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FOR IMMEDIATE RELEASE
Nita Martin
601-948-1332 ext. 12
03/01/16
January 2016 Residential Real Estate Market Report
Increasing Home Prices, Low Inventory & Fierce Competition On the Horizon
Jackson, MS (March 1, 2016) -- Unless you've been living under a rock for the past year, you should've heard the news by now, 2015 was a year of major growth and some substantial milestones in the housing recovery. Nationally, total home sales grew 7 percent over 2014 for the best year since 2007! Sales were driven by an increasing number of first-time buyers which was up 12 percent. The economy is improving and there is a strong affordability which is believed to have brought more first-time buyers into the market. Other driving factors were sales to buyers who relocated as a result of job change which was up 8 percent along with the creation of 2.8 million jobs in the US.
Don't turn your head on the housing recovery yet, because on the heels of all that good news is another healthy forecast for 2016. According to the latest
2016 Housing Forecast
released by
realtor.com
®
, a leading destination of online real estate services operated by News Corp., a healthy real estate market has made it's debut.
"The 2016 housing market is forecasted to be mainly a seller's market, filled with increasing home prices, relatively low inventory and fierce competition between buyers," said Jonathan Smoke, chief economist for
realtor.com
®
.
January is off to a great start. Existing-home sales in the South were at an annual rate of 2.24 million in January (unchanged from December) and are 5.7 percent above January 2015. The Median Price in the South was $184,800, up 8.5 percent from a year ago. The Central Mississippi MLS reported Closed Sales were up 15.6 percent over January 2015. Median Sales Prices are up 8.9 percent to $165,000 in the ten-county area. Sellers in our region also saw a decrease in Days on Market by 11.8 percent to only 86 days on average.
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| Hinds, Madison, Rankin, Yazoo, Holmes, Attala, Leake, Scott, Simpson and Copiah |
If you're looking to close on a home this year, be prepared to move quickly and keep an open mind. For sellers, it's prime time to put your home on the market while inventory and Days of Market are down!
Here's a YTD snapshot of Hinds, Madison & Rankin Counties:
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County
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New Listings YTD
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Closed Sales YTD
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Median Sales Prices YTD
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Inventory
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Months Supply
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Hinds
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204 |
84
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$89,025
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1,010
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7.2
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Madison
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163
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81
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$224,900
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738
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5.7
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Rankin
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202
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112
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$174,500
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677
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4.2
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About Central Mississippi MLS, Inc.
Central Mississippi MLS Inc. and Central Mississippi REALTORS® represent the largest real estate association in the state of Mississippi serving more than 1500 licensed real estate professionals across ten counties of Central Mississippi (Hinds, Madison, Rankin, Yazoo, Holmes, Attala, Leake, Scott, Simpson and Copiah). To learn more, visit centralmsrealtors.org, or call 601.948.1332.
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