How is the St. Louis Real Estate Market Doing?

How is the St. Louis Real Estate Market Doing?  I get this question all the time!  The St. Louis real estate market has been extremely strong this year.  We currently have 2.95 months of inventory in St. Louis.  This would indicate a STRONG SELLER'S MARKET by the National Association of Realtors.  36.3% of all homes in St. Louis are currently under contract.  To put this into perspective, last year in July 2012, about 25% of all homes were under contract.  The St. Louis market has far more buyers in 2013 than in 2012.

Interestingly, we are also seeing about a 5% drop in the number of new listings that have been added to inventory in St. Louis.  The combination of more buyers and fewer houses to choose from has created signicant demand for the available inventory.  Year to date, the average sale price in St. Louis county has increased by approximately 4.5% to $186,469.  We may see this increase disappear as the market slows through the hot summer months and into fall.  

One of my responsibilities as the CEO/Team Leader/Business Strategist at Keller Williams Realty Saint Louis is to act as the Chief Economist for our team.  We believe that Buyers, Sellers, and Investors in St. Louis real estate want to work with highly educated real estate agents.  We are constantly providing education to our team to make sure that they can add value to their clients.  If you're an agent wondering, How is the St. Louis Real Estate Market Doing?, you may want to consider meeting with me to learn how to use statistics to have a richer understanding of the St. Louis residential real estate market.  

To be added to my weekly and monthly statistical update email, please click the following link and send me your information.  Add me to Russ Nolting's St. Louis Residential Real Estate Statistics Email Update.