Newest St. Louis Housing Stats - October 2022

October 2022 Housing Report Cover

(These figures compare real estate activity in October 2022 to October 2021 (Highlights and emphasis are from Finding Homes for You)

Statemen below is from the St. Louis Realtors 

Existing home sales declined nationwide for the eighth consecutive month, falling 1.5% as of the last measure, according to the National Association of REALTORS® (NAR), with sales down nearly 24% from the same period last year. Pending home sales also declined, dropping 10.9% month-to-month, exceeding economists’ expectations. Stubbornly high inflation and soaring borrowing costs have eroded buyer purchasing power and have caused the market to cool rapidly this year.

New listings decreased by 16.6% for residential homes and 13% for townhouse/condo homes. Pending sales decreased by 21.4% for residential homes and 22.6% for townhouse/condo homes. Inventory decreased by 6.1% for residential homes and 29.9% for townhouse/condo homes. 

Median sales price increased 6% to $265,000 for residential homes and 2.6% to $195,000 for townhouse/condo homes. Days on market decreased by 7.1% for residential homes and 16.1% for townhouse/condo homes. Months supply of inventory increased by 6.7% for residential homes but decreased by 23.5% for townhouse/condo homes. 

The U.S. housing market is undergoing a major shift, and affordability continues to be an obstacle for buyers and sellers. Mortgage rates have doubled since March, and home prices remain elevated due to a limited supply of homes, although price gains are slowing quickly. As a result, many homeowners are waiting until market conditions improve to sell their homes, while other sellers are increasingly cutting prices and offering concessions to attract a greater number of buyers.

Comments

Mainstream and National Real Estate Headlines are Created More to Alarm and Not Always to Inform 

alarming news

You have probably heard of "Click Bait". Click Bait is designed to drive web traffic to a site where the site can then show advertisers their traffic and hopefully charge more for advertising. We love you guys on the East Coast/West Coast with all of your bloated real estate values, but we are here to focus on our situation here in St. Louis, St. Charles and surrounding areas?  We are not the same as you.  Let's leave the hype to the media and get down to local data and principles.

Below is graph that shows what you need to know regardless where you live because this applies to the real estate market everywhere.

Inventory Chart

Below is the current months of supply charts for St. Louis and St. Charles County

St Louis County Months of Iventory 10-22

St Charles Counth Months of Inventory 10-2022

Whether you're interested in the St. Louis or St. Charles area, the supply of homes is still low.
That's why home prices keep going up and why competition is still very much in the picture.

days on market

Days on Market

How long did it take a home to sell last year at this time versus now? (Comparing October 2022 to October 2021)

St. Louis County 25 days in 2022 vs 26 days in 2021

St. Louis City 28 days in 2022 vs 33 days in 2021

St. Charles County 22 days in 2022 vs 21 days in 2021

Bottom Line: Homes are moving at almost the same pace they were selling in last year.

Will Home Prices Start to Go Down?

If, and when they do, it will probably be very gradual.  The challenge for buyers is to be able to react quickly when a price reduction occurs. So how can you find out if a home has recently dropped in price so you can react?  Check out our easy-to-use hack  the Price Checker.

Want to see homes that have lowered their price in the last 3 days, 7 days, or in the past month?  We've got you covered!

Click on over to our Price Checker  for some DIY research! (We included a tutorial for you once you get there)

Full Report: When Do the Most Homes Come on the Market in St Louis?

Click Here for the Full Report

Attention Data Geeks and Chart Lovers Keep Scrolling for More

The charts below will show you month by month over the past 3 years how many new listings came on the market on a monthly basis.

If you put your mouse over the graph lines you will see the actual numbers and how they change month to month. This data is refreshed continuously so mark this page and come back in the future to see the trends.

St. Louis County New Listings

St. Charles County New Listings

St. Louis City Median Sales Price 3 Bedroom Home Over the Last 5 Years

The charts below are interactive.  As you move your cursor (or finger on mobile devices)on the chart line you'll see the median price for each month going
back to 2016.

St. Louis City Median Days on Market During the Same 5 Year Period
How Long it Took a Home to Sell

St. Louis County Median Sales Price 3 Bedroom Home
Over the Last 5 Years

St. Louis County Median Days on Market During the Same 5 Year Period
How Long it Took a Home to Sell

St. Charles County Median Sales Price 3 Bedroom Home
Over the Last 5 Years

St. Charles County Median Days on Market During the Same 5 Year Period
How Long it Took a Home to Sell

Links to More Communities for Median Prices 5 Year Period

Ballwin
Chesterfield
Wildwood
Brentwood
Maplewood
University City
Ladue
Kirkwood
Central West End

Finding Homes for You Leads with Data

How can you know the trends and the pulse of any market without timely data?  You can't. If you would like to know more about a particular market we can provide you with so much more. To get started just tell us the basic items you need as outlined in the image below:

We Will Send You These Reports

Median Sales Price

Days on Market

Percentage the Sellers are Getting for Home

Example: Looking for 4 bedroom home with 2+ bathrooms in Parkway School District

Just enter that in the box below and we will get back to you with your reports in the same day.  Questions?  Call 636-532-4200

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