As we delve into the heart of summer, it's time to take a closer look at the real estate market on the beautiful Gulf Coast of Mississippi. The latest statistics from MLS United offer valuable insights into the trends that have shaped the residential market in Hancock, Harrison, Jackson, George, Greene, Stone, and Pearl River counties. G C Realty is here to guide you through the changes. Let's explore the key figures for July 2023 and compare them to last year's data, analyzing how the market has evolved over the past year.
1. Decrease in Number of Sales: In July 2023, the Gulf Coast residential market witnessed a total of 521 sales, a notable decline of 16% from the 618 sales recorded in July 2022. This shift suggests a possible adjustment in the market dynamics, with demand and supply factors playing a significant role.
2. Rise in Average Sales Price: Despite the decrease in sales volume, the average sales price experienced a positive trajectory. The average sales price for July 2023 reached $274,382, marking a 10% increase compared to $250,583 in the same period last year. This uptick indicates sustained buyer interest and a willingness to invest in properties along the Gulf Coast.
3. Extended Days on Market: One of the more notable changes is the average days on market for properties. In July 2023, properties spent an average of 46 days on the market before being sold, a considerable increase of 120% from July 2022's figure of 21 days. This might be indicative of a slightly more competitive market, where properties are taking longer to find their ideal buyers.
4. Increment in Current Inventory: The inventory of available properties has seen a modest uptick as well. July 2023 reported a current inventory of 1532 homes, showing a 3% increase from July 2022's inventory count of 1487. This could be reflective of a balanced market, where buyers have a diverse range of options to choose from.
Conclusion: Gerard Maher and G C Realty are dedicated to helping you navigate the evolving Gulf Coast residential real estate market in Mississippi. With a mix of trends observed in July 2023, understanding these changes is crucial for making informed decisions. Whether you're considering buying or selling a property along the Gulf Coast, Gerard Maher is here to provide guidance and expertise. Reach out at 228-229-4685 (cell) or 228-206-5646 (office) to explore your options and stay up-to-date with the dynamic real estate landscape.
As we move further into the year, keeping an eye on how these trends develop can provide valuable insights into the trajectory of the real estate market in this picturesque region of Mississippi. If you have any questions or would like to explore your options, feel free to reach out to Gerard Maher and G C Realty. We're here to guide you through the ever-changing landscape of Gulf Coast real estate.