Past time for another Monday Market Update, so here you go!
We've mentioned all the "moving dirt" in both commercial and residential developments and it seems like everywhere we turn there is a tremendous amount of new construction going on along with new projects being announced and breaking ground. In addition to all of that, you can't walk around downtown without noticing the shear amount of residential renovations in progress. Everywhere you turn it seems like a property owner is investing in their home and taking advantage of the market trends. With all of this activity it got us wondering if this was perception or truly an uptick in residential construction in Ocean Springs and the best way to find this out is to look at the numbers... well permits that is. So we have been in touch with the planning department. Soon we will have the numbers and will share those with you as soon as we do.
In the meantime though, it is exciting to see the sales numbers for the 39564 Zip Code. Our take after reading this report were certainly signs of investment and optimism in residential real estate in Ocean Springs.
Here is what the marketing statistics say...
Both the new Active Volume of listings and the Total Volume of listings continue to rise while the absorption rate and days on market continue to hold steady and have recently began to slightly improve. The total number of closed in the area from May 18' vs May 17' were slightly lower, but June looks like it is going to be a huge month for Closings as there is a substantial increase in the amount of Pending homes. That's a great sign that we are continuing on the upward trend and and help securely plant 2018 above 2017 in terms of Sold volume. Also if history repeats itself, June will be our largest month in volume of sales.
All in all the good signs for Sellers continue, and with all the additional volume coming on to the market it's a great time for Buyer's to find exactly what they want as well.
Happy Home Selling and keep us in mind next time you are looking to do something in the real estate world. We basically do it all… sell, rent, buy, develop and manage.
Also here are some Fun Quick Facts:
Ocean Springs Mississippi
Population, 2012 estimate 17,461 2,984,926
Male 47.70% 48.60%
Female 52.3% 51.40%
Median value of owner-occupied housing units $169,600 $99,200
Median household income, 2007-2011 $61,469 $38,718
by: Allen Stanfield, Realtor Rain Residential