The data driven Real Estate Report – Hancock County, MS + Pass Christian, MS

The moment it comes up in conversation that I’m a real estate agent, the next words I hear are always….

“How is the market right now?”

It’s always with a sincere interest. Everyone wants to know if they’re ahead or behind. What is their house worth? Should they sell? Can they make money? Or would it be best to stay hunkered down and ride it out, if possible?

My answer, “It’s not where it was, but it’s certainly improving!”

As an agent, convincing others to let me sell their houses is how I make a living. Folks don’t want to hear that the market is slow or sluggish. They may take that opinion and decide to wait another year before they even think about selling. But if they think the market is going great guns a-blazing… they might believe their houses are worth the stars and the moon and set unreasonably high purchase prices. No one wins if a house is listed and it just sits there month after month. It’s my job to walk the fine line between irrational exuberance and uninformed despair.

How do I do that? By looking at the facts. By keeping my ears open. By gauging buyer interest. By doing my research and watching for the trends to appear. Real estate agents are as prone to being led by their emotions as anyone else. We WANT you to make lots of money when you sell your house. That means WE make money. That means bills get paid, food gets bought, vacations get planned and life carries on. We have every reason in the world to tell you the world is sunshine, cake and ice cream if you’ll just trust us to sell your home.

So how do we know if the market is REALLY doing better? doing worse? just moving along? How to we curb bias and make rational decisions?

That is where an agents tools come shining through. Numbers. Math. Statistics. Prior sales in the area. Market research and analysis. Data crunching. What’s hot? What’s not? Where is it overpriced? What are folks buying and where? It’s all in the numbers.

So how does 2015 stand vs the prior 2 years of sales? Let’s find out, now shall we? I normalized all of the data by looking at sales up to Nov 15 for each year. This data is for Hancock County, MS with Pass Christian, MS included.

2015 Year to Date
Price Range # of houses closed Days On Market SalesPrice/Sqft
0-79k 119 130 45
80k-119k 129 160 68.65
120k-149k 109 165 82.22
150k-199k 115 173 87.68
200k-249k 59 162 111.53
250k-299k 38 190 124.66
300k-399k 41 224 136.68
400k 20 237 155.21
2014 Year to Date
Price Range # of houses closed Days On Market SalesPrice/Sqft
0-79k 147 169 39.86
80k-119k 82 165 70.55
120k-149k 79 199 82.15
150k-199k 94 214 91.18
200k-249k 48 199 109.33
250k-299k 26 230 128.19
300k-399k 32 231 132.79
400k 16 257 195.31
2013 Year to Date
Price Range # of houses closed Days On Market SalesPrice/Sqft
0-79k 118 154 37.11
80k-119k 97 209 64.34
120k-149k 62 168 79.59
150k-199k 88 212 87.28
200k-249k 37 201 101.49
250k-299k 28 247 114.35
300k-399k 15 175 126.31
400k 12 163 194.45

Wait. What?

Yes, I know that raw numbers make you go cross eyed. I didn’t like any other way of showing the data visually. Let me interpret.

Short version: More houses are coming on the market and selling faster than in the past 2 years.

Longer version: 2013 was dominated by low end houses. Fewer larger, expensive houses were selling and the owners were waiting longer for their houses to move. Houses at the lower end (under $80k) were moving at a bargain and moving well.

2014, cheaper houses continued to move, but were starting to inch up in price and spend more time on the market. The other categories of homes started moving onto the market, but were taking their sweet time (8-9 months) to be purchased.

2015, sub $80k homes were moving quite quickly and starting to rise in price (11% rise), while the 1st homes were showing up onto the market in numbers and were moving in 5 months. More houses in all categories were being sold and faster. The prices hadn’t really increased except for the sub $80k market, but every category moved faster with more stock.

A jump back to economics 101.

  • The more abundant a commodity becomes, the cheaper it is. The more scarce a commodity, the higher the price.
  • When a commodity is desired, it is taken up more quickly. When it is not desired, it will be taken up more slowly.
  • When more of a commodity is becoming available and it is being taken up quickly, there is a demand for more.

So what does more homes selling faster mean? It means if you have a house and you are considering making a move… the data says you should call me to arrange an honest discussion about the value of your house. 2016 is looking to be a fantastic year.

Realtor On A Bike
Ashman-Mollere Realty Inc.
418 Hwy 90, Waveland, MS 39576
Cell: 228-342-3832
Email: micah@realtorona.bike

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