As temperatures begin to cool across the country, many markets are also starting to see signs of the real estate market shifting. While we continue to see a strong sellers market, taking a closer look at days on the market and number of showings per listing shows buyers are experiencing a much needed decrease in competition for active listings. This offers a unique opportunity for homeowners looking to sell and cash in on their equity, while minimizing the risk of having to rent short term as they try to buy a new home.
Moving into fall, many homeowners have opted to stay in their home rather than moving during colder months or the school year. Thus, buyers have fewer listings to choose from in many areas, but the homes they have to choose from are typically selling for list price, rather than thousands over it. Overall, the positive outlook we saw in August for home buyers continued through September and may be here to stay throughout the fall.
All stats below are based on End of Month in August vs September:
St. Louis Housing Market
Supply and Demand: In September, there were 6 weeks worth of housing inventory available, the same amount we saw in August.
Median days on the market: In September, homes spent an average of 8 days on the market, the same amount we saw in August.
New homes on the market: In September there were 1,682 new homes on the market, a 10% reduction from the 1,872 new homes we saw in August
Homes sold – In September 1,455 homes sold, a 17.5% decrease from August’s 1,765 homes sold.
The St. Louis area real estate market still favors sellers, but September provided some welcome relief to home buyers. With that, St. Louis homes have sold for over list price throughout 2021. However, September told a different story as homes sold for 100% of list price on average, rather than above list price. With that, the average listing had 8 showings in September, a decrease of 42% from January 2021 when there were 14 showings per listing. As home values have increased consistently throughout 2021, this is still a great time to sell your home and cash in on your equity. It’s also becoming easier to buy a home, as buyers typically face less competition in colder months.
Moving into fall, the real estate market typically sees a seasonal shift in active listings, and competition overall. This held true in September as homes across the country saw fewer showings per listing. However, sellers still have the upper hand as active listings decrease. It’s essential to do your research when determining the list price for your home. Home values have gone up by 9% across the country, with some markets seeing 30% increases in home values. Thus, sellers should familiarize themselves with recent comparable listings in the area before deciding on a listing price. With the help of an experienced real estate agent, now is a great time to sell your home and act quickly to purchase a new one.
Here are a few blogs that might help you as a seller:
Fall has brought with it cooler temperatures and some favorable trends for home buyers. While inventory has decreased in many markets as homeowners opt to avoid moving during cooler months, the number of listings per showing has also decreased. This means a slight decrease in competition overall for buyers. With that, homes that are not priced correctly are often sitting on the market for weeks. As a result, sellers are open to negotiations, often allowing buyers to secure a new home for list price, rather than thousands of dollars over it. Ultimately, it remains essential to move quickly if you find a home you love. Trelora can help you do just that, strengthening your offer with a commission refund, or turning your offer into cash with help from our brand partners. Speak with a Trelora agent today to learn more.
Here are a few blogs that might help you as a buyer:
Please note, if you buy with us, we split our buyer’s agent commission with you and give you back up to $6,000, and if you sell And remember, sell with Trelora and get best in class customer service from a team of experts. Plus, if you sell with us, we give you comprehensive, expert service for a low flat fee. And keep in mind, especially if you’re moving or you have friends in other states, that Trelora can help you in Atlanta, Charleston, Charlotte, Denver, Phoenix, Raleigh, Seattle, St. Louis and Tucson. In the meantime, please stay healthy and safe.
Christopher has been been in the Real Estate industry for 8 years and has had the opportunity to close over 1,000 deals while acting as the Managing Broker for thousands more. Christopher is passionate about continuing to find ways to simplify, maximize, and serve Trelora’s clients exceptionally well and spends his time building teams to deliver high levels of service. When not doing real estate Christopher can be seen training for marathons and ultra relays with his 2 year old daughter, eating pizza, and drinking a steady stream of Diet Coke.