FOR IMMEDIATE RELEASE
Nita Martin
601-948-1332 ext. 12 
03/30/16

February 2016 Residential Real Estate Market Report  
Inventory continues to decrease in spite of 721 new listings.
   
Jackson, MS (March 30, 2016) The steadily decreasing inventory of homes is the newsmaker this spring. According to the February Market Heartbeat Report provided by the Central Mississippi MLS, real estate inventory is down by six percent to only 2,904 available units across the ten-county area. As inventory continues to drop, buyers can anticipate heavy competition for the best properties in the coming months. It's imperative that buyers have good representation as they negotiate sales prices which are on the rise in nine of the ten reporting counties.
 
Homes in Yazoo county experienced the largest increase by 293 percent for a median sales price of $79,000 year-over-year.
  
Median sales prices in Hinds, Madison and Rankin Counties collectively increased by 6.1 percent to a median price of $164,500 year-over-year.
 
The good news for sellers lies in the decreasing number of Days on Market until Sale reported at an average of only 88 days in the past 12 months. Not only that, but sellers are recouping 96 percent of the listing price for the same period.

Overall, Pending Home Sales in the South increased 2.1 percent to an index of 122.4 in February but are 0.4 percent lower than last February. Lawrence Yun, NAR Chief Economist, says "Looking ahead, the key for sustained momentum and more sales than last spring is a continuous stream of new listings quickly replacing what's being scooped up by a growing pool of buyers. Without adequate supply, sales will likely plateau."
 
 
National Housing Stats 
 
 Total housing inventory at the end of February increased 3.3 percent to 1.88 million existing homes available for sale, but is still 1.1 percent lower than a year ago (1.90 million).  
 
 
  Here's a YTD snapshot of Hinds, Madison & Rankin Counties:  
County
New Listings YTD 
Closed Sales YTD  
Median Sales Prices YTD
Inventory   
Months Supply   
Hinds
483
193 
$113,250
1,107
8.0   
Madison
364  
173   
$222,000
780  
6.2  
Rankin
399  
245 
$165,500
691  
4.3 

For more statistics throughout the Jackson Metro Area and Central Mississippi, view the February 2016 Market Heartbeat here.  Read the National Association of REALTORS ® February 2016 statistics here.  

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 about CMMLS, visit centralmsrealtors.org or call us at 601.948.1332.  
 
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