We are about half way through the spring real estate market in St Louis, normally the most active time of the year for the St Louis real estate industry, and, thus far, the 2017 spring market is shaping up pretty good! As our chart below illustrates, there were 4,582 homes sold in the 5-county core St Louis market during March and April of this year, an increase of 2.4% from last year when there were 4,473 homes sold and the median price per foot of those homes sold was $126 per foot in April, an increase of 6.8 percent from April 2016 when the median price per foot was $118.
Just comparing a month, or even two as I did here, to the year before doesn’t always paint the true picture so I also like to use our table that shows data for the most recent 12 month period and compares it to the prior 12 month period. This gives a little broader view of the market and is less affected by seasonality and even weather that can affect home sales. As the table for the 5-county core market below the chart shows, for the 12 month period ending April 30th 2017 home sales increased over 6% from the prior 12 month period and the median home price was up over 5.5%. With just a two and a half month supply of homes for sale, inventory is still very low and the market still favors sellers.
While some of the data shows some price resistance, everything else definitely points to a sellers market. The bottom chart shows the median amount of time listings that sold were on the market before selling and you can see the trend continues to be low. A couple of other little tidbits in all this data, that again points to a sellers market, but does show it is price sensitive are, as the table shows, the price per foot of active listings is lower than the listings that sold, and the median time for homes to sell in April was only 14 days however, the average time on the market for active listings is 136 days. From this, I think we can draw a conclusion that the market, even with a low inventory, is price sensitive and properly priced homes are selling very quickly while over-priced ones sit on the market.
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St Louis Home Prices (per sq ft) and Sales – Past 24 Months – Chart
St Louis Home Prices and Sales – Past 12 Months vs Prior 12 Months
Median Number of Days to Sell a Home – Past 24 Months – Chart
