St. Louis Housing Report August 2018- Rise in Median Sales Price with an Increase in New Listings
“Although 2018 housing trends show we are in a sellers’ market, the rise in overall new listings compared to 2017 offers renewed optimism for buyers searching for their dream home,” said St. Louis REALTORS® President Marc Levinson.
The Press Release Stated: “According to Mid America Regional Information Systems (MARIS) August 2018 year-over-year statistical data, days on market dropped from 15 days in August 2017 to 12 days in August 2018. Single family homes sold decreased to 1,898 in 2018 from 1,950 in August of 2017 and months of inventory held steady at 2.32 months compared to 2.38 months in August 2017. Active listings dropped 5% from 4,634 in August 2017 to 4,406. August’s median sales price experienced its second highest year over year increase in 2018 at $190,000 in 2018 from $172,000 in 2017. New listings increased 5% at 2,447 compared to 2,332 in August 2017.”
How to Determine If We Are Still in a Seller’s Market
Everything comes down to supply and demand. In real estate this is called “Months of Inventory” which is the driving factor behind either a seller’s or buyer’s market. If you would like to see a sampling of the current supply of homes in various parts of the St. Louis Metropolitan area please visit our interactive supply and demand map
Get to know the area and market you are interested in. Get the numbers before you jump in and take heart. There’s someone on your side who feels your pain! Our company has worked for Buyers only for over 15 years. We don’t even list homes which helps us avoid the potential conflict of interests that can come up in buying and selling a home. Think about it a second. The listing agent is there to protect the seller and sell their home at the highest price, that’s their job.
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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