Mark's Market Update - Watching Interest Rates and Inventory Levels
Welcome to another edition of Mark's Market Update. I compared the first 2 weeks of April 2017 with the first 2 weeks of April 2018 for Sold Properties and the following were the results when evaluating St. Louis County, St. Charles County, St. Louis City and Jefferson County. 2018 prices were up over 6% and sold units were up over 12%. As we discussed, inventory levels in 2018 were at record lows, the good news is buyers were absorbed! This current week, inventory levels at record lows, but good news is interest rates fell to 4.5% or even a tad lower. Lastly, when looking at trends for May, June 2017, inventory levels reduced from April to May to June and if that same trend occurs in 2018, we will see less than 2 months of inventory (the lowest in the last 15+ years). Sellers get your homes on the market, buyers hang in there. If you have any questions about buying, selling or investing or would like an estimated home value, please do not hesitate to call, email or text.