Newest St. Louis Housing Report - February 2023
(These figures compare real estate activity in February 2023 to Febuary 2022 (Highlights and emphasis are from Finding Homes for You)
Statement below is from the St. Louis Realtors
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In its continued effort to curb inflation, the Federal Reserve raised its benchmark interest rate in February by a quarter-percentage point to 4.50% - 4.75%, its eighth-rate hike since March of last year, when the interest rate was nearly zero. Mortgage interest rates have dipped slightly from their peak last fall, leading pending sales to increase 8.1% month-to-month as of the last measure, but affordability constraints continue to limit homebuyer activity overall, with existing-home sales declining for the twelfth consecutive month, according to the National Association of REALTORS® (NAR). New listings decreased by 4.7% for residential homes and 2.1% for townhouse/condo homes. Pending sales decreased by 13.8% for residential homes and 9.4% for townhouse/condo homes. Inventory increased by 9.2% for residential homes but decreased by 9.1% for townhouse/condo homes. Median sales price increased 4.7% to $251,300 for residential homes and 7.3% to $203,800 for townhouse/condo homes. Days on market increased by 40% for residential homes and 8.6% for townhouse/condo homes. Months supply of inventory increased by 30% for residential homes and 11.1% for townhouse/condo homes. With buyer demand down from peak levels, home price growth has continued to slow nationwide, although prices remain up from a year ago. Sellers have been increasingly cutting prices and offering sales incentives in an attempt to attract buyers, who have continued to struggle with affordability challenges this winter. The slight decline in mortgage rates earlier this year convinced some buyers to come off the sidelines, but with rates ticking up again in recent weeks, buyers are once again pulling back, causing sales activity to remain down heading into spring. |
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Mainstream and National Real Estate Headlines are Created More to Alarm and Not Always to Inform
You might be familiar with "Click Bait". It's a marketing tactic where a website drives traffic to a site where the site can then show advertisers their traffic and hopefully charge more for advertising. Even though we love you folks on the overpriced East and West Coast, we're from the Midwest, and we're here to focus on our situation here in St. Louis, St. Charles and surrounding areas.
Below is graph that shows what you need to know regardless where you live because this applies to the real estate market everywhere.
Below is the current months of supply charts for St. Louis and St. Charles County
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
How long did it take a home to sell last year at this time versus now? (Comparing February 2023 to February 2022)
St. Louis County 44 days in 2023 vs 28 days in 2022 (Homes stayed on the market 16 days longer than 2022)
St. Louis City 39 days in 2023 vs 31 days in 2022 (Homes stayed on the market 8 days longer than 2022)
St. Charles County 37 days in 2023 vs 17days in 2022 (Homes stayed on the market 20 days longer than 2022)
Bottom Line: Homes are moving at almost the same pace they were selling in last year in spite of the hike in interest rates in 2022.
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:
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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