April 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 April of 2015 home prices rose 10% from $150,000 to $175,000 which represents a $25,000 increase. (Good for Sellers/Not so Good for Buyers)
- In April 2015 the average home spent 148 days on the market vs 92 days in April of this year. (Good for Sellers/Buyers Need to Decide Quicker)
- Almost 55% of all homes sold were under $200,000 reflecting first-time home buyer activity.
- There was less inventory this March vs March of 2015. Housing inventory decreased to 4.5 month supply in April . A 6 month supply is considered a balanced market. (See previous 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.”
What’s a Buyer to Do?
Get informed and knowledgeable about local market conditions. Opportunities exist but may be harder to see unless you know the data and what to look for and how to compare.
Finding Homes for You can help you navigate the data and the choices. We only work for you, the Buyer and never the Seller … and we know the tricks of the trade. Our Market Snapshot reports are a great way to monitor real estate market activity in as many individual areas as you want. If you spend more time on your mobile device than your computer check out our mobile applications.
Call 636-532-4200 if you’d like to chat about the market and how we can provide you with 100% representation and transparency in one of the biggest transactions you will ever make.
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