Closings have been reported for the second week of July for the three primary counties in Central MS. Here's a look at the numbers:
You can tell by the chart above that Hinds County (Jackson, Clinton, Byram, and Terry) had the most closings, coming in with 60 closed sales for the week, followed closely by Rankin County (Brandon, Flowood, and Pearl) with 54 closed sales. Madison County had 27 closed sales. Although Madison County had the fewest number of closings, they led with the highest median price range, $276,000.
All three counties had an average list to sales price ratio of 100%, and each county has less than a one month supply of inventory.
Not all closings are published through the Multiple Listing Service of Central MS. Some new construction closings were never registered through the MLS as well as other homes that may have sold by owner.
We are still experiencing multiple offers, and some buyers are waiving contingencies like inspections and appraisals. A strong sellers market is evident by the numbers shown above.
How do you define a sellers market? In a sellers market, the inventory is very low, homes sell quickly, usually with multiple offers, at list price or above. A buyers market is recognized as having a lot of inventory with fewer buyers, a longer time on the market (days on market), and you'll see price reductions and a larger list to sale ratio.
Whether you are a buyer or a seller in today's real estate market, you'd be wise to consult a trusted real estate professional. You'll want the expertise an experienced agent can bring to the table.
Do you have questions about the real estate market in Central MS? Feel free to contact me. I'm happy to answer your questions.
You may enjoy looking back at previous weekly reports: