March 2016 Housing Report for St Louis City and County Just Released by the St. Louis Association of REALTORS®
Approximately around the middle of each month the Housing Report for St Louis City and County is published by the St. Louis Association of REALTORS®. This report analyzes MLS sales data from the previous month and Year-Over-Year comparisons. The infographic below covers some of the highlights of this recent report:
Takeaway Points and Highlights from the Housing Report and Press Release
- Compared to March of 2015 home prices rose 10% from $145,000 to $159,900 which represents a $14,900 increase. (Good for Sellers/Not so Good for Buyers)
- In March 2015 the average home spent 153 days on the market vs 100 days in March of this year. (Good for Sellers/Buyers Need to Decide Quicker)
- Almost 60% of all homes sold were under $200,000 reflecting first-time home buyer activity.
- There’s less inventory this March vs March of 2015. Housing inventory decreased to 4.5 month supply in March. 6 month supply is considered balanced. (See previous blog post)
“What this means,” says John Gormley, CEO of the St. Louis Association of REALTORS®, is homes are continuing to sell at a brisk clip in St. Louis. Values are increasing, and we expect that trend to continue.”
Mr. Gormley, explains; “We are about to go into the height of the home-selling season nationwide, and with the kind of market activity that we’ve seen here in St. Louis already, we expect inventory and days-on-market will continue to drop as demand increases. The busy time for home sales began much earlier this year than usual, and indicators are – both from our MLS data and from realtor.com’s research – that buyers, and particularly first-time buyers, still have a great opportunity to buy a home here in 2016. But they shouldn’t wait to get started. Prices are rising and the selection in some areas could become limited.”
Read More About Opportunities for First-Time Home Buyers Click Link Below
St Louis Housing Market News Release March 2016
- St Louis Market Trends by Zip Code
- 4 Spring Home Buying Tips
- Home Prices Are Rising-Is a New Housing Bubble Forming?
- National Spring Home Buying Trends
- Browse Our Spring Home Buying Guide eBook