Pass Rd. 'For sale' signs highlight real estate sales slump

Pass Rd. 'For sale' signs highlight real estate sales slump

GULFPORT/BILOXI, MS (WLOX) - If you drive down Pass Road anywhere in Biloxi or Gulfport, you'll probably see a handful of "For Sale" signs every direction you look. There are dozens and dozens of vacant lots and buildings just sitting on the market waiting for an interested buyer or renter to bite.

But that's the problem. According to real estate agents, not a lot of biting is actually happening, and even fewer contracts are being signed.

According to realtor Brian Bolis, this could be one of the worst times for the market over the past decade or so. He says it could have a lot to do with a triple threat that has plagued this area.

"From Katrina to the great recession to the Horizon oil spill, they played havoc on the real estate market," Bolis said. "It's been a roller coaster. It's been up down up and now it's down. The values are probably 50 percent of what they were in 2007."

Bolis said the challenge that now stands before this corridor, and really the whole coast, is creating demand. He said the problem lies in the fact that there's too much supply and not enough demand in the market, and he believes it's going to be a slow climb to turn that around.

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