Here are the latest numbers from our Saint Louis real estate market.
Everyone knows that the market is pretty hot right now. We’ve seen a slowdown in inventory recently, which is partially cyclical. Let’s take a look at where the market ended in October for St. Louis County:
- We had 1,461 closed sales, which is down 1,624 from last year.
- Our average sales price increased to $378,000 from $354,000 last year. This fits the nationwide and greater Saint Louis area trend of substantial appreciation.
- Our median sales price last month was $225,000, while it was $222,000 a year ago. There is very little change there, and that means the distribution of home prices is very similar even though the top end has seen massive appreciation.
- At the end of October, we had 1,011 homes for sale. Last year, we had 1,382 which is more than a 25% reduction in inventory.
Buyers are definitely feeling the lack of inventory. One of our clients has been waiting for six weeks for a home to pop up in their price point and location. However, this is very good for sellers because there are a ton of buyers just waiting, and it drives prices up.
“Buyers are definitely feeling the lack of inventory.”
We don’t have time to go over all of the counties in the Saint Louis area, but I wanted to point out that St. Charles County is by far the hottest of them all right now. Over 71% of homes listed there are currently under contract, and there is less than half a month of inventory across all price points. The second hottest is St. Louis County where 62% of listed homes are under contract, and there are 0.74 months of inventory. Following that are Jefferson County and Saint Louis city.
The different neighborhoods and municipalities will all be different from each other, so feel free to give us a call if you want more information on your local area. If you have any questions, don’t hesitate to reach out.
