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Now that summer is over and school is back in session, what is happening in the St. Louis real estate market?
A common trend that started in spring and carried through the summer was a weakness in inventory of great homes that are priced correctly. Renovated homes in the $500,000 and under price range were selling with multiple contracts and bidding wars. Those homes were priced right, marketed to the highest level, and they were all move-in ready.
In the upper end of the market, many areas are in a buyer’s market. Some of those areas have over a year of inventory. Why are these homes taking longer to sell? It really comes down to pricing and condition issues. Even when these homes are in great condition and priced correctly, there just may not be the buyers in that market segment right now.
Overall, our market is consistently inconsistent. Market conditions depend on your price point, area, and location. Some areas will be in buyer’s markets with six or seven months of inventory while others will be in seller’s markets with less than three months of inventory.
"The St. Louis real estate market is consistently inconsistent."
Going forward, we do project that the market will be more balanced in the fourth quarter. Certain areas will see inventory increase as new homes come on the market. A lot of buyers sat out the spring market because they didn’t want to overpay for homes. Now, those same buyers are still in the market and want to make a move.
We should continue to see historic low interest rates throughout the fourth quarter, and the market should be strong through the end of the year.
This market update is just a general overview of the St. Louis area. If you have any questions about home values or the market in your specific neighborhood, just give me a call or send me an email. I would be happy to help you!