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Heavy demand, short supply foster strong seller's market.

Publication: Mississippi Business Journal
Publication Date: 24-APR-06 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Heavy demand, short supply foster strong seller's market.(Real Estate)

Article Excerpt
It may be obvious that there would be a strong sellers market for homes on the Mississippi Gulf Coast after tens of thousands of homes were destroyed by Hurricane Katrina. Prices are up an average of 10% to 15%, and that comes on top of the average residential sales price on the Coast going up from $129,000 in 2004 to $152,000 in 2005.

"We are in a strong, strong sellers market right now probably with inflation in prices of somewhere between 10% to 12%," said Bruce Kammer, a Realtor with Coldwell Banker Country Properties, Picayune. "We originally went up higher--18% to 20% before Christmas. But after the New Year it has dropped down to a much lower percentage. In Picayune and Poplarville, we have a shortage of housing right now."

The population of rural Pearl River County has almost doubled since the storm. There has been a major influx of residents from the Mississippi...

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