Beth Mandal
Mississippi Coastal REALTOR®

(228) 206-7080

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You are here: Home / MS Gulf Coast Condo Market Reports / Condo Insider 2016, Second Edition

Condo Insider 2016, Second Edition

September 7, 2016 by admin Leave a Comment

First Half of the Year

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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 ViewLegacy TowersOcean ClubPelican CaySea BreezeSienna
# of Units on the Market8216288
Average Size (square foot)1,682
1,3591,3479841,5411,496
Average Days on Market13724818618181170
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
As of July 5, 2016, these are the sales per condominium.

Condo Sales for 2016

 1st Quarter 20151st Quarter 2016 2nd Quarter 20152nd Quarter 2016
Total Sales
21181917
Pending Sales 6767
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. 165172175169
Avg. Days on the Market145144161208
# of Foreclosure Sales2111

First Half of 2015 vs. First Half of 2016

 20152016
Total Sales
4435
Pending Sales 77
Avg. Listing Price of Units Sold$266,488$253,271
Avg. Selling Price$253,097$240,808
Avg. Listing Price per square foot176180
Avg. Selling Price per square foot168171
Avg. Days on the Market186175

Condo Insider 2016 – MS Gulf Coast Real Estate Brokerage – Biloxi Condo Sales

Realtor© focusing in beachfront condo sales and valuable waterfront home sales in Biloxi. Call Beth Mandal Tyson

Filed Under: MS Gulf Coast Condo Market Reports

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Beth Mandal, Broker

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Mandal Preferred, Inc.

2550 Marshall Rd. Suite 100-A
Biloxi, MS 39531

(228) 206-7080
Contact Beth

Beth Mandal, Broker

logoWelcome to Mississippi Gulf Coast Real Estate and Mandal Preferred, Inc., REALTORS©. A full-service real estate brokerage specializing in Beach Condos for Sale in Biloxi.  Decades of experience in all real estate transactions including waterfront listings, luxury residential homes, land and commercial investments.  Servicing the Ms Gulf Coast in the cities of  Gulfport, Biloxi, Long Beach, Pass Christian, and Ocean Springs, MS. … Meet The Team

Beth Mandal

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