Page 23 - South Mississippi Living - April, 2023

COAST NOTE
REAL ESTATE MARKET
UPDATE
&
Herbert Dubuisson
Chip Gardner
story by Lynn Lofton photo by Nadiya Copeland
Veteran Real Estate Brokers Herbert Dubuisson and Chip Gardner are careful observers of market trends, important indicators for sellers and buyers. When comparing the Mississippi Gulf Coast residential real estate market this year to 2021, there are several key indicators that effectively illustrate the shift in the local market.
While there was a 70 percent increase in months of inventory based on closed sales from 1.3 to 2.2, the numbers still indicate a sellers’ market – less than three months on the market. For reference, a balanced/neutral market is defined as three to six months of inventory and a buyers' market is defined as more than six months. Gardner predicts a shift this year to a more balanced/neutral market.
“We expect this overall market trend of increasing supply coupled with decreasing demand to continue this year, which will put pressure on pricing,” Gardner said. “In other words, when there is an upward trend of listing inventory and a downward trend of the number of properties sold, it indicates the buyer is in a better negotiating position.”
Overall, there was a 55 percent increase in homes for sale with an 11 percent decrease in closed sales. There was double-digit appreciation over the past year with a 13 percent average sales price increase to $252,500. One of the bright spots across the Regional Real Estate Market was the Mississippi Gulf Coast Waterfront Market. There was a 31 percent average sales price increase to $381,900; there was a four percent increase in
waterfront homes for sale coupled with a 59 percent decrease in closed sales.
Dubuisson sees a shifting real estate market locally, across the region and across the country. “The market is always changing: It’s what all cyclical markets do. One thing that remains consistent is that buyers and sellers have looked to our families to guide them through market changes, for a combined 128 years.
Having a deep knowledge of all the markets we serve is an obligation we take seriously. That’s why we run and publish market stats every month. Comparing where we are to where we were last year can provide clarity which will lead to proper pricing and a successful ending for our clients.” said Dubuisson.
Gardner noted that sellers often have values from last year in mind while buyers are speculating where values will be a year from now given the shifting dynamics of the market, which includes significantly higher borrowing costs. “Thus, there
is often a disparity between the parties when negotiating the terms of the contract.”
Latter & Blum
Herbert Dubuisson is a Second-Generation Broker licensed in Mississippi & Louisiana.
www.HerbertDubuisson.com | 228.216.8456
Chip Gardner is a Fourth-Generation Broker Licensed in Mississippi, Louisiana & Texas. www.ChipGardner.com | 504.236.3891
1021 Highway 90, Bay St. Louis, MS 39520 | 228.467.1602
SOUTH MISSISSIPPI Living | www.smliving.net
April 2023 | 23