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A Current Look at the Local Real Estate Market
Dated: June 4 2020
Views: 705
We've been getting lots of questions about the current real estate market and want to keep you up to date! Below are a few, insightful graphs from the month of May and as always feel free to call or message us with any questions or real estate needs.
A few main takeaways from May are:
- The Average List Price is UP
- Days on the Market Average is DOWN (in Ocean Springs, it was down 45% in April!)
- 29% more units sold in 2019 than in 2020, which is only down 3% Year to Date
- In Ocean Springs, 39% more units sold in 2019 than in 2020, and it is down 5% YTD
- 20% Fewer Listings in 2020 than in 2019 on the MS Gulf Coast
- 30% Fewer Listings in 2020 than in 2019 in OS
And it's worth noting that:
- 30% MORE listings went UNDER CONTRACT in the MS Gulf Coast during May 2020
- 9.5% MORE listings went UNDER CONTRACT in May of 2020 than May of 2019 in Ocean Springs
All is all, there are less homes on the market along the Coast than we experienced last year, and with low supply, average prices continue to go up and days on market to do down. This is good news for Sellers and with low mortgage rates as well as increasing prices, Buyers may want to take advantage of this current market.
At the end of the day, the market is still trending upward. So, if you have been thinking of buying or selling, give us a call!
We will be happy to help you reach your real estate goals, no matter what they may be!
Kristin Smith
I have been with Rain Residential for almost 7 years, and have had the unique experience of being involved in multiple facets of the company, including The Inn at Ocean Springs, The Roost Ocean Spring....
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