Page 44 - South Mississippi Living - March, 2024

HOME & GARDEN
story by Lynn Lofton photos and graphic courtesy of Herbert Dubuisson and Chip Gardner and by Katherine Sowers
“The Mississippi Gulf Coast Real Estate Market has recently shifted from a Seller’s Market, meaning less than three months of inventory, to
a Balanced Market, meaning three to six months of inventory, according to Herbert Dubuisson and Chip Gardner with Latter & Blum. As Latter & Blum’s number one producer in Mississippi, the two veteran agents see many bright spots in the local real estate market.
Between them and their families, they have 129 years of service to the industry. “Chip and I both had training by men and women in our families who served and led our industry at every level,” Dubuisson said. “We have strong South Mississippi and New Orleans roots.” He is grateful to have had Chip’s dad, Glenn Gardner, as his boss, mentor, and friend. “Glenn was brilliant and had a great big heart,” he recalls. “My business partner has
the same talent, all the positive qualities of his dad and the same big heart. As long as Chip and I are in real estate, the legacies of Gertrude and Glenn Gardner and Patsy and Herb Dubuisson will live on.”
In spite of hiccups in real estate overall, this team increased their closed volume by 178 percent in 2023 with the industry shifting and changing.
A lot of their sales are secondary, waterfront, and weekend homes. They also see buyers transitioning to full time residency. “Waterfront property is popular, but the cost of higher insurance and mortgage rates have caused a slight pull back. Despite these headwinds, waterfront properties on the Mississippi Gulf Coast remain one of the bright spots in the market and that trend is expected to continue.” Gardner said. “We’ve seen a flat to declining market in many submarkets of Greater New Orleans, but that’s not true for the Coast – all three counties plus Pearl River.”
Dubuisson says the hottest Coast areas are downtown Bay St. Louis and Ocean Springs. “There are a lot of reasons for that, but reduced cost of flood insurance because of the high elevation definitely plays a role in
it.” While available inventory is still extremely low, Gardner points out, “There’s been a notable shift in the number of months properties are active on the market with the average time being 53 days. The average price is $262,100.”
Both Gardner and Dubuisson predict that higher interest rates are here to stay this year with a continued slight pullback, but not drastic. “The days of three percent interest are over and not coming back, according to the chief economist for the National Realtors Association,” Dubuisson said.
With a policy of Service Excellence, Dubuisson and Gardner carry on their families’ traditions. “We believe in knowing what the community wants, giving great service, and training,” Dubuisson said.
44 | March 2024
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