Mark's Market Update - New Construction Making a Big Impact on the Market
Welcome to another edition of Mark's Market Update. Now that it is Mid May, I did an analysis to compare sales from 1/1/17-5/15/17 vs 1/1/18-5/15/18 for the overall market in St. Louis County, St. Louis City, St. Charles County and Jefferson County for the price range between $250,000 - $1million. Sales units increased 7.5% from 2017 to 2018, while average sales price only increased .25% The Spring market is here and pools are open and flowers are blooming. Inventory levels have increased 35-40% over beginning of April levels. In addition, we are seeing New Construction having an impact on the market, with many new build opportunities available; including great custom options at www.newconstructionstl.com Also, we are seeing high volume builders continuing to acquire properties in Chesterfield, St. Charles and Jefferson County. These new build options are having an impact on those homes in direct competition, that are resales. Lastly, positive news re: interest rates staying steady and in some cases falling 1/8th or 1/4%. If you have any questions about, buying, selling or investing, please do not hesitate to call, email or text. Have a great weekend.
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