St. Louis Real Estate Market Outlook
Locally, St. Louis home prices continue their upward climb and the trend is expected to persist. The only actual problem real estate professionals are experiencing in the greater St. Louis marketplace is a lack of inventory. There just isn’t enough supply of homes for sale in the desirable neighborhoods to satisfy demand. There is a desperate need for good quality inventory.
Although Berkshire Hathaway HomeServices Select Properties’ number of active listings increased in June, it is just not the right inventory, at the right prices and locations, to satisfy our purchasers’ wants and needs. We have less than a two-month supply of housing. A normal or healthy supply locally is a five- to six-month supply. There have been more multiple offer situations than this marketplace has seen in years. For every purchaser that gets a home, we have many that lose out. This is a very difficult market for purchasers, our agents, and our brokers, to work in. If we had enough inventory to handle the demand, our pending and sold numbers would be greatly increased. We can only sell what is available and it must satisfy our purchasers’ desires.
There are many reasons potential sellers should consider selling now. Locally, the summer selling season can be the busiest time of the year. This year, with the lack of inventory, it is probably the best market sellers will ever experience.
There is less competition now, so sellers should not wait to put their homes on the market. Interest rates are still very low and will continue to rise. This will open doors for many homeowners who listed their properties and were unable to sell months ago or even a year ago. Perhaps their listings were priced too high, conditions weren’t right or there was just a lack of motivation. This is the perfect opportunity for agents to check the expired listings. These sellers agreed to pay the commission, they just weren’t ready to listen.
Happy listing and selling!