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September was best month for Coast home sales in 10 years

Real estate prices in South Mississippi have been on the rise and the average sales price in September was the highest in 10 years.
Real estate prices in South Mississippi have been on the rise and the average sales price in September was the highest in 10 years. jcfitzhugh@sunherald.com

The average sale price of a home in South Mississippi in September hit $168,874, which was the highest price since before the national recession.

It also was $33,000 more on average than a year ago and the third month this year that the average price topped $160,000. Before 2017, the last time any month topped $160,000 was four years ago in July 2013.

More homes were sold this year than in September 2016 and more people listed their homes for sale, helping boost the inventory.

Average sales prices for residential real estate rose after Hurricane Katrina and stayed strong through 2007. Prices started dropping as the effects of the national recession were felt on the Coast in 2008. The average price fell from $167,000 in 2007 to a low of $117,000 in 2011.

The average price for the first nine months of this year is $157,000, according to the Gulf Coast Association of Realtors.

Real estate is one of the topics that will be discussed Tuesday, when the Gulf Coast Business Council and the chambers of commerce for the three Coast counties present the State of the Coast Economy at IP Casino Resort.

John Hairston, chairman of the GCBC, will present regional economic data and lead a discussion on developing a long-term strategy for economic prosperity in South Mississippi.

The economic picture continues to be mixed. While real estate prices are up, annual casino revenue in South Mississippi is lagging by about $5 million through September compared to last year. Sales tax diversions to Coast cities surpassed 2016 levels every month this year except in March.

Home sales

for counties in South Mississippi

Real Estate

Sept. 2017

Aug. 2017

Sept. 2016

Houses sold

480

532

414

Average price

$168,874

$159,212

$135,880

New listings

678

721

644

Source: Mississippi Gulf Coast Multiple Listing Service

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