Mark's Market Update - Winter Interest Rates and Inventory
Welcome to another edition of Mark's Market Update. Going into December, what happened in the market, the last 2 months?
Interest rates still incredibly low, but have ticked up a tad, right under 4%. St. Charles and St. Louis County over last 2 months, Oct and Nov? Both market saw strong sales growth in terms of avg price point and unit sales, year over year, in October. However, in November there was solid strength in the St. Charles Market while a slight weakness in St. Louis County (unit sales and average price, both fell), year over year. Still a lot of homes are selling at the current time. Just yesterday, 160+ homes went into contract. For those questioning if they should keep their home on the market or sell over the winter, it is a fantastic time! There has been a "bump up" in buyers, especially due to relocation. Those buyers want to be in their home by the beginning of the year. Also, although there is less inventory and sales, than in the spring market, we recommend getting your home on the market now, as there is significantly less competition. The only reason to keep your home off the market, if there are special features that will show spectacular in the spring (fantastic pool or other features). If you have any questions about buying, selling or investing, call, email or text. www.TheGellmanTeam.com
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