Inventory Has Increased as We Wrap Up 2023

Welcome to another edition of Mark's Market Update. 

What is happening in St. Louis County, St. Louis City, and St. Charles County in terms of inventory and sales❓
 
📌Inventory is consistently growing right now due to two reasons:
      1. New homes coming on the market 🏡
      2. Unit sales are significantly down year-over-year 📉
 
• St. Louis County, year-over-year sales units dropped 32.6% 🔻
• St. Charles County, sales units dropped 23% 🔻
• St. Louis City sales units dropped 26% 🔻
 
📌And when we look at days on market, it's increasing in all three markets. For example, in St. Charles, it was less than one month of inventory and now it's almost 1.75 months of inventory - an increase of about 97%. 📈
 
📌So overall, we're seeing:
      1. A softness in unit sales 📉
      2. Increase in inventory levels 📈
      3. Taking more time for those homes to sell. 🕓
 
📌We're recommending to sellers to get your homes on the market and keep them on the market, because at some point there's going to be less inventory and less competition.

📌Buyer demand is starting to pick up as interest rates have dropped over the last month by almost a percent.

📌Keep an eye on the inventory levels, interest rates, and the overall economy. 👀
 
Have any questions about buying, selling, investing? Don't hesitate to reach out to us! 🙂