The Gellman Team - Has Our Market Shifted Since the Start of Spring?
What’s happening in the St. Louis area real estate market this month?
I wasn’t exactly right when I predicted back in February and March that inventory levels would significantly increase as we entered the spring. We thought that by now we would have significant increases in inventory and there would be additional options for buyers. Thus, there would be somewhat of a shift from a seller’s market to a more balanced market.
In many areas, however, we continue to see inventory levels hovering around two to three months, which still reflects a seller’s market. It appears the simple law of supply and demand still rules. We’re still seeing top prices being paid by buyers with multiple contracts competing against each other and many bidding wars reaching over asking price.
"If you’re a seller, there is definitely a market for your home."
Homes that are priced right, prepared for sale, and located in great areas are selling in a very timely manner. Homes that have deferred maintenance and are situated in higher price points than the market demands, however, have inventory levels as high as 15 months, which favors buyers.
In what price ranges is demand the highest in certain counties across our area?
In Clayton, the $500,000 to $1 million price range features inventory levels of less than two months. In Chesterfield, the $300,000 to $700,000 range is an extremely strong market. In the $1 million to $1.5 million range, however, it’s a softer market, with homes taking a little longer to sell. In St. Charles County, the $200,000 to $400,000 range is a very strong market. In northern Jefferson County, homes in the $100,000 to $300,000 range are selling extremely well.
We’re still in a seller’s market in desirable price points, so if you’re a seller, there is definitely a market for your home.
If you have any questions about our market, you want a true valuation of your home’s worth, or you’re looking to buy, sell, or invest, please don’t hesitate to call, email, or text us. We would be happy to help you.
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