Mark's Market Update: What has happened February?

Posted by Mark Gellman on Tuesday, March 5th, 2019 at 2:48pm.

 

Welcome to another edition of Mark's Market update. We’re at a hidden gem, Saratoga Lanes, a 103 year old bowling establishment with pool, darts, and it’s just a cool place. We’re actually having our third annual client appreciation party here on April 14, so we love this place! Now, back to Marks Market update. What has happened February over February in the real estate market? Again, we’re going to talk about three specific locations. We’re going to talk about St. Louis County, St. Charles County, and Jefferson County. Inventory remains extremely low, and a little bit unusual is we’re seeing a correlation of inventory being low and the sales numbers being low. Unlike in the past, we’ve seen inventory levels low because sales have been so strong, because there was a lot of homes that had sold that were on the market. Closed sales in St. Charles County February over February, so February 2019 vs February 2018, total sales closed units were down almost 30% in St. Charles. In St. Louis County sales units were down almost 16% February 2019 vs February of  2018. In Jefferson County sales were down 23% between February of 2019 VS February of 2018. Now when we are talking about inventory levels, inventory levels are so low, St. Charles County 1.3 months of inventory, St. Louis County 1.9 months of inventory, and Jefferson County 2.8 months of inventory. We are definitely waiting for the spring market to hit, where they’ll be an increase in the available homes. This storm this past weekend and one of our worst winters; I believe has suppressed a lot of new homes coming onto the market. Great news though, those sellers that have come onto the market are selling, they are getting premiums for their homes and were also seeing those homes that sat on the market through the winter actually are benefiting from the low inventory today, because we’re seeing those homes that have been on the market 100, 200, 300 days are selling, and some of them multiple contracts. So, if you’re a seller it’s a great time to sell, and if you’re a buyer be patient there's going to be new homes on the market, but there’s still are motivated sellers right now. If you’re an investor we’re still seeing very strong investment prices. Any questions about buying, selling, investing, the value of your home, don’t hesitate to call, email or text. Thank you so much and have a fantastic day.

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