July 2009 Real Estate Market Condition Report

    Our Biloxi, Ocean Springs and Gulfport real estate market and homes for sale showed a sligth improvement over last month.  This is good news for home sellers as it means that homes are selling faster and for more money than previous months. It's also great news for home buyers as intereset rates continue to be below what we've seen in the past.

Here is a brake down:

In July 2009 the majority of the homes sold, twenty of them, where 3 bedrooms and with a sales price between $120,000 and $139,000. In the same time period, there were only five homes sold having 4 bedrooms with the same price range.  Compared with June 2009 and July 2008, homes sales are considerable less. Overall, on the Mississippi Gulf Coast, there were seventy five homes sold with 3 bedrooms and thirty eight homes sold with 4 bedrooms. The majority of the homes for sale, ninety two, where priced between $120,000 and $139,000, followed by fifty four homes priced between $140,000 and $159,000. With these current numbers we recommend home sellers in these two price ranges, to adjust the price of their homes in the high $130's. Overflowing into the $140,000 price range will reduce your chances of selling by almost 50%.

Looking at specific cities such as Ocean Springs, Biloxi, d'Iberville and North Guflport, the numbers paint a different rosie picture:  

Summary of Sales Activities for MS Gulf Coast Communities

	Sold July 09	Sold June 09	Sold July 08	Avg Days on the market	Avg. List Price	Avg. Sale/Price %
Biloxi	1	11	12	345 days	$199,000	97%
North Biloxi	3	5	10	182 days	$159,000	100%
Ocean Springs	18	29	32	149 days	$231,215	92%
d'Iberville	0	7	11	No sales in July 09	No sales	No sales
N. Gulfport	23	30	39	155 days	$154,235	97%

Overall, these numbers indicate a slowdown in sales, specifically more in d'Iberville that as of today, there have been no reported homes sales inthe city.  N. Gulfport and Ocean Springs homes sold faster than homes in Biloxi, d'Iberville and North Biloxi.  Of interest is that homes in North Biloxi sold for an average of 100% of their list price (full price), while homes in Ocean Springs sold for about 92% less than asking price. In summary, there were less homes sold in July 2009 than June 2009 and July 2008.

Although these are the numbers reflected by the Gulf Coast Multiple Listing Service (MLS), our real estate group and Associates at RE/MAX by the Gulf are very busy selling homes.  So far, in the first 24 days in July, our RE/MAX by the Gulf Associates had thirteen under contract homes and fourteen transactions closed. Cudos to our agents! 

The Short Sale inventory is now at twenty two homes available to be sold for less than what it's owed on the home.  This is the first time our Multiple Listing Service is begining to track these statistics. We forsee these numbers to increase next month in August 2009.  If you find yourself in a distressed situation where you are behind on monthly payment or think you may be late soon, contact us right away. We are one of the very real estate agents on the Mississippi Gulf Coast that are Certified Distressed Property Experts (CDPE).

Current Mortgage Rates

Rates on fixed-rate home mortgages rose this week.  The 30-year fixed-rate mortgage averaged 5.20% for the week ended July 23, up from 5.14% last week, while a year ago rates averaged 6.63%. Still a perfect time to buy a home.

The 15-year fixed-rate mortgage averaged 4.68% this week, up from 4.63%. The mortgage averaged 6.18% a year ago. One-year Treasury-indexed ARMs averaged 4.77% this week, up slightly from 4.76% last week. The ARM averaged 5.49% a year ago.

To see our inventory of homes, please visit our web site at www.alndee.com.  Want to take a walk around the neighborhood?  Follow this link to our Google Terra Walking and select the "Street View" underneath the photo of the home. Go ahead... walk to the beach and enjoy. 

Contributed by Al & Dee Allegue
Contact Us | (228) 374-0002 | www.alndee.com
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