Prudential - Select Properties Forecasts Local Housing Market To Continue Its Upward Trend
Statistics from Mid America Information Systems (MARIS) indicates sales of homes in existing inventory are on the rise. After experiencing an uncertain housing market in previous months, this is welcome news for both purchasers and sellers.
According to current local real estate trends, there is an increase in homes being sold and the average sales price of St. Louis real estate rose from $136,100 in January 2012 to $175,703 in June 2012. This increase in both “closings” and pricing indicates a return to a potentially healthier real estate marketplace for consumers.
One of the reasons for this shift has to do with inventory. In months previous, the market had been flooded by foreclosures and short sales, which drove down home values. With the decrease in potential return from their investment, sellers who were not in the high risk category may have chosen to wait. As the inventory of St. Louis county real estate potentially decreases in upcoming months, home prices will rise and confidence will grow. Consequently, more homes will be bought and sold.
As confidence increases in the economy, existing homeowners will naturally be more willing to list their homes for sale. A wider selection of properties will be available to those seeking to make a purchase. Additionally, sellers can potentially reap the benefits of a healthier real estate market when they list their home for sale.
A Prudential Select Properties realtor guides those looking to buy or sell through the process and helps them do their research. Contact a Prudential agent to keep up-to-date on all the latest trends of homes for sale in St. Louis, MO or attend one of Prudential St. Louis' open houses.