FOR IMMEDIATE RELEASE
Contact: Nita Martin 
601-948-1332 ext. 12 
4/30/17


March 2017 Residential Real Estate Market Report 
Home Sellers are in the Driver's Seat as the Spring Market Warms Up! 
JACKSON (April 30, 2017) -- Spring buyers in the Jackson metro area are looking for your home! Now's the perfect time to put your listing on the market. Over 1,200 homes have already closed within the first quarter of the year. It's projected that the demand will increase as wage growth, retail consumption and home prices all point towards an increase in consumer confidence.  

Home shoppers are coming out in droves according to NAR's Chief Economist, Lawrence Yun.  The sparse levels of inventory haven't stopped the pace of real estate activity as reported by an uptick in closed and pending sales for the Central Mississippi region and much of the Southern region of the U.S. The National Association of REALTORS┬« Pending Home Sales Index shows that the South was the only region to experience a surge of contract signings in March. Pending home sales in the south rose 1.2 percent and are now 3.9 percent above last March.
 
The CMMLS March 2017 Market Heartbeat reported closed sales increased 3.6 percent. In Hinds, Madison and Rankin counties combined, closed sales reached 1,132 units which made up 94.1 percent of all year-to-date closed sales within the Central Mississippi area. Pending Sales were at 536, a 3.7 percent increase in a year-over-year comparison. Nationally, existing-home sales ascended 4.4 percent to a seasonally adjusted annual rate of 5.71 million.  March's sales pace is 5.9 percent above a year ago and surpasses January as the strongest month of sales in over 10 years!

Supply shortages continue to drive home prices up.  In Central Mississippi, total inventory was down 11 percent to a 6.3 months supply while median sales prices were $164,000-an increase of 2.8 percent.  The national median existing-home price for all housing types in March was $236,400, up 6.8 percent from March 2016 ($221,400). March's price increase marks the 61st consecutive month of year-over-year gains.
 
What does this mean for buyers?
Inventory remains at a meager level, so there will still be plenty of competition for affordably priced listings. Bidding wars put sellers in the driver's seat and that means buyers will need to be aggressive. In our market, homes are moving into contracted status within 107 days, and sellers are receiving 96.1 percent of their list price. It's a good idea to hire a Central Mississippi REALTOR® professional who can help you determine the best offer and negotiate favorable terms.

Here's a YTD snapshot of Hinds, Madison & Rankin Counties
County 
New
Listings 
Closed Sales 
Median Prices 
Inventory
Units 
Months Supply 
Hinds 
772 
367 
$122,650
1092
7.3 
Madison 
624 
314 
$218,750
883
6.9 
Rankin 
710 
451 
$163,000
777
4.5
(all figures are year-to-date)  
 
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.