Mark’s Market Update - Inventory Levels
Welcome to another edition of Mark’s Market Update.
Its the first week in May, we're getting used to the new norm but the good news is we are seeing some light at the end of the tunnel.
Certainly in the real estate market we are seeing some activity, I'm going to get in to Mark's Market Update but first we have another special guest this week, that I get to see a lot more now that I'm working from home...my daughter Lily!
Back to real estate... We follow 4 Markets, St Louis County and City, St Charles County and Jefferson County. In all four of those markets we've seen prices rise significantly compared to April of 2020 over April of 2019 - even during what's happened in the last month and a half, we've seen significant rise in price
This has been a direct result of still buyer demand combined with a lot less new listings coming on the market.
When we evaluate April 2020 over April 2019 of new listings coming on the market, we're seeing new listings in:
St Louis County down to 23%
St Charles down to 12%
When we look at months of inventory in a seller's market its less than 3 months of inventory. Inventory months have dropped:
St Louis City by 16%
St Louis County by 8%
The ONLY market that inventory has increased is St Charles, and the inventory increase is a direct result of all the new construction that's happened. Although new inventory has fallen, month's of inventory has increased and prices have equally increased - so again its just a function of new construction. In all of these markets there's a weakness in inventory, if you're a seller get your home on the market! We are seeing some incredible results!
Over the last 30 days we have sold about 29 homes - one a day and many of those were getting multiple contracts. So we are seeing significant success right now. We feel like going in to the May, June time frame we're going to see even increase in buyer demand and the competition is going to be still there but until there's more homes in the market we're not going to see a huge competition.
If you have any questions about buying, selling, investing - don't hesitate to reach out to us and we look forward to speaking with you!
Everybody stay healthy out there! Stay Safe! As the economies open up social distance but support your local business.