Second Quarter St Louis Home Sales Surpass Economic Predictions
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 St Louis Home sales data from the previous month and Year-Over-Year comparisons. The infographic below covers some highlights:
Takeaway Points and Highlights from the Housing Report and Press Release
- Median sales price is up 4 percent to $189,900 compared to June of 2015.
- Average number of days it takes to sell a home is down to 96 compared to 149 days a year ago.
- Almost 55% of all homes sold were under $200,000 reflecting first-time home buyer activity.
- There was less inventory this June vs June of 2015. Housing inventory decreased to 3.1 month supply in June compared to 3.8 months in June 2015
6 month supply is considered a balanced market. (How to Determine a Balanced Market)
In a just published press release from St. Louis Association of REALTORS® President Sandy Hancock stated:
“Even with our low inventory, buyers can still find great homes. In addition, interest rates are at historic lows, sitting below 3.5 percent for a 30-year fixed mortgage, and homes are still affordable. However, there is no question-property values are definitely on the rise in our market. So, if you’re thinking about buying a home, now would definitely be the time to do it.”
Should You Buy Now or Wait Until Next Year?
- The Cost of Waiting to Buy is defined as the additional funds it would take to buy a home if prices & interest rates were to increase over a period of time.
- Freddie Mac predicts interest rates to rise to 4.6% by next year.
- CoreLogic predicts home prices to appreciate by 5.3% over the next 12 months.
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.