Bad Market Or Realistic Market?

The numbers are in, and the report for Pearl River County doesn't look as dismal as a lot of people think. According to the NAR Residential Sold Report generated from the Pearl River Board of Realtors MLS system, during 2007 there were 466 residential properties sold for a total volume of $74,755,811 and an average sales price of $160,420.

Many people (including Realtors) are basing their opinion of the market on their experience during the "Katrina Market", and you really can't base it on such an inflated market. When looking at the numbers that were done the year before Katrina hit Pearl River County (2004), you can see that our current market is just a NORMAL market.

In 2004, there were 490 properties sold for a total volume of $61,953,237 and an average sales price of $126,435. Our sales volume and average sales price have improved substantially.

2008 is already giving signs of being a more possitive year for our County, considering the influx of military families being transferred to the Stennis Space Center, and other factors that are moving in to the test site and to the Michaud facility in New Orleans.

My personal predictions are that this is going to be a better year, and that the "market slump" will be improving. This is good news for sellers, but if you are a buyer it means that the choices out there are going to get smaller, and interest rates are going to start moving up. NOW is the time to buy, if you are in the market for a home.