How is the St. Louis Housing Market Doing Compared to Last Year at this Time?
New 2019 Housing Report Shows What’s Happening in the St. Louis City/County Real Estate Market This Year Compared to Last Year for the Month of May
Median Sale Price for a Home Up 7.2% from 2018 at $222,500
Closed Sales Down 6.9%
Supply of Homes Down 19.8% compared to last year
In our opinion, home prices have increased due to a lack of inventory driving down sales almost 7% because of the same shortage of homes that area available to sell.
To keep it simple … In May of 2019 there were approximately 900 fewer homes on the market than there was last May. This is why you’re seeing more people at open houses and multiple offers on the same house.
If you are a buyer, these can be challenging times. It’s in your best interest to get with an Exclusive Buyer Agent to help you sift, analyze, and navigate through a very competitive market. An Exclusive Buyer Agent works for a real estate company that does not take listings or report to any seller working for you, the buyer, 100% of the time.
If you are not on some automated type system to notify you when homes come on the market … your chances of home buying success is being minimized. Do you really want to depend on yourself to jump on Zillow everyday? What happens if you forget to look one day and you miss that home you’ve been dreaming of?
If you are looking for homes in a known hot market where homes are being listed at top dollar (or inflated prices) how do you protect yourself from overpaying? Will you overpay for a home that will be difficult to sell when the market cycles through again? Remember markets always change.
Get your search set up at findinghomesforyou.com and learn about individual subdivisions, school districts and how you can make sense out of a messy, hot and competitive real estate market. Call us at 636-532-4200.