“How’s the real estate market?”
This question is popular these days, and the answers seem to be all over the board! Let’s take a look at the REAL data –
The October Housing Report from St. Louis REALTORS® shows us the following. There were 2,617 homes for sale – this is 6.1% down year over year and just under 5% down from September of this year. These homes for sale accounted for 1.6 months supply inventory, which was up nearly 7% from 2021, but down about 6% from September one month prior. Finally, median sales price was at $265,000, up 6% from 2021, but down slightly from $269,000 the month prior (September).
But how is it possible for the number of homes available to decrease, but the month’s supply to increase? This trend is simply because homes today are selling slightly SLOWER than last year, but notice still at a higher price!
Buyers: this is your sweet spot to BUY NOW! As soon as we’re in a lower interest rate environment, the fierce competition will be back because inventory will still be low.
Sellers – this is still a great time to sell, too! Historically, 6 months of inventory is a balanced market. So we are still in a seller’s market, and you’ll net a great price, so long as you prepare your home appropriately for the market, and have a solid pricing strategy in place relevant to this season’s market conditions.
Interested in learning the REAL DATA even more relevant to your neighborhood or your zip code? Simply hit reply, and one of our professionals will be in touch to chat!
The takeaway? Work with our team to prepare accordingly, and we can help you achieve your goals whether you’re buying OR selling in this market!