St Louis Housing Report August 2017 Highlights
According to the new St. Louis REALTORS® the St. Louis Housing Report for August, the median sales price in St. Louis city and county combined dipped 3 percent from $179,900
in August 2016 to $174,900 this year while the number of homes sold increased from 1,855 to 1,912, a 3 percent increase.
At the same time, the August MLS (multiple listing service) numbers continue to support a tightening housing inventory as active listings were down 8 percent to 6,989 compared to 7,608 for the same month last year.
Days on market dropped dramatically from 149 in August 2016 to 95 days in August 2017, and housing inventory for St. Louis city and county combined stands at a 3.7-month supply, compared to the 4.1-month supply in August 2016. Economists cite 6.5 months’ supply as the ideal balance between supply and demand. A 3.6-month supply denotes
tight inventory and is considered a strong seller’s market. See Interactive Map on Current Supply and Demand in St. Louis
“What our August numbers reflect,” says Barry Upchurch, St. Louis REALTORS President, “is we have an extremely strong and affordable housing market in St. Louis, coupled with a tightening inventory. The 3 percent dip in the median price means that this fall our market will continue to be even more affordable, which is excellent for buyers in all market segments – from first-time buyers to move-up buyers as well
as for buyers interested in a luxury market home.”
Will the Affordability of Housing Bring Amazon’s Proposed New 2nd Headquarters to St. Louis?
St. Louis has two of the most critical factors in attracting a large company like Amazon: Housing affordability and a great lifestyle.
Geekwire, a Seattle-based online technology news source is ranking St. Louis number 15 out of 59 cities considered contenders for Amazon’s proposed new secondary headquarters.
If you look at the above St Louis Housing Report August 2017 infographic you’ll see that 51% of homes sold in August were $199,999 or less.
That’s a lot of activity in an affordable price range for potential Amazon employees.
Now if Amazon could only strike a deal to deliver Imo’s Pizza via drones …