Luxury homes sales in St. Louis are up over the past year. Currently, we have 273 homes on the market (not under contract) in St. Louis county above $800,000. 70 homes above $800,000 are under contract! So 20.4% of all luxury homes are under contract. Interestingly, 1 year ago, only 15.9% of homes in this price range were under contract.
Buyer's have finally begun to make decisions. And the buyer pool has dropped significantly as their purchases are closing. Luxury home sales in St. Louis are closing at a rate of 21.3 homes per month. As inventory has dwindled, as we approach late summer and fall, and as interest rates are rising, I anticipate the sales rate to begin to drop.
We like to track "Month's of Inventory" when we are looking at luxury homes sales in St. Louis. Right now, we have 8.27 months of inventory -- this means that if no additional homes are listed, it would take 8.27 months to sell our current inventory. Putting this into perspective, last year at this time we had 10.03 months of inventory. This is significant improvement. Check out this article in the St. Louis Post-Dispatch about luxury home sales.
Prices in St. Louis have remained flat, or have decreased slightly over the past year. The typical 800k+ home in St. Louis sold for $1,193,075 this year versus $1,226,956 a year ago. This amounts to a 2.7% decrease. I believe that as the 70 homes that are under contract finally close, we will see a slight increase in average sale price. Check back in a month for an update!!
For luxury home consumers and Realtors looking to educate themsemves about the market, I produce a weekly analysis of the luxury home sales in St. Louis. Click the link to be added to my email distribution list. If you are a Realtor and are interested in joining a luxury home mastermind, shoot me an email at RTNolting@kw.com or call me at 314.677.6356. Bottom line: Luxury home sales in St. Louis are up!