The latest numbers are in and there are a few things you need to know about our real estate market.
Today we are discussing the real estate market for second quarter 2019 compared to the previous year.
Compared to the second quarter last year, our months’ supply of inventory decreased by 20% to 2.7 months in St. Louis County. At the same time, the average days on market has increased by 31% to 42 days.
“It’s a great time to be a buyer as well.“
In general, this is what we’re seeing in the neighborhood markets. Since real estate is very localized, it is important to review and consider neighborhood specific data. For example, in Clayton the median sale price has increased. However, in Ladue the median sale price has decreased. What we’re seeing consistently in our micro-markets is an increase in days on market which would indicate that we will eventually see downward pressure in real estate prices.
With homes spending more time on the market, 2019 might be the best time for home sellers who are contemplating a move to sell.
If you have any questions about your home, the market in your neighborhood, or about your interest in buying, please reach out to us for a confidential consultation.