Mark's Market Update: from Ikea
Welcome to Another Edition of Mark's Market Update
What do you do when you’re waiting at Ikea for your pickup and it is delayed? You film a Mark’s Market Update!
Here is a quick update for the first 12 days of October 2020 vs 2019. It is very similar to what we have seen over the past months, but here are the specific details.
- Sales prices higher 10% and 11% St. Louis and St. Charles County 2020 vs 2019
- Unit sales were down 11% in St. Louis and down 6% in St. Charles County. The uniqueness of St. Charles being down 6% is the fact that even with the significant amount of new construction, unit sales were still down and did not offset the units being down So what are we projecting over the new few weeks?
- We are starting to see an increase in new listings on the market, which is great news for buyers?? Traditionally as we enter the 4th quarter, as we get closer to Thanksgiving, a lot of sellers take their homes off the market, but again there is just limited inventory to take off the market. We are hoping from a buyers perspective for more inventory, more homes entering the market, which we are absolutely starting to see.
The 2020 selling season started much later than traditional March. It started in August/September time frame, so we’re really into the late spring market right now and we will continue that throughout the year.
-If you’re looking to sell, it is still an amazing time.
-If you’re looking to buy, be patient, we are expecting the inventory levels to go up.
-We are also seeing interest rates still incredibly low.?? -The multi family investment world is still skyrocketing. Commercial is still extremely soft. We are starting to see a lot of vacancies in these retail centers, between retail stores, restaurants and others. As such, I’m very cautious about that segment right now.
If you have any questions about buying, selling, investing, the value of your home, just free information, don’t hesitate to reach out to us. Thank you so much. I think I’m going to pick up my Ikea order.