A few critical market stats every buyer and seller should know about.
There’s a lot of fear roaming around in the media as to what’s going on in the market, but is there a real cause for concern? To shed some light on this topic, I’m sharing what the market looked like last year versus now.
When understanding what’s happening to our real estate market, there are a few critical factors that we have to know. First is the month’s supply, which is how long it would take to sell all the real estate available in the whole St. Louis area. We currently have a shortage of supply, which was the same as last year. However, if the month’s supply grows up to six months, the tables will start to turn and the market will become more favorable for buyers.
“Today’s market is not much different than last year’s.”
The next important topic is the average sales price, which we’ve seen slip slightly since last year. Then comes days on market. This quantifies how long a house normally sits on the market, from the time it was listed to when it was sold. Last year’s numbers were low—between three and 10 days in our area. Today, homes are sitting on the market for around 30 days. Overpriced homes will have to come down to decrease the number of days.
The last factor I want to address is the number of houses for sale on the market. There are about 8,500 houses in the market currently, while there were about 6,500 last year. This shows that inventory is still a problem.
It’s interesting to note that what’s going on in the market right now is not much different than what it looked like this time last year. If you need to buy or sell, there are tools that we can use to win in today’s market. Call or email me or my team. We’re always happy to help!