Everywhere I go, people ask me how the real estate market is doing.
I find that people quote the latest news article they heard or read, believing that what they heard mirrors what is happening locally. However, news sources quoting real estate trends are almost always focusing on national trends.
Local news doesn’t tell you the full story either.
Local real estate news is almost always provided by the real estate agent who is willing to pay hefty fees to be the featured agent for a news broadcast or publication.
But where do those agents get their insights? The information might be accurate, or might be based on the agent’s impressions rather than hard data.
How is the St. Louis Real Estate Market REALLY Doing?
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See how these 3 areas differ even though they are all looking at the same price range and the same time period.
The answer to ‘How is the Real Estate Market Doing’ is always it depends.
It depends on what part of town you are talking about.
It depends on what price range you are searching.
It depends on if the features for the price/location are common or rare.
Monthly Sales Data Gives You the Answer:
Rather than relying on a real estate agent’s opinion, work with someone who will show you what is really happening in the market that impacts YOUR home sale or purchase.
It’s fine to ask your agent (hopefully me!) what the numbers mean, but be sure you can look at the data yourself so you can see if you agree.
While the charts above all looked at location differences, price range also has a big impact on how fast homes sell.
See how Webster Groves School District homes sales, considered a very hot market right now, differs when you look at $175-225k vs $375-425k.
One last thing to keep in mind…
Homes in St. Louis typically close 5-6 weeks after they get an accepted contract. So when yo look at the charts above (or charts I provide to you personally for your custom search), remember that the Number of Homes Sold in May reflects the number of homes that went under contract 6 weeks earlier.
If you are ready to sell your St. Louis home, the agent you choose really makes a difference.
