Source: Wikipedia
While many cities in the US are seeing drops in real estate inventory and large increases in median list price, St. Louis is the exception. The real estate market here is really quite stable – yes, there have been peaks and troughs as you’d expect in any market as the seasons change and demand for moving home goes up and down, but on the whole things are staying fairly normal. It’s not really a buyer’s or a seller’s market here right now, making it a good time for anyone to consider listing their home or buying a home.
A Healthy Number of Homes Listed in St. Louis
Right now in St. Louis there’s a total inventory of 3,167 homes, which is really quite a healthy number and one that hasn’t changed since the figure last month. Compared to last year inventory in St. Louis has dropped a little but still nothing like the drops we’re seeing in many other cities. Last year there were 3,612 homes listed for sale so today’s figure is a drop of 12 percent. In most economies this would be big news, though while the housing market is still finding its feet across the country, this 12 percent drop really isn’t a huge surprise.
Median List Price Not Changed Significantly
The same can be said for the median list price in St Louis. It has risen but only by 4 percent over this time last year when the median list price was $120,000. Now that number is $124,900, which is more or less bang on last month’s figure of $125,000. Again, in a steady market an increase of over 3 percent from one year to the next would be considered news, but compared to the increases we’re seeing in some cities, 4 percent really is nothing to write home about.
The median price per square foot is pretty much mirroring the median list price too. Last year median price per square foot in St Louis was $96 while today it is $99 so that’s a 3 percent increase and a 1 percent decrease from last month when the figure was $100 per square foot.
Days on Market Has Gone Down
The median number of days on market has dropped in St Louis, at least from last year’s median anyway. One year ago that figure was 68 days while today it is 62 days. That’s only a 9 percent drop, but interestingly there’s been a more significant change from last month to today. Median days on market has actually risen from 55 days last month so this is a change of 13 percent from one month to the next.
Mortgage Rates Remaining Stable
The mortgage rates in Missouri are at 4.25 percent today which is 3 basis points higher than the national average of 4.22 percent. However, this is a drop from last week’s average in Missouri of 20 basis points so after climbing from the beginning of May, mortgage rates in Missouri may now be leveling out making this a good time to buy a home.
