What's up with Real Estate in St. Louis MO?
First question at all social events is: How's the real estate market? Now that the first half of 2012 is over, it seemed like the perfect opportunity to take a look at the actual numbers.
The spreadsheet shown here was compiled from data supplied by Mid America Regional Information Systems (Maris). Maris provides the regional multiple listing service for St. Louis, St. Charles, Jefferson and Franklin County Associations, East Central, South Central and Pulaski County Boars of Realtors. The statistics show the first half of the last 3 years in St. Louis City and County.
Here's the good: The months of inventory are down. Months of inventory (also known as absorption rate) tells us how many months it would take to sell all of the houses currently on the market. It is generally agreed that 1-4 months of inventory constitutes a seller's market, 5-7 months puts us in a neutral market and over 7 months translates to a buyer's market. St. Louis has been in the neutral zone for most of the year. Also among the good news is that Americans are increasingly confident about homeownership (RISMedia).
And here's one outlook: According to Inman News the real estate market may have hit bottom in 2012. This prediction is somewhat abated with the disclaimer in the article of the uncertainties over lagging foreclosure processing, tight lending practices and the number of homes facing negative equity.
In the words of Woody Guthrie, "Any fool can make something complicated. It takes a genius to make it simple." It is what it is, no matter how many statistics we look at; homeownership is still the central component to the American Dream.
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