How Has the Market Changed in the Last 5 Years?
What is happening in the real estate market❓ 📊 St. Louis County, St. Louis City, St. Charles County.
📌 Active current listings are the lowest they've been in 5 years.
- St. Louis County, down 48%. 📉
- St. Charles County, down 49% 📉
- St. Louis City, down 39% 📉
📌 What's interesting is inventory levels are extremely low, but the corresponding sales are equally low. In all three markets, it's the lowest sales that have occurred in the last 5 years. 📉
📌 Good news for sellers - half the homes are selling over asking multiple offers.
📌 However, we're also seeing homes that are sitting and having to take price adjustments.
📌 The market is not prepared to overpay for homes as in the spring. Great homes, priced right, move-in ready - are still selling with multiple offers. It's those homes that may be dated or have deferred maintenance that are sitting.
📌 It's a really interesting time. There's going to be 3 factors that really dictate what's going to occur:
- Inventory levels
- Interest rates
- The election this week
If you have any questions about buying, selling, investing, don't hesitate to reach out. Have an amazing day. 🙂