The Coast real estate market could be looking at an upswing, according to September figures just released.
The numbers are supplied by Mississippi Gulf Coast Multiple Listing Service, Inc., and the president of a local Realtors association says the tighter inventory they reflect is a sign of a strengthening market.
They show in September 201 houses were sold on the Coast. That’s 42 fewer than in August and 70 fewer than September 2007. Year to date, 2,305 houses have sold, down from 3,100 for the same timein 2007. The average price for home sales has held steady. In September the average sales price was $152,863; in August it was $151,107; and in September 2007 it was $165,106.
There were 617 new listings on the Coast in September, compared with 759 in August and 679 in September 2007. Year to date, there have been 6,658 new listings, compared with 7,227 for the same period last year.
“This is a fairly normal trend. We are off, year to date, no question, with the number sold and the average sales price. But the average sales price is starting to move up just a bit,” said Ken Austin of Mississippi Coast Realy, president of the Gulf Coast Association of Realtors.
“In the process, the prices are probably the best they will be. The existing inventory is beginning to be absorbed. With the new listings down, the market is becoming more solid,” he said.
Potential homebuyers can anticipate access to more credit, Austin said. “For people with good credit, credit is getting a little looser and will be more available. And there are so many programs out there for first time homebuyers,” he said.
Next year could show even more favorable signs for homebuyers.
“This is an election year, so there’s a lot of indecision out there. People don’t want to make a big decision right now. But coming into 2009 it’s shaping up to be a good year,” Austin Said.