New Construction homes That's 21% of recent sales. A year ago over that same time frame there were also 235 total closings, of which 46 were classified as New Construction, so right at 20%. The market is staying strong and continues to absorb all the new construction showing no signs of slowing down. Per MLS, their are an additional 39 pending residential home sales in Ocean Springs that are "New" or "Under Construction." That's roughly 10% of the 376 active or pending homes currently on the market! This continuing state of the market can provide opportunities for both Buyers and Sellers. Buyers are given the opportunity to weigh the differences of buying new construction vs. existing. There are benefits and drawbacks to both, but its always good to have options. For Sellers, the amount of new construction pushes a steady increase that drives list and sales prices upward, but you must be ready to compete with what New Construction offers Buyers. Whether you are buying or selling, talk to an agent that knows how to take advantage of the market!
Courtesy of Allen Stanfield 228-383-5661