Public Post March 1st, 2008
In making out my "Know My Surf and Turf" plan for the week, I decided focus on vacant homes first would be fun and enlightening, plus with vacant homes appointments are seldom required.
Some buyers I have worked with in the past prefer vacant homes over occupied, there's just less stress all around. Staging of course has merits, strong ones. Yet, some people prefer an unstaged, undisguised home--and prefer to use their imaginations.
Then, thanks to many new, easier to use functions on the agent side of the Gulf Coast MLS, hours later I came up with some interesting data, that may be helpful in drawing very general hypothetical trends for the MS Gulf Coast.
If you are not familiar with MLS data please keep in mind the following disclaimer:
The data does not include a huge FSBO category, though many FSBO's look to MLS stats for pricing guidance (which requires the assistance of a REALTOR/MLS member:-)
The data is only as good as the integrity and competence of those entering data.
MLS stats are still the best tool available. If you know of market data that does not at some point rely on MLS, agent driven data--please enlighten me.
Mississippi, or at least the Gulf Coast does not include the sale price in county records. Property is bought for a consideration of $10.00 Research That:-) !
I love Harrison County and find all departments extremely helpful in answering questions. I am happy to my taxes! However, I often spot serious errors in county records. I would hypothesize that county records are scarcely more reliable than MLS records.
I do not put much stock in the list price to sales price ratio. The list price can be changed right before a pending sale. To get a true LP/SP one still needs to go back to the original list price found in history, agent side.
Search Criteria, Long Beach, Pass Christian, North/SouthW/SouthE Gulfport, Biloxi, WoolMarket, Diberville, West Harrison County, Saucier/Lizana . 1546 Single Family Homes are available. 671 SF homes are vacant. (43% of homes listed are vacant)
The last 90 days, 53% of the homes closed were vacant.
90 Day Closing Results Vacant Homes: 161
Low List: $14, 900 to High List: $599,000. Low Closing: $10, 000 to High Closing: $516,000
Average DOM: 138 Median DOM: 121 Longest DOM: 552 days
Type of Fina | SPft-Low | SPft-Avg | SPft-High | | Quantity |
Cash | $11 | $73 | $156 | | 37 23% |
FHA | $53 | $89 | $114 | | 18 11% |
Conv | $33 | $95 | $147 | | 76 47% |
Owner | | | List: $169,000 | Close: $176,000 | 01 |
VA | $55 | $99 | $124 | | 25 16% |
Other | $32 | $43 | $107 | | 04 |
90 day closing all single family homes: 304.
Average DOM: 136 Median DOM: 122 Longest DOM: Still at 552 days
The average closing price was $162, 890 Median: $150, 450 Low: $10,000 High: $595,000
Cash Sale Transaction Range: $10,000 to $569,000
Interesting change in statsJ . Cash sales high DOM were 286 days with an average of 100 and a median of 96. Average sq ft cash closing per sq ft: Low: $11 Average: $74 Median: $71 High $193
Type of Fina | SPSt-Low | Spft-Avg | SPsf: High | | Quantity |
Cash | $11 | $74 | $193 | | 058 19% |
FHA | $51 | $89 | $122 | | 032 11% |
Conv | $25 | $99 | $160 | | 152 50% |
Owner | | | List: $169,900 | Close: $176,000 | 001 |
VA | $55 | $103 | $129 | | 048 16% |
Other | $62 | $101 | $134 | | 013 |
Show Me the Money:-) There is little difference in whether a home is occupied or not as to drawing transactions of a certain type. Financing in order of most popular (or successful): Conventional, Cash, VA, FHA.
Focus on Long Beach and Pass Christian:
Vacant Focus: Long Beach: 59 from $57, 500 to 398,000 Pass Christian: 83 from $47, 200 to $850K
Homes-All Occupancy
Long Beach: 155 from $57,500 to $669,500 (38% are vacant)
Pass Christian: 166 from $47,200 to $899,900 (50% ar vacant)
;)
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