First Half of the Year
Condo Insider, Second Edition
By Beth Mandal Tyson
I’ve been looking over the numbers for the first half of 2016 and comparing that to 2015. It seems our high-rise condo market in Biloxi and Gulfport has slowed a bit. Inventory is virtually the same as this time last year, with 53 units on the market as of July 1, 2016 and 55 units in 2015. The average selling price year over year is up 1.78%. Compared to 2015 , the total of units sold between January and June is down 20%. This would be really concerning if I didn’t know that there are active buyers in the market making offers. Sellers and buyers are at odds with one another. Their differences are small, but enough to stand in the way of an agreement. Buyers are looking for the absolute best deals and have the option to delay, since most are looking for a second home.
In the 2nd quarter of 2016, we actually saw a 3.55% decrease in the average selling price per square foot over the 2nd quarter in 2015. I speculate that the downturn in the market has to do with a rising stock market, uncertainty with the upcoming election, and other negative news around the world. We are all distracted. However, I am not discouraged; I know this is temporary.
You cannot deny the quality of our beach values here in Biloxi and Gulfport. Not only is it a beautiful coastline, but the area offers conveniences that cannot be found in other beach towns. This is what makes the Mississippi Gulf Coast a great place to retire and vacation. Plus, “beachfront” is still the most searched type of property on the internet. I believe anyone thinking of purchasing a property needs to pull the trigger and be ecstatic that they got it at these prices. Our prices and rates overall only have one way to go—UP!
Let me know if you have any specific questions. You can call me anytime on my cell phone, 228-861-7635, or send me an email.
All the best,
Beth Mandal Tyson
P.S. I completed the filming of another episode of Beachfront Bargain Hunt on HGTV in March. It should be airing this fall. I don’t have a date at this time, but I’ll be posting it on my website: www. MississippiGulfCoastRealEstate.com when it is released. My phone will be ringing off the hook from buyers all over the country and even the world!
See the Full Newsletter Second Edition 2016 Here
Second Edition 2016
| Beau View | Legacy Towers | Ocean Club | Pelican Cay | Sea Breeze | Sienna | |
|---|---|---|---|---|---|---|
| # of Units on the Market | 8 | 21 | 6 | 2 | 8 | 8 |
| Average Size (square foot) | 1,682 | 1,359 | 1,347 | 984 | 1,541 | 1,496 |
| Average Days on Market | 137 | 248 | 186 | 18 | 181 | 170 |
| Average Price | $394,000 | $257,458 | $239,350 | $197,500 | $286,895 | $290,060 |
| Average Price per Sq.ft. | $233 | $191 | $176 | $201 | $187 | $193 |
Condo Sales for 2016
| 1st Quarter 2015 | 1st Quarter 2016 | 2nd Quarter 2015 | 2nd Quarter 2016 | |
|---|---|---|---|---|
| Total Sales | 21 | 18 | 19 | 17 |
| Pending Sales | 6 | 7 | 6 | 7 |
| Avg. Listing Price of Units Sold | $255,538 | $260,466 | $288,784 | $245,652 |
| Avg. Selling Price | $242,900 | $248,166 | $274,126 | $233,017 |
| Avg. Selling Price per sq. ft. | 165 | 172 | 175 | 169 |
| Avg. Days on the Market | 145 | 144 | 161 | 208 |
| # of Foreclosure Sales | 2 | 1 | 1 | 1 |
First Half of 2015 vs. First Half of 2016
| 2015 | 2016 | |
|---|---|---|
| Total Sales | 44 | 35 |
| Pending Sales | 7 | 7 |
| Avg. Listing Price of Units Sold | $266,488 | $253,271 |
| Avg. Selling Price | $253,097 | $240,808 |
| Avg. Listing Price per square foot | 176 | 180 |
| Avg. Selling Price per square foot | 168 | 171 |
| Avg. Days on the Market | 186 | 175 |
Leave a Reply