Welcome to another edition of Mark's Market Update!
How did my projections end up for 2019 and what are they for 2020?
Prices: Higher overall percentage increase than expected. Although variances by area and price point widely fluctuated.
Sales: Fewer sales than expected due to lower inventory levels. Weakness in inventory continued throughout the year.
New construction: Many new construction developments throughout St. Louis, but not enough to offset low inventory levels due to a softness of existing homes for sale.
Interest rates: Great for buyers, remained at historical lows, although we did see a mid-year bump over 4% and settled under 4% by year end.
Multi-family: Multi-family investment prices continue to skyrocket, while rents have not kept up.
Prices: We will continue to see a rise in prices, in specific areas and price points (to be detailed in next week's Mark's Market Update). However, overall price increases percentages will be less than in 2019.
Sales: Strong year for residential sellers will continue, as there will continue to be a weakness in inventory, consistent with 2019.
New construction: Homes will continue to show strength in St. Charles, and Jefferson County, putting downward pressure on prices in competing resales.
Interest rates: Interest rates will continue to be at historical lows, although I would expect "bump ups" from today's rates and most likely see low 4%s
Multi-family: Multi-family investment prices continue to rise, although at a tad slower pace Softness in commercial retail properties will continue, as brick and mortar retailers continue to see softness in sales.
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Cheers to a great 2020!