Welcome to another edition of Mark’s Market update. Last week we talked about a summary of 2018 for both St. Louis County and St. Charles County. This week we’re going to get a little more specific. What happened in 2018 in Chesterfield submarket? So, I'm standing behind the development of Fienup Farms. It’s going to be one of the biggest new residential development in the Chesterfield - Wildhorse corridor in the last 30 years. It’s a 223 acre farm that was purchased, and there's going to be 223 new homes. There's a 26 acre lake that's going to have fishing and paddle boards. There's going to be a playground, fire pits, and other. Those homes are going to range from about $500,000 to $2 million dollars. Why I’m here is to not only showcase this property, but I’m also here to tell you that this has had a major impact on the Chesterfield resale market. Along with this development, there are a couple other developments on this Wildhorse corridor that have occurred, that have impacted the Chesterfield resale market in 2017 but more so in 2018. Unlike St. Louis and St. Charles County last week, where inventory levels and sales were both down, but prices were up. It’s a little bit different in Chesterfield, where actually inventory levels were down, however sales were up a tad. However, based on supply and demand, you would think prices were up, but what we saw is that sales prices actually dropped year over year. There were more motivated sellers, so we saw a lot of discounted home sales. These were homes that 2 and 3 years ago, would've sold at a big premium. We’ve talked about the over $1 million market in Chesterfield, that has over 18 months of inventory. So again I wanted to not only showcase this development, but talk about what’s happening in the resale. Now if you’re a buyer in the Chesterfield market, what is going to work best for you? A resale is going to be your best buying opportunity, there's no doubt about it, because of the discounts we’re talking about. But you're going to maybe have to put dollars into that home to make it yours. The reason that new construction is selling so well, and you're going to pay a premium, is you get exactly what you want, because you can customize the home. So if you have any questions about buying, selling, investing, the value of your Chesterfield home or the value of any home anywhere in St. Louis or St. Charles County, don't hesitate to call, email or text. Also, if you’re looking to buy new construction, we certainly can represent you as a buyer in that area. Thank you very much and have a fantastic day!
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