In our last Monday Market Update, we mentioned a new condo community, The Inlet, which is currently under construction in Ocean Springs. This sparked a lot of interest from our friends and followers about condominium sales on the MS Gulf Coast, so we decided that should be our focus this week.
Before we jump into the condo stats, we wanted to give you a quick update on Inlets. They have released all of their condos now to the market for sale starting at $160K with the larger floorplan ranging from $240K - $249K. They have 4 floorplans consisting of a 855 sq ft 1 bedroom, 1095 sq ft 2 bedroom, 1156 sq ft 2 bedroom, & 1335 sq ft 3 bedroom. The condominiums will be incorporating some great interior features ranging from Quartz counter tops to designer lighting and the community amenities are of course the waterfront location, but also a pool, dog park, storage for water gear, fitness center, club house, abundant green space and nearly 6500 sq ft of retail space. We will keep you updated as those retail spots are announced.
So now we can jump into the stats...
When looking at year to date real estate activity stats (for our entire MS Coast area- all cities), it shows that condo sales are down by 12%, new listings are down by 8%, currently under contract are up 1%, and sold are down 17%. What’s very interesting, is that the average sales price is up by 17%. So what does this mean to us? Well, with inventory down, it only makes sense that everything else will be down as well. It looks like we need more condos on the market because just don't have many at all in Ocean Springs and especially for sale. When The Inlet project is complete, we predict a huge shift in all of these figures. Multi-use condo communities across the nation have been wildly successful, and we predict the same will hold true for Ocean Springs. We can’t wait to see what the stats show this time next year!
We would be happy to send you all of details on these condos for sale or any others, just send us a message or call.
by Kati Viola , Realtor Rain Residential