Picayune, Ms Residential Real Estate Market Report
Through June May 30, 2020 (updated 6/12/2020)
Below is the current residential real estate market report for Picayune, Ms and the surrounding areas. This data was collected and assembled by Lee Thomas of Core Alliance Realty, from the Pearl River Board of REALTORS (PRBOR) Multiple Listing Service (MLS). This data represents all residential sales that were listed or sold by a member of the PRBOR. It does not include properties that were for sale by owner (accuracy + or -5%).
Properties currently on the market 194
Properties sold in the last 12 months (7/1/2018 to 6/30/2019) 679
679 divided by 12 month is = 56.58 homes sold per month in the previous 12 months
194 available homes divided by 56.58 sold per month = 3.42 months supply on the market
-
Seller's Market: 0 to 5 months supply of homes
-
Neutral Market: 5 to 6 months supply of homes
-
Buyers Market: More than 6 months supply of homes
I beleive that this rapid shift in the market from a buyer's market to a seller's market is due to the number of listings withdrawn and seller's reluctancy to put their home on the market due to the current pandemic.
24 Month Comparison
This report compares changes in the Picayune real estate market in the previous 24 months (June 1, 2018 to May 31, 2019 and June 1, 2019 to May 31, 2020).
The year started out strong and then fell victim to the Covid 19 epidemic. Overall the total dollar volume saw a gain of 9.35% form $98,884,212.00 to $108,128,419.00. a gain of $9,244,207.00.
The number of units sold increased by 9.35% from 643 to 686.
The median price range remains in the $120,000.00-$139,999.99 range with 86 units sold.
The highest dollar volume increase was in the $400,000.00 to $499,999.99 range with a substantial increase from 2 to 11 units sold. An increase of $3,984,500.00 in dollar volume, a 450% increase in units sold and a 468% increase in dollar volume.
The biggest decrease was in the $200,000.00 to $249,999.99 range with a decrease of 29.27% in units from 82 to 58 units and an 28.74% decrease in dollar volume from $18,174,719.00 to $12,950,800.00.
Third Quarter 2017 and 2018 Comparison
The total dollar volume was up 22.36%.
The total number of units was up by 15%.
The median price range remained at $120,000.00 to $139,999.99 and was also the highest dollar volume with $3,241,100.00 in sales.
The biggest change in dollar volume was in the same $250,000.00 to $299,999.99 range with an increase of 90% in units and 93.34% increase in dollar volume.
The biggest decrease was in the $80,000.00 to $89,999.99 range with a decrease in units of 40% and a decrease in dollar volume of 39.65%.
Fourth Quarter 2017 and 2018 Comparison
The total dollar volume was up 19.54%
The number of units was up 14.45% from 205 to 234.
The median price range remained $120,000.00-139,999.99.
The biggest change in dollar volume was in the $140,000.00 to $149,999.99 range with an increase in dollar volume of 80.74% from 15 to 27 units.
The biggest decrease was in the $90,000.00 to $99,999.99 range with a decrease of 34%.
The highest dollar volume was in the $250,000.00 to $299,999.99 range with $5,032,800.00 in sales.
First Quarter 2018 and 2019 Comparison
The total dollar volume was up by 3%.
Number of units increased remained the same for each quarter at 141.
The median price range remained at $120,000.00 to $139,999.99 with 19 units sold.
The biggest change in dollar volume was also in the $500,000.00 to $799,999.99 with a decrease of $1,047,000.00, down 66.6%.
The biggest dollar volume gain was in the $750,000.00 to $999,999.99 range with 1 sale for a total of $790,000.00.
The biggest decrease was in the $60,000.00 to $69,999.99 range with a decrease from 4 to 2 units.
Second Quarter 2018 and 2019 Comparison
The total dollar volume was decreased by 18.24% from $25,913,109.00 to $19,009,074.00.
The number of units decreased from 148 to 121.
The median price range increased from the $120,000.00 to $139,999.99 rannge to the $200,000.00 to $249,999.99 range with a total dollar volume of $3,180,400.00.
The biggest increase in dollar volume was in the $90,000.00 to $99,999.99 range with an increase of 200% from 2 to 6 units and an increase in dollar volume of 207% from $185,000.00 to 569,250.00 in sales.
The biggest decrease in units was in the $400,000.00 to $799,999.99 ranges.
