Welcome to another edition of Mark's market update. Two things that have been a common theme over the last couple months have been inventory levels and keeping an eye on interest rates.
Interest rates over the last few weeks have increased 3/4% +, while we have not yet seen inventory levels increase. When evaluating St Louis County, St Charles County, St Louis City and Jefferson County as a whole, it is a clear seller's market with less than 3 1/2 months of inventory. However, as we evaluate each of these markets, Jefferson County is more of a balanced market, and if inventory levels increase will become a buyer's market, with 5 1/2 months of inventory. St. Louis County, of the markets reviewed, has the least amount of inventory and is the most clearly defined seller's market with less than 2 1/2 months of inventory. St Louis City has approx 4 months of inventory, while St. Charles County has 3 1/2 months of inventory.
Over the next month we will want to continue to keep an eye on inventory levels and interest rates. For those buyers out there, hang in there, new homes will come on the market. If you have any questions about buying, selling, investing don't hesitate to call email or text. Have a great day!