New restaurants, new casinos, more Starbucks, OH MY - the Mississippi Gulf Coast is GROWING!!!
In our past few Monday Market Updates, we have talked about all of the new activity we are seeing in the residential real estate market here on the Coast. According to Mary Perez with the SunHerald, "Home construction boomed across South Mississippi in 2017. About 860 residential building permits were issued in Harrison and Hancock counties combined last year and 340 in Jackson County."
Commercial projects are also really booming. Among the larger and more visible projects there is the new Beach Casino, the Saltgrass Steak House, and White Pillars (to name just a few). The amount of money being invested in these beach front developments alone would indicate confidence in the future of tourism on the coast. An even more promising indicator of progress is the $1.6 million for the Machado Patano Engineering office in Biloxi. Also, we would remiss not to mention that AWESOME new Finishline Performance Karting go-cart track.
Additionally, local residents are seeing their neighborhood businesses re-invest with upgrades to the places like Winn Dixie and Rouses in Ocean Springs and Sams Club in Gulfport.
This is all great news, but what does that mean for the resale market and what can we expect in 2018? Since last year, we are seeing a drastic DECREASE in homes being listed for sale. For instance, across Gulfport, Biloxi, and Ocean Springs in June, 2017 there were 244 homes for sale while in June, 2018 there were were only 13 homes listed - that is nearly a 95% drop! This means that while newly constructed homes are on the rise, there are a lack of homes out there for people who are ready to buy now.
So let's review. There is a lot of new construction both in the residential and commercial markets, there is a lot of re-investing by our local businesses, and there is a lack of inventory in the resale housing market. All of this tells us that now may be the time to sell! Okay, so you may have to build your next home, but as long as you continue to call the Mississippi Gulf Coast your home you can enjoy the ride!
By Jennifer Jones, Rain Residential
Read Mary Perez's full article here.