Many of you might of started planning your summer vacation or maybe you are already heading out. I have to say I do love to travel, but what’s nice is that I have also realized the other thing I love, is to come home! And I think we are pretty lucky to call Ocean Springs just that, our home. I am encouraged that the City seems to continue to work on improvement projects. So we figured it would be nice for our Monday Market Update to catch you up on a few of those. We would also love to hear from you. Drop us a note and let us know where would you like to see improvement? We are listening and want to know what you think!
If you have driven down the beach lately, you might of noticed the bulldozers! Well, we will have new fire pits (YAY!!) installed in the coming weeks. The fire pits were damaged during Hurricane Nate so it was nice to see those go and make room for the new ones!
Another really awesome project is the new artsy recycling bins!!! We LOVE these by the way! What an cool addition to downtown. This project was made a reality by the Mayor Youth Council. The Council wanted the recycle bins to be bright and noticeable and reflect the artistic spirit of Ocean Springs, so they hand-painted each bin with a Gulf Coast-native animal. The recycle bins are placed throughout our downtown area: 2 bins along Government Street, 2 bins along Washington Avenue and 1 bin at City Hall.
Our next one we are very excited about is the new Golf Cart Ordinance! If you haven’t heard, the City of Ocean Springs has approved an ordinance allowing golf carts on public streets (under 30 mph) starting May 31, 2018, but there are some rules that apply. We will post the full ordinance, but here are a few highlights on how to get your goft cart ready: parking brakes, headlights, tail-lights, seat belts, turn signals, windshield, side reflectors, and rearview mirrors. Also don’t forget to get insurance and obviously obey normal street laws.
The last one we will mention is the Porter Street Construction. This one sure has been a pain for us being on Porter, but we know it's worth it so what’s a little inconvenience for a big improvement! To catch you up, the Porter project is a $1.2 million project that started in December 2017 and with the recent utility delays, work is expected to continue through early summer 2018. Once complete we will have improved sidewalk connections on Porter Avenue west of Martin Avenue as well as new storm drain and water mains.
And it wouldn’t be our full update if we didn’t fill you in on some of the real estate scoop. Our last week was a busy one. Our condo project at Cypress Cove (www.biloxiwaterfront) was on fire with multiple units going under contract last week and 2 closing on Friday alone. Additionally, one of our agents listed two houses in Ocean Springs (one downtown and one in east OS) and contracted those same properties in one day! With that said it is no surprise that sales prices are up and the time it takes to find a buyer is down. We are continuing on the track of a seller’s market and here are a few stats to follow up on that… The median home value in Ocean Springs is $148,500. Ocean Springs home values have gone up 3.9% over the past year. The median list price per square foot in Ocean Springs is $102. The median price of homes currently listed in Ocean Springs is $201,388. The median rent price in Ocean Springs is $1,200. Currently, there are 380 homes listed in Ocean Springs which include 27 condos. 108 homes sold last month and 406 since January. Active listings were down by 8% vs. last year and houses going under contract were up by more than 50%!!!
We would love to work with you in your next real estate transaction. Please let us know how we can help!
By your Rain Residential Team