Condo Insider First Quarter 2015 Marketing Report shows that high rise condo sales for the first quarter 2015 was up 200% over first quarter 2014. Yes, that is what I said, 200%! There were 21 documented sales for the first quarter 2015 within the 5 buildings that I currently cover in this newsletter. The average price per square foot sold was $165/sqft. In 2014, that figure was $151/sqft. Total units financed was up as well with over 47% of the transaction financed with a conventional loan. It seems that folks are discovering the many advantages to purchasing a home along the Mississippi beach front. I would expect to see a pop in prices as inventory tightens. We currently have 47 active listings and if the sales volume continues at its current pace, we only have a 6 month supply. That’s pretty incredible since it wasn’t long ago that our numbers projected a 2 and 3 year supply. As prices push higher, we are going to have to battle the appraisal values and financing constraints but you can’t deny the forces of supply and demand.
In other economic news, there are currently several projects under constructions including: The Scarlet Pearl Casino, 14 floor luxury hotel/casino located north of Biloxi Bay in D’Iberville, the new beach tower hotel at the Island View Casino in Gulfport and the new MGM baseball park, home of the Biloxi Shuckers, a AA minor league team for the Milwaukee Bruins. There is continued reinvestment in the downtown areas like the newest restaurant in Biloxi, Sal and Mookie’s on Main Street and the expansion of the Half Shell in Gulfport.
Proposed construction includes a $100million Aquarium in Gulfport across from the harbor, $30 million Holiday Inn Resort on the west side of Centennial Park in Gulfport and the continued expansion of retail at the I-110/I-10 corridor.
Where to Retire, a magazine geared to help retirees find the best places for retirement has selected Gulfport/Biloxi as a top retirement destination. The area will be profiled in the May/June issue. Time after time I help new people find a new home here on the MS Gulf Coast. The newcomers tell me how happy they are with their decision to make our coast home. Its the ease of living, value and beautiful surroundings that attracts them. Sometimes I feel like an ambassador for the MS Gulf Coast. This is my birthplace and my family has been business owners here since the early 1900’s so I’m happy to point out all the good living here.
If you have any specific questions about real estate, please give me a call. I’d be glad to help.
All the best to you and your family,
Beth Mandal Tyson, Broker
2014 Recap Condo Sales
| Total Sales | 44 |
| Average Size | 1,398 sq. ft. |
| Average Listing Price of Units Sold | $244,723.00 |
| Average Selling Price | $227, 636.00 |
| Average Days on the Market | 384 |
| # of Foreclosure Sales | 4 |
Comparing Condo Sales for First Quarter 2015 to First Quarter 2014
| Year | 2015 | 2014 |
| Total Sales | 21 | 7 |
| Average Size | 2 Bed/ 2 Bath | 2 Bed / 2 Bath |
| Average Selling Price | $242,899 | $188,058 |
| Average Listing Price of Units Sold | $255,538 | $201,628 |
| Average Days on the Market | 145 | 149 |
| # of Foreclosure Sales | 1 | 3 |
Current Listing Information, First Quarter 2015 (Beau View, Legacy Towers, Ocean Club)
| Beau View | Legacy Towers | Ocean Club | |
| # of Units on the Market | 11 | 13 | 13 |
| Average Size (Bedrooms) | 2 Bed / 2 Bath | 2 Bed / 2 Bath | 2 Bed / 2 Bath |
| Average Size (square foot) | 1,675 | 1,556 | 1,303 |
| Average Days on Market | 270 | 316 | 282 |
| Average Price | $390,400 | $284,200 | $203,900 |
| Average Price per Sqft | $232 | $179 | $156 |
Current Listing Information, First Quarter 2015 (Pelican Bay, Sea Breeze, Sienna)
| Pelican Bay | Sea Breeze | Sienna | |
| # of Units on the Market | 1 | 6 | 3 |
| Average Size (Bedrooms) | 2 Bed / 2 Bath | 2 Bed / 2 Bath | 2 Bed / 2 Bath |
| Average Size (square foot) | 1,089 | 1,371 | 1,477 |
| Average Days on Market | 197 | 235 | 75 |
| Average Price | $219,000 | $268,066 | $291,466 |
| Average Price per Sqft | $201 | $197 | $197 |
*For the 21 Sales thus far in 2015, 8 of them came from Ocean Club!
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