Inventory is Increasing & Markets Are Beginning to Soften

❓ What is happening in this topsy-turvy real estate market? 

  • Overall, interest rates have been inconsistent. March ended with rates at about 7%. In April they went up to about 7.5%. Now they're trending down again.  
  • Some of the hottest markets in the country (New York, Florida, Arizona, California) are starting to soften.  
  • Active inventory is increasing. 
  • We're seeing a lot of overpriced homes sitting on the market longer until at least one or two price adjustments. 

📍St. Louis County 

  • Active inventory is increasing. 
  • Prices have increased 5% from April 2023 to April 2024. 
  • The number of sales has remained consistent from April 2023 to April 2024. 

📍 St. Charles County 

  • Active inventory is up 20% from April 2023 to April 2024.
  • The number of new active listings is up 30% from April 2023 to April 2024. 
  • Prices and number of sales have remained consistent from April 2023 to April 2024.

📍 St. Louis City 

  • Active inventory is up 30% from April 2023 to April 2024. 
  • The number of new listings is up 10% from April 2023 to April 2024. 
  • Prices and number of sales have remained consistent from April 2023 to April 2024. 

📍 Jefferson County 

  • Active inventory is decreasing even though the number of new active listings is up 7% from April 2023 to April 2024. 
  • Prices have increased 2% from April 2023 to April 2024. 
  • The number of sales is up 3% from April 2023 to April 2024. 

👉 What does all of this mean? 

  • As new and active inventory is increasing, we aren't seeing a correlated increase in the number of sales. 
  • Overpriced homes are staying on the market longer and then competing with new listings entering the market. 

🏘️ If you have any questions about buying, selling, or investing, don't hesitate to reach out.

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