Welcome to another edition of Mark's Market Update!
It was the same story in the 4 major markets we cover (St. Louis County, St. Louis City, St. Charles and Northern Jefferson County), except even more of a sellers' market.
1.5 months of inventory on average, in the 4 markets served. If no new homes came on the market in the next 1.5 months, all the current inventory would sell out.
Currently we are in an extreme sellers' market. A balanced market = 6 months of inventory. Reviewing the last 5 years by month, 1.5 months of inventory is the lowest we’ve seen.
Why do we have such little inventory?
There are just not enough homes coming on the market and those that came on in early October and November, sold through very quickly, with sales up almost 20% year over year November, in those 4 major markets. Another inventory challenge we have now is entering the holiday season, many sellers take their homes off the market or elect not to put their homes on the market.
Remember every year @ this time, The Gellman Team strategy is to put your home on the market for the following reasons:
- less competition
- very serious buyers
- significant pent up buyer demand
- historically low interest rates (lowest interest rates in the last 5 years)
- popular time period for relocations
If you’re a seller, it’s an incredible time to list your property. Buyers be patient, but incredible interest rates.
Have a happy and healthy holiday season. We’re here for you, when you need us.