Mark's Market Update: What to Expect as We Head into the 2nd Quarter

Since a significant increase in interest rates over the last 6 months, what have we seen in the real estate market❓ ❗Not what you'd expect❗

📌 In the markets that we follow (St. Louis County, St. Louis City, St. Charles County, and Northern Jefferson County), we have seen an increase in sales prices over the last six months. 📈

  • St. Louis County - We see a 10% increase year over year.
  • St. Charles County - We see an increase of about 2%. 
  • St. Louis City -  We're seeing a flat price. 

👉 Remember, this is from a low mark of June 2022 when the interest rates were skyrocketing and sales softening. 

🚀 We've actually seen significant double-digit increases in sales prices since June 2022. 📈

📌March 2023 over March 2022, we've seen a significant decrease in unit sales. 📉 The reason being there is just not enough inventory. 

📌You would think that inventory levels have decreased but, March 2023 over March 2022 in all markets, inventory has actually increased. 

📌What that tells you is great homes are selling with multiple offers over-asking; however, there are more homes that are sitting and needing price adjustments.  

📌Those homes that are sitting are increasing the inventory. It's a really strange market. 🤷‍♂️

📌What do we see going into April and May? Very similar.

  • We expect there to be great homes selling
  • Increase in inventory 
  • Increase in buyer demand
  • A very competitive second quarter. 💪

If you have any questions about buying, selling, or investing, don't hesitate to reach out. 🙂

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