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Closed Sales Spiked 10 Percent in December

Closed Sales Spiked 10 Percent in December

Central Mississippi REALTORS®

620 N. State Street Suite 100

Jackson, MS 39202

 

For Immediate Release

January 21, 2018

 

December Market Snapshot of Central Mississippi

January 21, 2018 (Jackson, Mississippi) Closed Sales spiked 10.2 percent to 496 closing for the ten-county region of Central Mississippi, according to the December 2017 Market Heartbeat Report provided by Central Mississippi MLS, Inc.(CMMLS). New Listings increased 17.2 percent to 429. Inventory dropped 11.1 percent to 2,583 units representing a meager 5-month supply.

The housing shortage is undeniable across the nation. The low rate of residential construction has been the most obvious cause of inventory shortages. With fewer new homes to choose from, demand for housing remains pent-up. Potential buyers who would have upgraded often remain in their current homes instead of choosing to list which restricts the supply of available existing homes.

Positive gains are on the horizon as builder’s confidence improves. In December, the Housing Market Index (HMI) 1 reached 74 --the highest monthly rating for all of 2017.  Another key indication of momentum is marked by heightened consumer confidence and low unemployment rates. Consumer confidence reached 122.1 in December, slightly under the 17-year high it reached in November at 128.6. Unemployment in America is at 4.1 percent, the lowest percentage since 2000 and only 4.8 in Mississippi. In fact, the U.S. Labor Department reported job gains for 86 consecutive months, which is the longest streak in history dating back to 1939. 

Hinds, Madison, Rankin

New Listings in Hinds, Madison and Rankin counties reached 405, up 18.4 percent YTD accounting for $95 million in volume. Pending Sales were up 28 percent to 461. Closed Sales increased 8.3 percent to 458. Although the Median Listing Price increased 10.9 percent to $249,500, the Median Sales Price remained stable at $169,100 up 0.1%.  Sellers were encouraged as inventory decreased 24 percent to a meager 4.72 months-supply.

 

December 2017 YTD Snapshot of Hinds, Madison & Rankin Counties

County

New
Listings

Closed Sales

Median Prices

Inventory
Units

Month-

Supply

Hinds

2,780

1,877

$128,000

851

5.4

Madison

2,305

1,609

$239,500

751

5.6

Rankin

2,895

2,254

$173,700

734

3.9

(all figures are year-to-date)

 

For additional statistics, visit https://cmr.realtor.  

1The Housing Market Index (HMI) is a weighted average of responses to survey questions asking builders to rate three aspects of their local market conditions:  current sales of single-family detached new homes, expected sales of single-family detached new homes over the next 6 months, and traffic of prospective buyers in new homes.

About Central Mississippi MLS, Inc.

Central Mississippi MLS Inc. and Central Mississippi REALTORS® are "The Voice for Real Estate in Central Mississippi" and represent the largest real estate association in the state of Mississippi serving more than 1,800 licensed real estate professionals across ten counties of Central Mississippi (Hinds, Madison, Rankin, Yazoo, Holmes, Attala, Leake, Scott, Simpson and Copiah).  To learn more about CMMLS, visit centralmsrealtors.org or call 601.948.1332.