The latest news from our St. Louis area market is here, so let’s review some of the most significant ways things have changed since last year.
With the first quarter of 2019’s real estate market now behind us, it’s time to compare how this year’s conditions compared to those from the first quarter of 2018.
First, the average home price in our St. Louis market rose 1.3% over this 12-month period, with the average price at the end of this year’s first quarter sitting at $242,000. In part, this is likely due to the 21% drop in inventory that occurred over that same time. Real estate is, after all, driven by supply and demand.
“There is no reason to remain on the fence if you’re thinking of buying or selling soon.”
This decreased supply has also impacted overall home sales in the St. Louis market, with 20% fewer homes selling in the first quarter of 2019 than during the first quarter of 2018. In terms of how many homes actually sold in the Clayton market, this translates to a 40% decrease with a difference of 30 homes in Q1 of 2018 versus 18 homes sold in Q1 of 2019.
As we enter the second quarter, however, inventory is starting to build once more. And with interest rates having recently dropped, there is no reason to remain on the fence if you’re thinking of buying or selling soon.
If you have any other questions, would like more information, or want to speak more about how market conditions may impact your real estate goals, feel free to give us a call or send us an email. We look forward to hearing from you soon.