6 Month Market Recap for the St. Louis Area

Today I wanted to give you an update on how our market has been doing 

over the last six months.

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Price Evaluation

Today I wanted to give you an update on how the St. Louis area market has been doing for the last six months.

You may have been hearing that we are in a very critical time with inventory on the market. What does that mean, exactly? This means that fewer and fewer sellers are putting their homes on the market each month.  

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Fewer sellers are putting their homes on the market each month.

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For March 2017, we were down 13.3% in number of listings versus March 2016. In February, it was down 22% from the prior year, so you can see that it’s been coming back up as the months go by, but it’s been difficult to find people who are ready to move, even though we have families forming who are ready to move out and buy a new house.

In March 2017, the average days a home stayed on the market was 52, which is down 7% from March 2016. In February 2017, that number was 63, which is down 13% from the previous February. So we’re looking good for this year. The number of days on market is very low, which means houses are selling very quickly and for top dollar.

Finally, the median sales price for homes has been up every month for the last six months. So now is a great time to list your home.

If you have any questions or you’re ready to buy or sell a home, please give me a call. I’d be happy to help!

St. Louis Real Estate Market Snapshot

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Price Evaluation

Today, I’m here with a quick market update for 2016.

The number of active listings on the market has dropped significantly. During the downturn, builders stopped building and lenders stopped making loans, creating pent-up demand for housing. Buyers are out in droves looking for homes, and there are more buyers out there than there are homes on the market.

We have less than six months of inventory available, which means we are currently in a seller’s market. Right now, it would only take 3 months to absorb the active listings on the market. Sellers have an outstanding opportunity to get top dollar on their home.

The average sold price has significantly increased over the last couple years, and 2016 was no exception. A lot of sellers are getting multiple offers and gaining back quite a bit of the equity that was lost during the market downturn.

What does all of this mean for buyers? You should jump into the market right now. Interest rates are hovering around 4% or less. If you borrow $150,000, your monthly mortgage payment will be about $715. You can buy a lot of house for that!

If you have any questions, give me a call or send me an email. I would be happy to help you!