St. Louis homes taking less time to sell; inventory low in many areas

dennis-norman-st-louis-realtor- This week the National Association of REALTORS (NAR) published a report which showed selling a home was taking less time with the median time a home for sale dropping in July to 69 days, down over 29 percent from a year ago when the median time on the market was 98 days.  St. Louis homes are taking less time to sell as well and, as you can see from the tables below I prepared, many St Louis areas have a lower median time on the market for homes for sale than the national median.  The inventory of St. Louis homes for sale is dropping as well…does this impact price?  Read on..

The Ten Fastest Selling Zip Codes in St. Louis:

Below are the St. Louis zip codes with the lowest median time homes for sale have been on the market for sale.  If you would like to see the top 25 zips in St. Louis click here.  Curious about other areas in the St. Louis area, or in the U.S.?  No problem I have that data available as well, just let me know what you are looking for by clicking here.

Rank Zip City Days on Market
1 63103 SAINT LOUIS 26
2 63040 GROVER 45
3 63127 SAINT LOUIS 46
4 63141 SAINT LOUIS 46
5 63126 SAINT LOUIS 52
6 63122 DES PERES 55
8 63119 ROCK HILL 63
9 63137 SAINT LOUIS 65
10 63123 SAINT LOUIS 66

In the NAR report Lawrence Yun, the chief economist for NAR, discusses the relationship between the days properties are on the market, the month’s supply of homes on the market and the resulting positive impact on home prices when the time on the market and inventory are low.  To look at the impact of this on the St. Louis market, I put together the table below showing the 10 areas of St Louis with the lowest supply of homes for sale in regard to the months supply based upon current sales rates in those areas (to see the list of the top 25 click here) :

Rank Zip City # of Months Inventory
1 63122 DES PERES 1
2 63040 GROVER 1
3 63039 GRAY SUMMIT 2
4 63126 SAINT LOUIS 2
5 63123 AFFTON 3
6 63011 BALLWIN 3
7 63021 BALLWIN 3
8 63131 DES PERES 3
9 63033 FLORISSANT 3
10 63034 FLORISSANT 3

Only two locations in St. Louis made the top ten on both lists; the 63122 zip in Des Peres and 63040 in Grover.  So, let’s take a look at what home prices are doing in these two areas of low time on the market and low inventory:

Grover and Des Peres Home Prices

The chart I prepared above clearly shows home prices are on the rise in the 63122 Des Peres area, but, in spite of declining inventory and short market times, home prices in 63040 Grove appear to be on the decline.

Whether in a soft market, or hopefully a “recovering” market, or a strong market, I think it is imperative that consumers work with a real estate professional that knows how to do more than just “run comps” and has access to the latest, most up to date and complete market data as well as have the ability to disseminate the data, present it to a client, whether the client be a buyer, seller or investor, and help the client use the information to their benefit in their situation.  This is something that I think makes our firm, and our team of professionals, stand out from all the rest in St Louis…Would you like know more?  Please contact me..

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