Hi Everyone!
Today an economist named Shiller is on the news about the National housing market and the possibility of housing prices falling another 10 to 25% nationally. This is because of the foreclosures that are on the book, but haven't come on the market for sale yet. This is a national forecast. However, the sum of all markets does not always point out what is happening in a local market.
In fact, here on the Mississippi Gulf coast we have been watching the median and average price fall each month just about for the last year. However, May of 2011 for the first time in a long time, has shown an INCREASE in Median and Average price home sales here on the coast.
Of course one month doesn't make a trend, but it is encouraging. So don't always think what is happening nationally, is also what happens locally.
Here are the stats for May 2011 for the Missisissippi Gulf Coast in Single family unit sales according to the Mississippi Gulf Coast MLS.
May 2011 Total number of homes SOLD 276
May 2011 Average Sales price $119,297
May 2011 Median Sales price $108,750
April 2011 Total number of homes SOLD 268
April 2011 Average Sales price $111,249
April 2011 Median Sales price $95,500
May 2010 Total number of homes SOLD 306
May 2010 Average Sales price $127,313
May 2010 Median Sales price $127,250
So as you can see, we are significantly up from April of this year, but we are down from where we were in May of 2010. Still the upward trend here locally, in the face of national down news is a positive for our local market.
If you would like information on sales in your neighborhood, call Gerard with Gulf Coast Realty for your neighborhoods sales picture please contact Gulf Coast Realty at 228-865-9998. Have a Great Month everyone!
