FOR IMMEDIATE RELEASE
Nita Martin
601-948-1332 ext. 12 
04/25/16
 
March 2016 Residential Real Estate Market Report  
Days on Market Down to 88 Days Year-Over-Year
   
Jackson, MS (April 25, 2016) Home Sellers in the Central Mississippi area should be encouraged by the positive housing and economic headlines this spring. Not only are wage and employment numbers improving but so is the housing market. The Central Mississippi MLS reports Days on Market Until Sale are down to an average of just 88 days according to the March 2016 stats. If you're looking for a sign to nudge you in the direction of selling your own home this spring, take note that sellers are also receiving 96 percent of the list price for the same period. Historically, the second quarter ranks as the best time to list a home for sale. With that, we should see steady activity through the end of June.
  
dad_son_sold_home.jpg New Listings, Closed Sales and Median Sales Prices are all on the rise in Hinds, Madison and Rankin Counties. The March 10K Report shows New Listings reached 2,037 units YTD while Closed Sales increased nearly 10 percent for the same period. Median Sales Prices for the tri-county area were $163,250 this period.
 
Overall, Existing Home Sales in the South increased 2.7 percent to an annual rate of 2.25 million in March and are 2.3 percent above March 2015.  Lawrence Yun, NAR's Chief Economist, says "The choppiness in sales activity so far this year is directly related to the unevenness in the rate of new listings coming onto the market to replace what is, for the most part, being sold rather quickly."
 
The National Association of REALTORS® reported that properties typically stayed on the market for 47 days in March, a decrease from 59 days in February and below the 52 days in March 2015. Short sales were on the market for the longest period at a median of 120 days in March. Foreclosures sold in 50 days and non-distressed homes took 46 days. Forty-two percent of homes sold in March were on the market for less than a month- the highest since July 2015 which was 43 percent.
 
National Housing Stats
South_ Sales 2.25M- median price _194K
 
 
  Here's a YTD snapshot of Hinds, Madison & Rankin Counties:  
County
New Listings YTD 
Closed Sales YTD  
Median Sales Prices YTD
Inventory   
Months Supply   
Hinds
804
336 
$103,000
1,187
8.5    
Madison
573 
306 
$224,450
800  
6.3   
Rankin
660 
424 
$163,250
708  
4.3 

For more statistics throughout the Jackson Metro Area and Central Mississippi, view the CMMLS March 2016 Market Heartbeat here.  Read   NAR's March 2016 statistics here. 

About Central Mississippi MLS, Inc.
Central Mississippi MLS Inc. and Central Mississippi REALTORS ® represent the largest real estate association in the state of Mississippi serving more than 1500 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 us at 601.948.1332.  
 
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