We're Seeing a Trend We Haven't Seen in Years

📌 In the markets that we follow (St. Louis County, St. Louis City, St. Charles County, and Northern Jefferson County), we are seeing a trend that we have not seen in years❗

📌 We are seeing 50% fewer active listings for April 2023 compared to April of 2019. 📉 We are also seeing a greater decrease in the number of sales in April 2023 vs April 2022:

  • 👉 St. Louis County, unit sales are down 26.5% year over year for April.
  • 👉 St. Louis City, unit sales are down 36% year over year for April.
  • 👉 St. Charles County, unit sales are down over 21% year over year for April.

📌 What is happening in the market❓ There are just not enough homes. 🏡

📌 Before COVID and before June/July of 2022, we were finally starting to see builders getting active again. 👷‍♂️
Then interest rates went up. 📈 As a result, buyers got paralyzed, and that resulted in builders pulling back. 🛑

📌 Now, buyers are back in the market! Almost every great home has multiple offers over asking, waiving all contingencies. There are just not enough sellers today. 😐 

📌 Builders froze in June, July, August, and September of 2022. Now they're back, but they can't keep up with the demand. 🤯

📌 What we're projecting as we get into June/July this year is that interest rates are going to go down. 📉 This is good news for a buyer's loan but it also means the competition will go up and sales prices with rise. 💪📈

📌 If you're a seller, get your home on the market. 🏡 If you're a buyer, you're going to have to have the appetite to compete in today's market. 💪

If you have any questions about the value of homes, the value of your home, don't hesitate to reach out. 🙂 Have an amazing day!

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