Homes in St. Louis Were Selling Faster for More Money
A report just issued by St. Louis REALTORS covering St. Louis City and County combined shows the following when comparing November of 2018 to November of 2017:
Single family homes were selling faster in November 2018 at 20 days on market versus 24 days on market in November 2017. The median sale price was $5000 higher than last year at this time.
What Can We Expect from the St. Louis Housing Market as 2018 Draws to a Close?
“This time of year buyer and seller activity shows which can result in fluctuating inventory,” Said St. Louis REALTORS President Marc Levinson. “However, we still see buyers and sellers who aren’t willing to wait around for warmer weather. Winter buyers are usually incredibly motivated. If someone is visiting open houses instead of spending the holiday season with friends and family, they most likely need to buy a home quickly.”
(May I add … Sellers are very motivated this time year also … why aren’t they out Christmas shopping instead of having an open house?) Just sayin …
How to Determine If You’re in a Seller’s or Buyer’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.
Months of inventory/supply is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales. For example, if there are 50 homes on the market and 10 homes selling each month, there is a 5 month supply of homes for sale. 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.