Major housing market growth projected in Gulfport-Biloxi - WLOX.com - The News for South Mississippi

Major housing market growth projected in Gulfport-Biloxi

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SOUTH MISSISSIPPI (WLOX) -

Some great news for South Mississippi's real estate market. A "Core Logic" report out of Washington Tuesday gives evidence of a rebound in the nation's housing market showing home prices in 45 states rose six point three percent since October of 2011.

And our area made a prestigious "top 15 list" that should finally give real estate owners, agents and investors here reason to celebrate.

"So the market place here has been good," local "Century 21" realtor Ray Gonzales said.

Gonzales said compared to the rest of the nation, South Mississippi was spared the worst from the housing market crunch and is starting to pull out of it.

He also said, "The single family market on the Mississippi Gulf Coast as far as closed sales have been, increasing sales since last November."

And now the "Business Insider" confirms that.

A report out this week shows that over the next five years home prices should rise three point three percent nationally.

Data collected by "Fiserv Case-Shiller" named Gulfport-Biloxi among the top 15 markets in the nation to see major growth. Even though home values in the Gulfport-Biloxi metro area declined 20.4 percent in the past five years, this new data shows home values should rise eight percent by 2017.

Gonzales said, "Well the pricing has been going up about one percent a month for the prior four months, the ones that have been taking advantage of it have been the investors and the people that are retiring."

Like Wayne and Dorothy Garrison of Alabama, the first thing they did after retirement-- house hunt in Harrison County.

Wayne and Dorothy Garrison who are Alabama retirees said, "We like this area of the country and we're going to find our self a place over here somewhere."

And with them, Gonzales says, "Comes years of hard earned cash to infuse into our economy."

Retirees generally come into buy for cash as do investors. We have an ungodly amount of cash closed sales right at about 48 percent of everything closed has been cash, usually five to six percent is cash. So you can see the effect that the investors and the retirees have had on this marketplace.

The Garrisons are happy to spend their money and put down the roots for their golden years in the Magnolia state.

They said with big smiles, "I like Mississippi. Yep we like Mississippi. It's going to be a good place.

The data collected to choose the top 15 real estate markets for growth took into account population, household incomes, local economy and the current housing market.

The MS Gulf Coast Real Estate Market Numbers for the year to date:11-30-2012.

Housing market statistics in summary prepared by Ray Gonzales of "Century 21, Williams & Associates" in Gulfport:

A) An increase in the sales of 10+ acre parcels of land suggest the developers are optimistic about starting new subdivisions and commercial areas in 2013-2014.

B) While home prices are still 24.6% below what they were in the peak of 2007; they are steadily rising approximately 1% per month for the past 4 months. The average closed home price in January 2012 was approximately $109,000 while the average closed home price at the end of November 2012 was $121,686 and shows the market is rebounding.

C) The inventory absorption rate on available homes for sale is now down to 12.2% for re-sale homes and 7.8 months for new homes (this is the best absorption rate we have seen in years).

D) Forty-eight point one percent of everything sold is in Harrison County (the Gulf Coast Multiple Listing System covers the six southern counties of MS.

Click here to read the full report on the projected "15 Best Housing Markets" in America.

Copyright 2012 WLOX. All rights reserved.

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