St. Louis Housing Report May 2018-Prices Continue to Increase as Inventory Struggles to Maintain Demand
The St. Louis Realtors April 2018 Housing report is consistent with the first four months of this year as increased competition among buyers trying to find their home in the low inventory levels of available listings.
One Bright Spot in the Report
The one promising bit of news in terms of inventory came in the area of new listings both month over month and year over year. May 2018 saw an increase of 8% in new listings from April 2018 (2,850 to 2,648) and a 6% increase in new listings year over year (2,850 compared to 2,695)
Multiple Offers Becoming More Common
“In true supply and demand fashion, it’s possible multiple offers will be placed on a single property … driving up overall sale prices“, noted St. Louis REALTORS 2018 President Marc Levinson. “We are hopeful the upcoming summer season will see continued increases in new listings and homes sold. The May numbers continue to tell a similar story as earlier months this year. It’s crucial buyers work with a St. Louis REALTOR who can help turn their search of a dream home into a successful one in this competitive market.”
In summary: Buyers are facing a combination of 1. fewer homes for sale 2. escalating prices 3. less time to make a buying decision.
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Does this match up with your goal as a buyer? (probably not) Learn More About the Concept You, the buyer, should have your own Exclusive Buyer Agent who is there to protect your interests at every step of the real estate transaction. Your own Exclusive Buyer Agent works only for you providing the relevant data, comparative analysis on homes, neighborhoods, and home values from a buying, not selling perspective. Knowing the market and what you’re up against is the first step toward a successful home purchase. Check out some of our previous posts and call us at 636-532-4200 to set up a time to discuss your needs.
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