We look at a variety of factors, including average list price, median sales price and price per square footage.
Another indicator we look at is the days that a home spent on the market before it ultimately sold. And if the November data is any indication, this metric was certainly starting to favor home sellers!
Why Home Sellers in the US Should Be Optimistic
According to the most recent real estate data, properties listed in September 2013 spent an average of 86 days on real estate websites, compared with 116 days last year!
This suggests that homes are selling nearly a month quicker than they did this time last year.
Here’s what else the most recent real estate data reveals:
- Properties listed in all 30 of the largest metro areas in the country sold quicker in September when compared to last year.
- Those homes in the San Francisco Bay area were listed for the fewest number of days at 48, followed by Sacramento with 59 days and Dallas with 60 days.
- Comparatively, in 2010, homes listed were on the market an average of 119 days.
Experts say that a declining inventory of homes for sale has attracted more eager buyers to the market, resulting in fewer days on the market for homes for sale.
Historically low mortgage rates, an improving economic climate and depressed home price values are further encouraging this activity.
St Louis and St Charles Real Estate Markets
Doing Well Too!
November statistics are in for St. Louis and St. Charles Counties and look significantly better than last November at this time. The charts below show the amount of time it took a home to sell in November of 2012 compared to November 2013:
As you can see, homes in St. Louis County sold faster by 18 days in November of this year compared to November 2012. The average sold price on homes were up by approximately 11%.
St. Charles County
Homes sold 14 days faster this November compared to November of 2012. The average sold price on homes was up approximately 7% over last year at this time.
Remember the law of supply and demand: If demand increases and supply remains unchanged, a shortage occurs, leading to a higher price.
If demand decreases and supply remains unchanged, a surplus occurs, leading to a lower price.
A 1-5 month supply of homes favors the sellers and higher prices.
A 5-6 month supply of homes is considered a balanced market. A 6+ month supply of homes is viewed as a depreciation of value that favors the buyer.
November Inventory Levels for Various St Louis & St Charles Areas
The chart above shows the varying amount of homes available in different communities. If you are thinking about getting into the market this type of information is kind of like a weather forecast. This can help predict, to an extent, what the mentality and expectations are in each community of sellers. Please read our previous post on How the Months of Supply of Homes Impacts Price
Check back here soon for more updates on how the national real estate markets in the United States and St. Louis are progressing!
For expert help on your own home-buying goals, please contact us today at 636-532-4200. We work for buyers to help you find your home, compare it to others and … do all of the darn paperwork for you! (Not fun, but we are used to it)
- 3 Ways to Know if You are In a Buyers or Sellers Market
- The Number of Months of Home Inventory-How it Impacts Price
- How to Become the Smartest Buyer in the Shortest Amount of Time