WEll I looked at our local MS Gulf Coast MLS system this morning. I wanted to see how many of our homes for sale
were listed as 3rd party/bank owned (Mostly foreclosures). The number of properties that stated they were 3rd party/bank owned for the coast was 360. The total number of properties for sale was 9892. That's a small percentage of foreclosed properties to properties for sale. It works out to 3.64% of properties that are 3rd party/bank owned to ALL proprties for sale.
But, there is another satistic to consider. When I took a look at the number of properties that SOLD here on the coast, I found that 889 properties sold in the last 90 days and out of that 251 were listed as 3rd party/bank owned. That's 35.41% of all sales in the last 90 days were 3rd party/bank owned according to our MLS.
I then took it a step further and looked at ONLY RESIDENTIAL properties. There are 782 residences that SOLD on the Mississippi Gulf Coast in the last 90 days. The number of residences that were 3rd party/bank owned was 240. That's 32.58% of all residential sales in the last 90 days! Foreclosures are certainly a HUGE part of our sales here on the Coast.
All real estate is LOCAL. So when the National News comes out with the millions of foreclosures around the country, I want to break down the news for my local market. In fact, Gulf Coast Realty will break down home sales and home prices for you at the neighborhood level if you want. Just call Gerard Maher at 228-229-4685 or email CallGman@yahoo.com and I will do a snapshot of the market in your neighborhood.
Gulf Coast Realty serves the Mississippi Gulf Coast. Gulfport, Biloxi, Ocean Springs, Long Beach, Pass Christian, Bay St. Louis, Waveland, D'Iberville, St. Martin, Harrison County, Jackson County, Hancock County, Diamondhead, and the Navy CB Base and Keesler AFB.
Gulf Coast Realty has served the Gulf Coast for over 10 years in residential, Commercial, investment, foreclosures and land. Visit us on our website at Http://GulfCoastRealty.Info